Trove pivots from Hyperliquid to Solana after losing a key liquidity partner, sparking refund requests ahead of its token event.
Trove Markets has announced a shift from Hyperliquid to Solana, which has caused a stir among its investors.
The project had raised over $11.5 million for integration with Hyperliquid, but now plans to rebuild on Solana.
This sudden change has led many backers to question the future of the project and demand refunds.
Despite the backlash, the token generation event is still set for Monday, though Trove has promised more time to address concerns.
Trove Shifts Focus from Hyperliquid to Solana Amid Surprising Pivot
Trove was initially set to build its decentralized perpetual exchange (DEX) on Hyperliquid, a blockchain designed for perpetual contracts.
But on Friday, the project announced that it would now pivot to Solana, a well-known blockchain popular for decentralized finance (DeFi) applications.
According to Trove, this shift came after a liquidity partner withdrew 500,000 HYPE tokens needed for the Hyperliquid integration.
The sudden change has raised eyebrows among investors who had bought into the project with the understanding that it would be built on Hyperliquid.
Trove stated that the withdrawal of the tokens forced them to rebuild their exchange from scratch on Solana.
As a result, the project now faces the challenge of adapting to a new platform while still delivering on its original promises.
Despite these setbacks, Trove has confirmed that the token generation event will proceed as planned on Monday at 4:00 pm UTC.
The team noted that they need more time to execute the changes correctly due to the shift to Solana and the ongoing refund processing.
Refund Requests and Growing Backlash from Investors
As a result of the pivot, many investors have started asking for refunds. Some feel misled by the unexpected change and believe they should not have to wait.
One investor on X (formerly Twitter) said, “Refund everyone ASAP and relaunch with the new plans.”
Others voiced similar concerns, emphasizing that they invested with the understanding that the platform would launch on Hyperliquid.
Trove has acknowledged the refund requests and confirmed that processing them will take additional time.
The platform explained that the move to Solana requires further adjustments and that the token generation event would be delayed until Monday at 4:00 pm UTC.
However, investors remain frustrated with the lack of immediate clarity and are pushing for faster resolutions.
Related Reading: Solana CEO Challenges Buterin’s Take on Blockchain Sustainability
Transparency Concerns and Increased Scrutiny
Along with the refund requests, Trove is facing scrutiny over its financial activities.
Crypto analyst ZachXBT and the Hyperliquid News account flagged several transfers involving HYPE tokens.
These flagged transactions raised concerns about the transparency of Trove’s handling of funds.
Trove has not yet offered a full explanation for these flagged transfers, which has left many investors uncertain.
The community is watching closely to see how the platform responds to these concerns.
Moving forward, it is crucial for Trove to maintain transparency to rebuild trust with its backers and investors.
Trove’s shift to Solana has certainly caused a stir within its community.
While some are excited about the pivot, many others are unhappy and demanding refunds.
The platform will need to address these concerns quickly to ensure its future success and regain the trust of its investors.
Source: https://www.livebitcoinnews.com/troves-pivot-to-solana-leads-to-refund-requests-from-unhappy-backers/
