Nikolas Sargeant
Trove Markets is facing mounting criticism after announcing a sudden pivot to Solana weeks after raising more than $11.5 million through a token sale marketed around integration with Hyperliquid, triggering refund demands from backers who argue the project's roadmap has materially changed.
Trove revealed the shift in a Friday post on X, characterizing the decision as a response to changes in operating constraints. One of the project's builders, known as "Unwise," later stated the pivot was prompted by a liquidity partner withdrawing 500,000 Hyperliquid (HYPE) tokens required to support the planned integration.
"This changes our constraints: we're no longer building on Hyperliquid rails, so we're rebuilding the perp DEX on Solana from the ground up," Unwise wrote. The TROVE token sale ran from January 8 to January 11, with the token generation event now scheduled for Monday at 4:00 pm UTC.
Trove stated the Solana transition, combined with refund processing, has delayed its timeline. "Due to the move to Solana and the refund processing, we need more time to execute this correctly," the team said, though specific revised dates were not provided.
The controversy intensifies due to earlier funding decisions. In November, Trove raised a separate $20 million to acquire 500,000 HYPE tokens required for Hyperliquid's mandatory HIP-3 stake, a slashable bond designed to secure new perpetual markets. Critics argue abandoning Hyperliquid after making that commitment undermines trust with early supporters who backed the project based on specific technical infrastructure.
Several users on X have demanded immediate refunds, arguing contributors supported a Hyperliquid-based product rather than a Solana-native platform. "People did not invest in your ICO for you to launch on Solana," one user wrote, while others urged Trove to return funds and relaunch under revised terms reflecting the architectural change.
Trove plans to build a perpetual trading platform focused on collectibles including Pokémon cards and Counter-Strike 2 skins, a niche Bitwise estimated in September could grow into a $21.4 billion market. The team stated Solana's infrastructure is better suited to that vision, though the rationale for why this wasn't identified before raising funds on a Hyperliquid premise remains unclear.
Blockchain investigator ZachXBT has flagged several Trove-linked transfers into casino deposit addresses involving HYPE tokens, intensifying scrutiny around the project's fund management. The transfers raise questions about treasury controls and whether raised capital is being deployed according to stated objectives.
The public token sale for Trove Markets previously descended into controversy after late-stage changes and conflicting messages disrupted what had initially been a smooth fundraising process. Contradictory announcements around whether the ICO would be extended created confusion among participants and raised concerns about decision-making transparency.
Trove first announced the sale had surpassed $11.5 million and would include pro-rata refunds ahead of 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 end date, acknowledging that feedback from early supporters and large allocators had influenced the brief change.
