Odaily Planet News: Trove has announced that it will no longer be built on Hyperliquid, and instead will rebuild its perpetual contract DEX on Solana. Previously, the project raised over $11.5 million for integration with Hyperliquid, but after liquidity partners withdrew 500,000 HYPE tokens, the team decided to retain approximately $9.4 million in funds for Solana development, stating that this is the only path to ensure the project's survival.
Trove has currently refunded approximately $2.44 million to some investors and plans to refund an additional $100,000 to ICO participants. On-chain data shows that the TROVE token dropped more than 97% within 10 minutes after the TGE, with its price falling to $0.0008 and its market capitalization dropping from $20 million to less than $1 million. Additionally, monitoring by Bubblemaps revealed that an entity acquired 12% of the token supply through 80 new wallets, but there is currently no evidence linking this entity to the team. In response to community concerns, Trove stated that it has no intention of abandoning the project and aims to regain trust through future execution.