Trove to Shift from Hyperliquid to Solana Development, TROVE Plummets 97% on Listing

Odaily News Trove has announced it will no longer be built on Hyperliquid and will instead rebuild its perpetual contract DEX on Solana. The project previously raised over $11.5 million for Hyperliquid integration, but after a liquidity partner withdrew 500,000 HYPE tokens, the team decided to retain approximately $9.4 million for Solana development, stating this was the only path to keep the project alive.

Currently, Trove has refunded about $2.44 million to some investors and plans to refund $100,000 to ICO participants. On-chain data shows that the TROVE token fell over 97% within 10 minutes of its Token Generation Event (TGE), dropping to $0.0008, with its market cap shrinking from $20 million to under $1 million. Additionally, Bubblemaps monitoring revealed that a single entity acquired 12% of the token supply through 80 new wallets, though there is currently no evidence linking it to the team. In response to community concerns, Trove stated it will not abandon the project and aims to regain trust through future execution.