Trove will switch development from Hyperliquid to Solana; Trove shares opened down 97%.

Odaily Odaily reports that Trove has announced it will no longer be built on Hyperliquid, but will instead rebuild its perpetual contract DEX on Solana. Previously, the project raised over $11.5 million for Hyperliquid integration, but due to a liquidity partner withdrawing 500,000 HYPE tokens, the team decided to reserve approximately $9.4 million for Solana development, stating that this is the only way to keep the project alive.

Trove has already refunded approximately $2.44 million to some investors and plans to refund $100,000 to ICO participants. On-chain data shows that the TROVE token plummeted by over 97% within 10 minutes of TGE, dropping to $0.0008, and its market capitalization fell from $20 million to less than $1 million. Furthermore, Bubblemaps monitoring indicates that an entity acquired 12% of the token supply through 80 new wallets, but there is currently no evidence linking it to the team. In response to community concerns, Trove stated that it will not abscond with the funds and will regain trust through subsequent actions.