- Trove Markets announced a pivot from Hyperliquid rails to Solana after a token sale that raised $11.5 million.
- The project says the token generation event scheduled for Monday at 4:00 pm UTC is delayed to process refunds and complete the Solana migration.
- A builder called Unwise blamed a liquidity partner for withdrawing 500,000 HYPE tokens, affecting the Hyperliquid integration.
- Some backers demand refunds; community members publicly called for immediate returns of funds.
- Blockchain analysts flagged transfers of HYPE tokens on a Hyperliquid block explorer, drawing further scrutiny.
Trove Markets said it will rebuild its perpetual exchange for collectibles on Solana after announcing the change in a pivot post. The project raised $11.5 million in a token sale run from Jan. 8 to Jan. 11, linked in the token sale post, and had scheduled a token generation event for Monday at 4:00 pm UTC that is now delayed. "Due to the move to Solana and the refund processing, we need more time to execute this correctly," the team said.
A builder identified as Unwise posted that a liquidity partner withdrew 500,000 HYPE tokens needed for the Hyperliquid integration, forcing the change in plans. "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’s comments are available in the post.
In November, the project raised $20 million to buy 500,000 HYPE tokens for Hyperliquid’s mandatory HIP-3 stake, a locked and slashable bond required to launch a perps market, as detailed in the November raise post. After the Solana pivot, some investors demanded refunds, with community posts urging immediate returns; one user, NMTD.HL, wrote that contributors did not back a Solana launch, and HYPEconomist also called for refunds.
Blockchain sleuths flagged on-chain movements related to HYPE tokens. ZachXBT and the Hyperliquid News account highlighted transfers tied to the project using data from the Hyperliquid block explorer. The team did not provide additional comment when contacted.
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