CryptoCurrency
Trove Investors Seek Refunds as Perps Pivot to Solana
Trove Markets, a startup pursuing a decentralized perpetual exchange for collectible tokens, has shifted its development path from Hyperliquid to Solana after a liquidity partner withdrew 500,000 Hyperliquid tokens. The pivot follows the collection of over 11.5 million linked to a token sale intended to fund the Hyperliquid integration and has prompted refunds discussions among backers while inviting fresh questions about the project’s roadmap and timelines. Hyperliquid integration update.
The move was announced on X, with one of Trove’s builders, Unwise later attributing the pivot to the liquidity partner’s withdrawal.
“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.”
The TROVE token sale ran from Jan. 8 to Jan. 11, and the token generation event is now slated for Monday at 4:00 pm UTC. Hyperliquid token sale—a milestone that Trove has said will be revisited in light of the new chain choice.
“Due to the move to Solana and the refund processing, we need more time to execute this correctly,” Trove said in a post, signaling that the transition would extend timelines and necessitate a formal refund process. The decision reflects a broader pattern of projects re-evaluating partnerships and rollouts when key liquidity or integration rails falter.
The pivot to Solana follows Trove’s prior fundraising, including a separate $20 million round announced in November to purchase 500,000 HYPE tokens required for Hyperliquid’s HIP-3 stake, a cornerstone that locks capital as a security-like bond to launch a perpetuals market. That approach underscored how closely Trove’s roadmap depended on Hyperliquid’s ecosystem and the availability of tokens to secure a functioning liquidity layer. Raised $20 million for this purpose, the post indicates, though with the new path those funds now face reassessment alongside refunds.
The community response has been mixed and sometimes critical. Some backers have demanded refunds and clarity on how refunds will work under the Solana-focused plan. “Refund everyone ASAP and re-raise with your new conditions/roadmap,” wrote a user identified as NMTD.HL, reflecting anxiety about investors’ original expectations. Others urged Trove to publish a transparent roadmap and concrete milestones to validate the transition to a Solana-based architecture.
Beyond liquidity mechanics, Trove signaled a strategic focus on perps trading tied to collectible markets, pointing to Pokémon cards and Counter-Strike 2 skins as the initial target segments. Bitwise projected that such a niche could grow into a multi-billion-dollar industry, underscoring the potential appeal of a tokenized, decentralized exchange dedicated to high-value collectibles. The pivot to Solana is framed as an attempt to unlock scalability and liquidity within a rapidly evolving sector that has drawn increasing attention from crypto-native traders and collectors alike. Pokémon cards could have a polymarket moment.
Industry observers and participants have flagged concerns about the chain change and related treasury movements. Crypto sleuth ZachXBT and the Hyperliquid News X account highlighted transfers involving HYPE tokens, citing data from the Hyperliquid block explorer Hypurrscan. The pattern has fed speculation about whether Trove’s treasury activities align with investor expectations. Cointelegraph reached out for comment but did not receive an immediate reply, underscoring the ongoing scrutiny surrounding the project’s trajectory.
The Trove episode illustrates the fragility and potential of cross-chain experimentation in the collectibles niche. By shifting from Hyperliquid rails to Solana, the team aims to preserve a trading experience tailored to high-value items while seeking a more robust liquidity foundation. Yet the refund discourse and questions about the timing and governance of the token sale remain central to investor sentiment. As the ecosystem continues to evolve, Trove’s ability to deliver on a Solana-based perps platform—coupled with a clear, investor-friendly roadmap—will determine whether this pivot strengthens confidence or accelerates a broader reassessment of early-stage ventures tethered to volatile liquidity arrangements.
