Trove Markets is facing mounting criticism after announcing a sudden pivot to Solana, weeks after raising more than $11.5 million tied to a token sale marketed around an integration with Hyperliquid.
The move has triggered calls for refunds from backers who say the project’s roadmap has materially changed.
One of the project’s builders, known as “Unwise,” later said the pivot was prompted by a liquidity partner withdrawing 500,000 Hyperliquid (HYPE) tokens that were required to support the planned integration. “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 wrote.
Trove revealed the shift in a post on X on Friday, describing the decision as a response to changes in its operating constraints.
“People did not invest in your ICO for you to launch on Solana,” one user wrote, while others urged Trove to return funds and relaunch under revised terms.
The controversy is amplified by earlier funding decisions. In November, Trove raised a separate $20 million to acquire 500,000 HYPE tokens required for Hyperliquid’s mandatory HIP-3 stake, a slashable bond designed to secure new perpetual markets.
Trove said the Solana transition, combined with refund requests, has delayed its timeline. “Due to the move to Solana and the refund processing, we need more time to execute this correctly,” the team said.
Conflicting announcements around whether the ICO would be extended created confusion among participants and raised concerns about decision-making and transparency. Trove first said the sale had surpassed $11.5 million and would include pro-rata refunds ahead of the token generation event, before announcing an extension to improve distribution.
As reported, the public token sale for Trove Markets descended into controversy after late-stage changes and mixed messages disrupted what had initially been a smooth fundraising process.
