Trove Markets, which is building a decentralized perpetual marketplace for collectibles, is being criticized for turning to Solana after raising more than $11.5 million linked to the sale of symbols for integration with Hyperliquid, prompting some sponsors to seek refunds.
Trove first announced a surprise move to Solana in a post to X on Friday, with one of Trove’s builders, “Unwise”, later blaming the trade involves the liquidity partner taking the 500,000 Hyperliquid (HYPE) tokens needed for the Hyperliquid integration.
“This changes our constraints: we no longer rely on Hyperliquid rails, so we are rebuilding the perpetrator DEX from scratch on Solana.”
The TROVE token sale ran from January 8 to 11, with the token generation event scheduled for Monday at 4:00 p.m. UTC.
“Due to the move to Solana and refund processing, we need more time to get this done correctly,” Trove he said.
In November Trove lifted up a separate $20 million to purchase the 500,000 HYPE tokens needed for the mandatory HIP-3 Hyperliquid package, which locks up capital in the form of a reducible security bond to launch the perpetrator market.
The decision to switch to Solana sparked criticism from the Trove community, with some demanding refunds while others demanded clarity on how the switch to Solana might impact refunds.
“Refund everyone ASAP and re-raise using new terms/roadmap,” user X NMTD.HL he said. “People weren’t investing in your ICO so you could launch it on Solana.”
Related: Expert warns that 80% of hacked crypto projects will never “fully recover”.
User X HYPEconomist in addition: “Give people money back now! You raised money to build Hyperliquid! Give back the money and collect Solana if you think that’s what your community really wants.”
Trove plans to focus its perp trading expertise on collectibles such as Pokémon cards and Counter-Strike 2 skins – a market that Bitwise predicts could grow into a $21.4 billion industry by September.
Crypto analyst flags suspicious Trove transfers
Meanwhile, a crypto detective ZachXBT and Hyperfluid The News X account flagged several Trove transfers that involve moving HYPE tokens, citing data from Hyperliquid block explorer Hypurrscan.
Cointelegraph reached out for comment but did not receive an immediate response.
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