Infinex's token sale has been ongoing for nearly 27 hours. From 14:00 yesterday until now, the on-chain subscription amount is only $457,968, less than $460,000.

This number was almost unimaginable in the past. When the term "IPO" was mentioned before, everyone would rush to participate, afraid of missing out if they were a step behind.

But now, it's clearly different. It’s evident that the market has truly become more cautious.

After repeated education, many people have started to exercise restraint. Without product implementation, real data, or a clear value capture pathway, they prefer to keep their money aside rather than take early risks.

Less than $460,000 is essentially just a signal. IPOs haven't disappeared, but the days of blindly investing or investing with closed eyes are indeed over.