Trove Markets, which is building a decentralized perpetual exchange for collectibles, has come under fire for pivoting to Solana after raising more than $11.5 million in connection with a token sale for its integration with Hyperliquid, with some backers demanding refunds.
Trove first announced its surprise move to Solana on Friday in a post tohype) Token required for Hyperliquid integration.
“This changes our constraints. We are no longer building on Hyperliquid rails, but are rebuilding Perp DEX from the ground up on Solana.”
The TROVE token sale will run from January 8th to January 11th, with the token generation event scheduled for Monday at 4pm UTC.
“We need additional time to get this right due to the transition to Solana and refund processing,” Trobe said.
sauce: trove market
In November, Trove raised another $20 million to buy $500,000. hype Tokens required for Hyperliquid’s mandatory HIP-3 stock. This locks up capital as a significant security bond to launch the PERP market.
The decision to move to Solana has sparked criticism from the Trove community, with some demanding refunds and others asking for clarification on how moving to Solana may impact refunds.
“Please refund everyone as soon as possible and re-raise with new terms and roadmap,” said X user NMTD.HL. “People didn’t invest in your ICO for you to launch with Solana.”
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X user HYPEconomist added, “Give people their money back now!!! You raised money to build Hyperliquid! If you think that’s what your community really wants, give them back their money and raise money on Solana.”
Trove plans to focus its illicit trading experience on collectibles such as Pokemon cards and Counter-Strike 2 skins, a market Bitwise predicted in September could grow into a $21.4 billion industry.
Crypto Analyst Warns of Suspicious Trove Transfers
Meanwhile, cryptocurrency detective ZachXBT and Hyperliquid News hype Token, citing data from Hyperliquid block explorer Hypurrscan.
Cointelegraph did not immediately respond to a request for comment.
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