Futures
Access hundreds of perpetual contracts
CFD
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Pre-IPOs
Unlock full access to global stock IPOs
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
Promotions
AI
Gate AI
Your all-in-one conversational AI partner
Gate AI Bot
Use Gate AI directly in your social App
GateClaw
Gate Blue Lobster, ready to go
Gate for AI Agent
AI infrastructure, Gate MCP, Skills, and CLI
Gate Skills Hub
10K+ Skills
From office tasks to trading, the all-in-one skill hub makes AI even more useful.
GateRouter
Smartly choose from 40+ AI models, with 0% extra fees
Raising funds beyond the target but facing a sharp cut, what exactly happened behind Trove's FDV plummeting 95%?
It's all heartbreaking. The Hyperliquid perpetual contract DEX project Trove, which raised $11.5 million during the public offering phase, was originally highly anticipated. However, it has turned into a "long-planned" harvesting scheme.
Numbers tell the story:
The public offering valuation was set at $20 million, but it was oversubscribed to $11.5 million—despite a funding target of only $2.5 million. This crazy subscription enthusiasm instead became a "bait" for the project team.
Where did the problem lie? After the funding was completed, Trove took an unexpected move—backstabbing the Hyperliquid ecosystem it was part of. A project that once promised to build perpetual trading infrastructure on this chain now leaves investors facing a nightmare of a 95% FDV collapse.
Playing this old trick again in 2026 truly sets a new market lower limit. Large-scale fundraising is no longer a guarantee of project strength; it may instead signal risk.