Solana founder brews up new perp DEX ‘Percolator’

Anatoly Yakovenko, co-founder and CEO of Solana Labs, has unveiled plans for a new decentralized exchange (DEX) named Percolator, which will operate on the Solana blockchain. This perpetual exchange protocol allows traders to speculate on cryptocurrency prices without expiration dates. Percolator will feature two main on-chain programs: a Router program to manage collateral and portfolio margins, and a Slab program acting as the perpetuals engine managed by liquidity providers with matching and settlement capabilities. The announcement follows recent adaptations in the DEX space, notably the introduction of Hyperliquid’s Improvement Proposal 3, enabling third parties to launch their own perpetual swap contracts. Hyperliquid has been gaining traction, reportedly attracting users away from Solana by offering a user-friendly product. Meanwhile, rival DEX Aster has emerged as a significant competitor, boasting a daily trading volume that surpasses Hyperliquid. Yakovenko's initiative comes in the wake of a report indicating that Hyperliquid is drawing high-value traders from the Solana ecosystem. This development occurs as decentralized exchanges continue to grow in popularity, with increasing trading volumes reported across various platforms.

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