Trove Markets announced it will redirect most of the funds raised for a planned integration on Hyperliquid and instead build a perpetual DEX on Solana, saying this is the only viable path to keep the project alive. The team had raised about $11.5 million and said it will retain roughly $9.4 million to continue development, as stated.
One builder blamed the pivot on a liquidity partner withdrawing 500,000 HYPE tokens, according to a post by Unwise on X, as stated. Trove also said it spent or plans to spend funds on engineering, a CTO, advisors, and operations, and refunded about $2.4 million and an additional $100,000 to some participants, as stated.
Investors reacted angrily after the token launch, and the newly issued TROVE token plunged over 95% shortly after trading, according to data, as Data shows (Ed. note: the price fell to roughly $0.0008 minutes after launch).
Blockchain analytics firm Bubblemaps reported one entity received 12% of the supply via 80 fresh wallets funded from ChangeHero, and said it found no link between those clusters and the Trove team, as noted and shown. Trove responded that it is not disappearing and will “earn trust back through execution,” as stated.
