Trove recently announced a major update — no longer building on Hyperliquid, but instead turning to Solana to rebuild the perpetual contract DEX. Interestingly, this decision was made out of some necessity.

The project previously integrated with Hyperliquid, raising over $11.5 million, but then liquidity partner withdrew 500,000 HYPE tokens, which disrupted the plan. After weighing their options, the team decided to retain approximately $9.4 million for redevelopment on Solana, calling it the only way to keep the project alive.

Investors' funds have already started to be withdrawn gradually. So far, $2.44 million has been refunded to some investors, and they also plan to return $100,000 to ICO participants.

But that’s not the worst part — the TROVE token TGE dropped by 97% just 10 minutes after launch, with the price crashing to $0.0008. Its market cap shrank from $20 million to less than $1 million instantly. Additionally, on-chain monitoring revealed that an entity took 12% of the token supply through 80 new wallets. While there’s no direct evidence linking this to the team, it still raises some concerns.

In response to community questions, Trove stated they will definitely not rug pull and plan to regain trust through subsequent actions. Whether they succeed depends largely on their next moves.