Anger has resurfaced in the Trove Markets community after the team confirmed it would retain most investor funds following a sudden shift away from Hyperliquid.
Trove raised more than $11.5 million for a token sale linked to building a perpetuals DEX on Hyperliquid.
Days before its token generation event, the team announced it would instead pivot development to the Solana blockchain.
One Trove builder said the change followed the withdrawal of 500,000 Hyperliquid tokens by a liquidity partner.
“From the total raise, we will retain $9,397,403 to continue building a perp DEX on Solana,”
The Trove team said.
“This is the only path that keeps Trove alive as a real product,”
The team said.
Trove said it could not reverse all incurred costs but would continue development to deliver a collectibles-focused perps DEX.
The team said funds were spent or earmarked for developers, infrastructure, advisory support, marketing and operations.
Trove confirmed that $2.44 million was refunded to investors, with an additional $100,000 set aside for ICO participants.
Blockchain analytics firm Bubblemaps reported that one entity received 12% of the token supply via 80 newly funded wallets.
Bubblemaps said it found no evidence directly linking the wallet cluster to the Trove team.
“Trove is not disappearing. We are not taking the money and running. We are still building,”
The Trove team said.
Trove said it aims to regain trust through execution while focusing on perps trading for digital collectibles.
At the time of reporting, Solana price was $133.86.