- Solana Labs founder Anatoly Yakovenko announced plans for a new, dedicated decentralised perpetuals exchange DEX for Solana called Percolator.
- Percolator’s architecture is split into two on-chain programs, Router and Slab, designed for parallelism and fault isolation.
- The move aims to tackle rising competition in perpetuals trading, specifically from platforms like Hyperliquid, which has been gaining significant fee revenue and users from Solana.
Solana Labs founder, Anatoly Yakovenko, has announced plans for developing a dedicated decentralised perpetuals DEX for Solana, called Percolator.
According to GitHub documentation, Percolator splits into two on-chain programs, Router and Slab. Router handles collateral, portfolio margin, and cross-slab routing. Slab is the liquidity-provider-run perps engine with self-contained matching and settlement.
The architecture targets parallelism and fault isolation. LPs can innovate within their slab while users keep portfolio-level margining and atomic fills across slabs.
This design keeps each LP’s slab fully self-contained and innovable, while the Router guarantees atomic routing, portfolio netting, and capability-scoped safety. The testing matrix ensures no single malicious or buggy slab can impact users who never interacted with it, and that aggregate capital efficiency matches a monolithic DEX — often with better execution quality via selective routing.
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Rising Competition, Yet No Timeline
The GitHub repo outlines that key features and operations like Router and Slab, alongside the memory pools, are completed, yet some others are on a to-do list. At least two independent developers have submitted pull requests to contribute to Perculator’s development.
The move comes as the competition in the perps sector gets heated. Last week Hyperliquid enabled permissionless, builder-deployed perpetuals under HIP-3 for accounts staking 500,000 HYPE, valued at about US$18.2 million (AU$27.7 million).
VanEck reported in July that Hyperliquid captured 35% of all blockchain fee revenue, with growth coming at the expense of Solana, Ethereum, and BNB Chain. The firm said Hyperliquid “poached high-value users from Solana” by shipping a simple, functional product.
Solana is currently trading at US$188 (AU$289), a 20% decrease in the last 30 days, according to data from CoinMarketCap.
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