Trove Market has decided to shift from Hyperliquid to Solana for its token generation event.
After raising funds for a Hyperliquid-based HYPE $22.04 24h volatility: 7.2% Market cap: $5.25 B Vol. 24h: $246.28 M perpetual DEX, Trove Market has abruptly moved to the Solana blockchain.
The shift comes just days before its Token Generation Event (TGE). The pivot appears to have hit the TROVE token hard, which dropped as much as 95% over the past 24 hours.
Trove Market Has Other Plans
Even with the shift of its perpetual decentralized exchange to Solana SOL $128.1 24h volatility: 4.1% Market cap: $72.38 B Vol. 24h: $5.18 B , Trove Markets says it will retain funds from a token sale originally marketed for integration with Hyperliquid.
It only announced the pivot to Solana days before the scheduled token generation event, and this has raised questions among contributors.
They are mostly concerned about the disposition of raised funds.
— TROVE (@TroveMarkets) January 19, 2026
For context, Trove Market raised funds via a public token sale to build a perpetual DEX using Hyperliquid’s infrastructure.
Addressing contributors’ concerns, Trove has assured them that it would retain a substantial portion of the proceeds to continue development on Solana.
It described the decision as necessary to maintain product viability.
Within a few minutes of the trading launch, the TROVE token plunged approximately 95%. Unwise, one of the builders on Trove says the pivot was due to the withdrawal of a key liquidity partner who had previously supported the Hyperliquid integration with a significant position.
According to the team, development on Hyperliquid became unfeasible as soon as he withdrew his support. This created an urgent need to rebuild the perpetual DEX on Solana.
Hyperliquid Records Increased User Count
Trove has taken to social media to acknowledge that its handling of the ICO and subsequent decisions caused confusion and led to a lack of trust among participants.
Some participants have allegedly received a refund, with more scheduled to follow soon.
It claimed some of the funds went into payment of developer salaries, frontend and backend infrastructure, a chief technology officer, advisory services, marketing, and operating costs.
Meanwhile, Hyperliquid is still dominating among its counterparts. It clocked in a massive $40.7 billion in trading volume last week.
This achievement moved it above competitors like Aster and Lighter, which processed $31.7 billion and $25.3 billion, respectively.
In 2025, Hyperliquid celebrated a major public milestone as its user count rose to 1.4 million from roughly 300,000 a year earlier in 2024.
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