-
Trove Markets abandoned Hyperliquid just days after raising $11.5 million
-
The project will now rebuild its platform on Solana
-
The pivot delayed the TROVE token launch and sparked backlash
Trove Markets has announced a sudden shift away from Hyperliquid, just one week after raising $11.5 million in a public token sale built around that ecosystem.
The project, which aims to build a decentralized perpetuals exchange for collectibles, said the decision was forced by the loss of a key liquidity partner. Under Hyperliquid’s infrastructure rules, projects must stake a large amount of HYPE tokens as a security bond. When Trove’s partner chose to unwind that position, the team lost access to the infrastructure needed to operate.
With hours left before its token was scheduled to go live, Trove announced it would rebuild the entire platform on Solana. The token generation event was first delayed by hours, then pushed back again to the following day, adding to uncertainty around the project.
The pivot capped a chaotic week. Trove’s token sale had already drawn criticism after last-minute smart contract changes confused traders and caused losses in related prediction markets. Additional allegations surfaced around the use of fundraising funds, which the team said were tied to marketing expenses.
The TROVE token has not yet launched and is not trading. Many early supporters have since expressed frustration and called for refunds, while critics questioned whether the project can rebuild trust after such a rapid change in direction.
