Switch to Solana Sparks Controversy
Trove Markets, a decentralized perpetual contract exchange focused on collectibles, has sparked controversy by shifting its focus from Hyperliquid to Solana after raising over $11.5 million and initially planning integration with Hyperliquid.
Last Friday, Trove announced on the social platform X its unexpected migration to Solana. One of the developers, 'Unwise,' later stated that the main reason for the shift was the withdrawal of 500,000 Hyperliquid (HYPE) tokens needed for Hyperliquid integration by a liquidity partner.
Refund Process Delay Announced
The TROVE token sale ran from January 8 to January 11, with the token generation event (TGE) scheduled for this Monday at 4 PM UTC. Trove has stated that additional time will be required to ensure a smooth rollout due to the migration to Solana and the handling of refund requests.
Prior Fundraising Efforts
Back in November of last year, Trove had raised $20 million separately to acquire 500,000 HYPE tokens, which was a mandatory HIP-3 proposal staking requirement by the Hyperliquid ecosystem. Only by completing the stake and posting the forfeitable deposit could the project launch a perpetual contract trading market within the ecosystem.