Trove will shift from Hyperliquid to Solana development, and TROVE opened down 97%

Trove announced that it will no longer build on Hyperliquid and will instead rebuild its perpetual contract DEX on Solana. Previously, the project raised over $11.5 million for the Hyperliquid integration, but after a liquidity partner withdrew 500,000 HYPE, the team decided to retain approximately $9.4 million for Solana development, stating that this is the only way to ensure the project's survival.

Currently, Trove has refunded approximately $2.44 million to some investors and plans to refund $100,000 to ICO participants. On-chain data shows that the TROVE token dropped over 97% within 10 minutes after the TGE, with the price falling to $0.0008 and the market cap dropping from $20 million to less than $1 million. Additionally, Bubblemaps monitoring shows that an entity acquired 12% of the token supply through 80 new wallets, but there is currently no evidence linking it to the team. In response to community concerns, Trove stated that it will not run away and will work to regain trust through subsequent actions.