Backers Seek Refunds as Trove Abandons Hyperliquid Integration for Solana
Trove Markets is dealing with mounting criticism after asserting a sudden pivot to Solana, weeks after elevating greater than $11.5 million tied to a token sale marketed round an integration with Hyperliquid.
Key Takeaways:
- Trove’s sudden pivot to Solana after an $11.5M increase has triggered backlash and refund calls for.
- The crew says a withdrawn HYPE liquidity dedication compelled the transfer away from Hyperliquid.
- Flagged token transfers have intensified scrutiny across the venture’s dealing with of funds.
The transfer has triggered calls for refunds from backers who say the venture’s roadmap has materially modified.
Trove Says Liquidity Partner Withdrawal Forced Solana Pivot
Trove revealed the shift in a post on X on Friday, describing the choice as a response to adjustments in its working constraints.
One of the venture’s builders, identified as “Unwise,” later said the pivot was prompted by a liquidity companion withdrawing 500,000 Hyperliquid (HYPE) tokens that had been required to help the deliberate integration.
“This adjustments our constraints: we’re now not constructing on Hyperliquid rails, so we’re rebuilding the perp DEX on Solana from the bottom up,” Unwise wrote.
The TROVE token sale ran from Jan. 8 to Jan. 11, with the token technology occasion now scheduled for Monday at 4:00 pm UTC.
Trove stated the Solana transition, mixed with refund requests, has delayed its timeline. “Due to the transfer to Solana and the refund processing, we want extra time to execute this appropriately,” the crew stated.
The controversy is amplified by earlier funding selections. In November, Trove raised a separate $20 million to amass 500,000 HYPE tokens required for Hyperliquid’s obligatory HIP-3 stake, a slashable bond designed to safe new perpetual markets.
Critics argue that abandoning Hyperliquid after making that dedication undermines belief with early supporters.
Several customers on X have demanded speedy refunds, arguing that contributors backed a Hyperliquid-based product, not a Solana-native one.
“People didn’t spend money on your ICO for you to launch on Solana,” one person wrote, whereas others urged Trove to return funds and relaunch below revised phrases.
Trove plans to construct a perpetual buying and selling platform targeted on collectibles such as Pokémon playing cards and Counter-Strike 2 skins, a distinct segment Bitwise estimated in September may develop right into a $21.4 billion market.
The crew says Solana’s infrastructure is healthier suited to that imaginative and prescient.
Meanwhile, blockchain investigator ZachXBT has flagged a number of Trove-linked transfers into on line casino deposit addresses involving HYPE tokens.
Trove Token Sale Turmoil Sparks Governance Questions
As reported, the general public token sale for Trove Markets descended into controversy after late-stage changes and combined messages disrupted what had initially been a clean fundraising course of.
Conflicting bulletins round whether or not the ICO can be prolonged created confusion amongst contributors and raised issues about decision-making and transparency.
Trove first stated the sale had surpassed $11.5 million and would come with pro-rata refunds forward of the token technology occasion, earlier than asserting an extension to enhance distribution.
Hours later, the crew reversed course, calling the extension a mistake and confirming the unique finish date, acknowledging that suggestions from early supporters and enormous allocators had influenced the temporary change.
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