The presale valuation adjustment for INX tokens has created a significant gap between projected and actual holder value. Before the announcement, accumulated vouchers from the craterun event were valued around $4.5k per holder, but following the revised presale pricing, that valuation has dropped to approximately $1k—representing a roughly 78% haircut on expected returns. This raises an important question: how will the project address the disparity between early participant expectations and the new token economics? The situation highlights the volatility inherent in presale mechanisms and the real impact of protocol-level adjustments on community members' investment thesis.