Trove Markets is facing growing backlash after unexpectedly shifting its decentralized perpetual exchange plans from Hyperliquid to Solana.
The move surprised investors because Trove had raised millions under a Hyperliquid-based roadmap. The project was built using Hyperliquid’s HIP-3 framework, which requires projects to stake large amounts of HYPE tokens.
A Trove builder said the decision followed a liquidity partner withdrawing 500,000 HYPE tokens, forcing the team to rethink its approach. The announcement came just days after Trove raised over $11.5 million in a token sale.
Concerns deepened after blockchain researchers flagged wallets linked to the project selling large amounts of HYPE tokens shortly after the pivot. While the team denied wrongdoing, the timing raised red flags.
Community reaction has been strong, with many users demanding refunds, saying they invested specifically in a Hyperliquid-based product. The episode has renewed debate around transparency, governance, and trust in early-stage DeFi projects.
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