Fans want refunds Trove leaves Hyperliquid integration for Solana
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Trove Markets is facing a lot of criticism after announcing an abrupt exit for Solana just weeks after it raised more than $11.5 million in a token sale linked to a proposed merger with Hyperliquid.
Key Takeaways:
After raising $11.5M, Trove's sudden pivot to Solana sparked backlash and refund requests.
A canceled HYPE Liquid commitment forced the team to move away from Hypeliquid.
Marked token transfers have heightened scrutiny over the project's financial management.
The move has sparked calls for a refund from supporters who say the project's roadmap has been materially altered.
Trove liquid partner exit forced Solana pivot.
In a post on X on Friday, Trove described the decision as a response to changes to its operating restrictions.
One of the developers of the project, known as “Wise”, later prompted the pivot to issue 500,000 HyperLiquid (HYPE) tokens to support the planned merger.
“This changes our limits: we're no longer building on HyperLiquid rails, so we're building the perp DEX on Solana from the ground up,” wrote Unwise.
The TROVE token sale ran from January 8th to January 11th, with the token generation event now scheduled for Monday at 4:00pm UTC.
Trove said Solana's transition, coupled with refund requests, delayed the timeline. “Due to the move to Solana and the refund process, we need more time to properly execute this,” the group said.
The controversy is compounded by earlier funding decisions. In November, Trove raised a separate $20 million to acquire the 500,000 HYPE tokens needed for Hyperliquid's mandatory HIP-3 stake.
Critics argue that abandoning Hyperliquid after making that commitment would undermine the trust of early supporters.
Several users on X demanded an immediate refund, arguing that the contributors were endorsing a Hyperliquid-based product, not Solana's.
“People didn't invest in your ICO to begin with on Solana,” wrote one user, while others urged Trove to return the money and start over with the revised contract.
Trove plans to build a perpetual trading platform focused on collectibles like Pokemon cards and Counter-Strike 2 skins, a position Bitwise estimated in September could grow to a $21.4 billion market.
The group says Solana's infrastructure is a better fit for that vision.
Meanwhile, blockchain investigator ZachXBT pointed to several Trove-related transfers involving HYPE tokens to casino deposit addresses.
Trove Token Sale Turmoil Raises Governance Questions
As reported, Trove Markets' public token sale has been mired in controversy after late-stage changes and mixed messages disrupted an initially smooth fundraising process.
Conflicting announcements on whether to extend the ICO have created confusion among participants and raised concerns about decision-making and transparency.
Trove said the initial sale raised more than $11.5 million and included pro-rata refunds before the token generation event before announcing an extension to improve distribution.
Hours later, the team reversed course, calling the extension a mistake and confirming the original deadline, admitting that feedback from early supporters and big detractors had influenced the short change.
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