Trove Market Shifts to Solana, TROVE Token Drops 95%

Trove Market has shifted its focus from a Hyperliquid-based perpetual decentralized exchange (DEX) to the Solana blockchain just days before its Token Generation Event (TGE). This unexpected pivot resulted in a significant drop of approximately 95% for the TROVE token within 24 hours.

Details of Trove's Strategic Shift

Trove Market raised funds through a public token sale aimed at building a DEX on Hyperliquid infrastructure.
The decision to move to Solana was prompted by the withdrawal of a key liquidity partner supporting Hyperliquid integration.
The team assures contributors that a substantial portion of the funds will be used to continue development on Solana.
This decision is deemed necessary to maintain product viability.

Community Concerns and Responses

Contributors are concerned about the allocation of raised funds.
Trove acknowledges mishandling the ICO and decisions, causing confusion and trust issues among participants.
Some refunds have been issued, with more planned.
Funds were allocated to developer salaries, infrastructure, technology, marketing, and operating costs.

Hyperliquid's Performance

Despite Trove's shift, Hyperliquid reported a $40.7 billion trading volume last week, surpassing competitors like Aster and Lighter.
In 2025, Hyperliquid's user base grew to 1.4 million, up from 300,000 in 2024.