Trove Markets is shifting its decentralized perpetual exchange from Hyperliquid rails to Solana after a token sale that raised about $11.5 million, a move announced on Friday and drawing refund requests from some backers, according to a post that stated the fundraising. The project said the change followed a partner withdrawing 500,000 HYPE tokens needed for the Hyperliquid integration, and the team now plans to rebuild the perp DEX on Solana (Ed. note: the token generation event was originally slated for Monday at 4:00 pm UTC).
One builder, Unwise, publicly blamed the pivot on the liquidity withdrawal, as shown in a post that blaming the partner for the constraint. The team also said it needed more time to process refunds and complete the Solana transition in a message that said so.
The company had previously raised $20 million in November to acquire 500,000 HYPE tokens for Hyperliquid’s mandatory stake, a fundraising move that raised questions after the pivot. Community members demanded returns, with one user at NMTD.HL urging: “Refund everyone ASAP and re-raise with your new conditions/roadmap.” Another account added “Refund the people now!!! You raised to money to build on hyperliquid!”
Crypto sleuths flagged token movements tied to HYPE on a block explorer, with posts that flagged transfers and a reported timeline of events. Trove Markets aims to focus perps trading on collectibles like Pokémon cards and Counter-Strike 2 skins.
