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Trove Markets Abruptly Ditches Hyperliquid, Rebuilds on Solana After $11.5M Token Sale
- Trove Markets is shifting its collectibles exchange to Solana after losing access to Hyperliquid due to a liquidity partner withdrawing a required 500,000 HYPE stake.
- The sudden pivot follows an $11.5 million token sale and has resulted in the delay of the project’s Token Generation Event (TGE) and a revised roadmap.
- The project faces scrutiny over a volatile rollout and allegations from investigator ZachXBT regarding the movement of fundraising tokens to prediction market platforms.
Trove Markets is rebuilding its planned collectibles perpetuals exchange on Solana after losing the arrangement that would have let it launch on Hyperliquid.
Notice the reversal lands days after it completed a US$11.5 million (AU$17.5 million) token sale tied to a Hyperliquid-based roadmap.
The immediate trigger appears to have been Hyperliquid’s HIP-3 rule requiring perpetuals deployers to stake 500,000 HYPE tokens as a security bond, which validators can slash if they identify suspicious or malicious activity.
Trove said the liquidity partner who had been providing that stake exited and unwound the position, removing the project’s access to the Hyperliquid setup it needed, but that partner’s identity was not disclosed. This basically means Trove’s TROVE launch has been altered, with its TGE set for 7 p.m. UTC, effectively delayed, first by two hours and then pushed to Monday at 4 p.m. UTC.
Trove had also been planning a Feb. 10 mainnet launch on Hyperliquid with 100% of tokens unlocking at the TGE.
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Unstable Rollouts
The pivot follows an unstable rollout week that drew criticism from traders.
During the Jan. 8-11 sale period, Trove modified its sale contract to extend the deadline minutes before close, then reversed the decision 14 minutes later, a sequence that caught Polymarket participants mid-trade.
Blockchain investigator ZachXBT alleged that about US$45,000 (AU$68,850) in SOL from Trove fundraising wallets went to prediction market platforms.
A Trove team member said the funds were paid to an influencer for advertising and were later moved by that influencer to prediction markets, which ZachXBT said implied undisclosed paid promotion.
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Author
José Oramas
José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.
