Trove investors are looking for a return after Perps’ pivot to Solana
Trove Markets, which is building a decentralized perpetual crowdfunding exchange, is on fire after raising more than $11.5 million with a token sale on HyperLiquid and turning it over to Solana, prompting some backers to push back.
Trove first announced the sudden move to X on Friday to Solana, one of Trove's founders, who “lacked wisdom,” later blaming the pivot on Liquidity's partner, which released the 500,000 Hyperliquid (HYPE) tokens needed for the Hyperliquid merger.
“This changes our constraints: we're no longer building on the hyperliquid rail, so we're building the perp DEX on Solana from the ground up.”
The TROVE token sale ran from January 8th to January 11th, and the token generation event is now scheduled for Monday at 4:00 PM UTC.
“Because of the move to Solana and the refund process, we need more time to get this right,” Trove said.
In November, Trove raised a separate $20 million for Hypeliquid's mandatory HIP-3 share purchase of 500,000 HYPE tokens, which will lock in its capital as a severable security bond to open the purps market.
The decision to point to Solana has sparked criticism from the Trove community, with some wanting refunds, while others want clarity on how Solana's pole will affect refunds.
“Refund everyone ASAP and upgrade again with your new conditions/checkout map,” said X user NMTD.HL. People didn't invest in your ICO to get you started on Solana.
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User HIPeconomist added: “Now fund the crowd!!! You raised money to build on HyperLiquid! If you think your community really needs it, fund it back on Solana.”
Trove plans to focus its perp marketing experience on products like Pokemon cards and Counter-Strike 2 skins — a market that Bitwise projected in September could grow to a $21.4 billion industry.
A crypto analyst has pointed out suspicious trove transactions
Meanwhile, crypto sleuth ZachXBT and the Hyperliquid News X account have pointed out several trove transactions involving the movement of HYPE tokens.
Cointelegraph reached out for comment but did not get an immediate response.
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