Trove Investors Seek Refunds as Perps Pivot to Solana

In 2025, the crypto landscape underwent a seismic shift as institutional players increasingly migrated perpetual futures (perps) infrastructure to Solana. This migration was driven by Solana's high-speed, low-cost transaction capabilities, which made it an ideal backbone for decentralized perp exchanges (perp DEXs) like Hyperliquid. These platforms leveraged Solana's infrastructure to process massive trade volumes, generating revenue in the billions and cementing the network's role as a hub for institutional-grade DeFi.

However, this transition wasn't without turbulence. As perps pivoted to Solana, a growing number of investors-particularly those in projects like Trove Markets-found themselves grappling with refund requests, timeline delays, and allegations of mismanagement. Meanwhile, Solana-based projects like DeepSnitch AI emerged as beneficiaries of the broader trend, attracting capital with promises of 100x returns and real-time on-chain analytics. The contrast between these narratives-institutional optimism and retail investor disillusionment-highlights the fragility and dynamism of crypto's evolving infrastructure.

The Institutional Shift to Solana: A New Era for Perps

The institutional adoption of Solana-based perps infrastructure in 2025 was fueled by three key factors: scalability, regulatory clarity, and cross-chain interoperability. Solana's ability to process thousands of transactions per second at fractions of a cent made it a natural fit for high-frequency trading and institutional-grade liquidity provision. Platforms like Hyperliquid capitalized on this, enabling institutions to deploy complex hedging strategies and arbitrage opportunities without the latency issues that plagued earlier blockchain networks according to research.

Additionally, the development of robust bridges and cross-chain protocols allowed institutions to integrate Solana into broader strategies. For example, while Solana handled high-speed payments and perp trading, Ethereum L2s were used for more complex DeFi operations like tokenized asset settlements. This hybrid approach underscored Solana's role as a "speed layer" for global finance, with institutional inflows accelerating as real-world applications-such as tokenized real estate and cross-border settlements-moved from prototypes to production as analysis shows.

Trove Markets: A Cautionary Tale of Investor Sentiment

Amid this institutional optimism, Trove Markets became a focal point for retail investor frustration. The project, which had promised to revolutionize tokenized trading, faced a perfect storm of allegations in Q4 2025. A $10 million HYPE token dump by a wallet linked to the project raised red flags about insider manipulation, while last-minute rule changes in its token sale caused significant losses for investors. One investor reportedly lost $73,000 on an $89,000 investment after the project's terms were altered without prior notice.

Compounding these issues, Trove pushed back its token generation event due to delays in processing refund requests and operational bottlenecks. The Hyperliquid Foundation even donated $254,000 to on-chain investigator ZachXBT to probe the project's activities, signaling growing institutional concern over transparency. These developments eroded trust, with investors increasingly questioning the viability of projects that failed to align with Solana's institutional-grade infrastructure.

DeepSnitch AI: The Solana Bull Case in Action

While Trove's struggles reflected the risks of unproven projects, Solana-based initiatives like DeepSnitch AI demonstrated the network's potential to deliver outsized returns. The project's presale had raised over $642K by 2025, with its token price surging 70% year-to-date. DeepSnitch's value proposition-real-time on-chain analytics tools like SnitchFeed and SnitchScan-resonated with traders navigating the volatile perp market. By identifying whale movements and potential rug pulls, the platform positioned itself as a critical tool for both retail and institutional participants according to market analysis.

This success was part of a broader Solana bull case. Analysts projected the network's native token, SOL, to surpass $265 in 2026, with ETF inflows and institutional adoption acting as tailwinds. The $1B ETP rebound in crypto markets further amplified Solana's appeal, as projects with production-ready infrastructure and clear use cases attracted capital that had previously flowed to riskier, less mature ecosystems as reports indicate.

Investor Sentiment: From Hype to Hesitation

The juxtaposition of Trove's refund crisis and DeepSnitch's success highlights a pivotal shift in investor sentiment. In 2025, capital began to flow toward projects with proven infrastructure, transparent governance, and real-world utility-traits that Solana's perp DEXs and analytics tools exemplified. Conversely, projects lacking these attributes, like Trove, faced scrutiny and liquidity crunches.

This trend is likely to accelerate in 2026. As institutional players continue to optimize their Solana-based strategies, retail investors must distinguish between hype-driven tokens and those with sustainable, scalable infrastructure. The lessons from Trove's turmoil-namely, the importance of due diligence and regulatory alignment-will shape the next phase of crypto's evolution.

Conclusion: The Road Ahead

The migration of perps to Solana in 2025 marked a turning point for institutional crypto. While platforms like Hyperliquid demonstrated the network's capacity to support high-stakes trading, Trove's refund saga served as a stark reminder of the risks inherent in unvetted projects. Meanwhile, DeepSnitch AI's rise underscored the value of innovation and transparency in a space increasingly dominated by institutional-grade infrastructure.

For investors, the takeaway is clear: the future belongs to projects that align with Solana's strengths-speed, scalability, and interoperability-while avoiding the pitfalls of mismanagement and opacity. As 2026 approaches, the line between opportunity and risk will only grow sharper, demanding a level of scrutiny that the Trove debacle has made impossible to ignore.