The global collectibles market is now worth over $400B in 2025, growing at an average CAGR of 7.4% across all segments. Leading franchises like Pokémon generate over a billion dollars in annual revenue, making collectibles one of the largest alternative asset categories. However, the market remains highly inefficient. Most collectibles are valuable but illiquid, slow-moving, and fragmented. Trades are typically peer-to-peer, executed through slow auctions with inconsistent pricing across platforms. Daily transaction volume is relatively small, and market access is limited. Platforms like @collector_crypt are bringing collectibles onchain, increasing accessibility and liquidity. But despite this progress, the space still lacks participation from traders who want deeper liquidity and the ability to size their positions which is where a collectibles perpetuals market becomes relevant. This is the gap @trovemarkets aims to fill. Trove enables perpetual trading on collectibles with up to 5x leverage, starting with Pokémon cards and CS2 skins, and expanding into wider collectible markets. This includes the Sports Card Index covering NBA, MLB, and NFL cards along with broader TCG and luxury niches such as Birkins, watches, and collectible-linked equities. They’ve already listed iPOPMART and Nintendo stock. Collectibles are only the entry point; the team is targeting a far larger addressable market over time. Trove is built on HIP-3, HyperLiquid’s perp DEX infrastructure, which requires $20M of staked HYPE, a requirement the team has already met. This infrastructure provides real-time pricing, a critical component for preventing unjustified liquidations and reducing vulnerability to manipulation. Trove uses HyperLiquid’s onchain order book, allowing anyone to open long or short positions with synthetic liquidity. A funding mechanism keeps perp prices aligned with fair market value. When the perp price trades above spot, longs pay shorts. When it trades below spot, shorts pay longs. This incentivizes traders to take the less crowded side of the market and keeps prices close to equilibrium over time, similar to traditional perpetual futures markets. Users will be able to provide liquidity through Trove Vaults. The vault automatically contributes liquidity to trading pairs and can take the opposite side of excess flow. If there are more sellers than buyers, the vault will absorb the imbalance, supporting market stability. Deploying on HIP-3 gives Trove direct access to HyperLiquid’s trading engine, funding models, and onchain infrastructure. More importantly, Trove’s markets will be natively integrated into the HyperLiquid app. With over 800,000 users on HyperLiquid, even a small fraction of adoption represents significant volume for collectibles potentially billions. Trove also partnered with Kalshi, a major regulated prediction market platform with over 2M users and approval from the U.S. Commodity Futures Trading Commission (CFTC). This partnership gives Trove exposure to the U.S. market, unlocking a large pool of sidelined capital. Future integrations with Web2 collectible marketplaces are also planned. The beta is currently live for internal testing, with over 40,000 applications submitted. The private beta includes a leaderboard, PNL tracking, and a points system, meaning early activity will count once the platform becomes publicly available. This is one of the most innovative projects I’ve seen in a while, with real potential to become the next major breakout, especially in onboarding the next generation of users into crypto. This is how mass adoption happens, not the other way around. I’m very interested to see how it develops. I have invested in the project.(Route 2 FI)