Solana Founder Shares Plans For New Perp DEX ‘Percolator’

Solana Labs co-founder and CEO Anatoly Yakovenko is the newest crypto founder to announce plans for a decentralized change (DEX), following the success of Hyperliquid and Astar.

On Monday, Yakovenko uploaded plans outlining a brand new sharded perpetual change protocol on the Solana blockchain, dubbed Percolator.

A perpetual change is a decentralized buying and selling protocol for perpetual futures contracts, which permits merchants to take a position on cryptocurrency costs with out an expiration date.

Percolator will encompass two most important onchain packages, together with the Router program that supervisor collateral, portfolio margins and cross-slab routing and the Slab program, which is a perpetuals engine run by liquidity provbiders, with “absolutely self-contained” matching and settlement, in response to Yakovenko’s Monday GitHub proposition.

Cointelegraph reached out to the Solana Basis for remark however had not acquired a response by the point of publication.

The event comes every week after Hyperliquid DEX enabled third events to independently launch their very own perpetual swap contracts on the platform, after introducing the Hyperliquid Enchancment Proposal 3 (HIP-3) improve on Monday.

The improve launched permissionless, builder-deployed perpetual futures contracts, with unbiased margins and parameters, for customers staking at the very least 500,000 Hyperliquid (HYPE) tokens, value about $18.2 million at press time.

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Hyperliquid could also be attracting Solana customers, VanEck stated

Yakovenko’s plans for the brand new protocol have been revealed two months after a VanEck report claimed that Hyperliquid was attracting customers from the Solana blockchain.

In July, Hyperliquid earned 35% of all blockchain income, with growth coming particularly on the expense of Solana, in addition to Ethereum and BNB Chain, VanEck researchers wrote in a month-to-month crypto recap report.

“Hyperliquid has poached high-value customers from Solana and has retained them,” by providing customers a “easy, extremely practical product,” wrote VanEck head of digital belongings analysis, Matthew Sigel, and fellow analysts Patrick Bush and Nathan Frankovitz.

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Hyperliquid’s buying and selling quantity reached a new monthly high of $319 billion in July, signaling that extra cryptocurrency merchants are utilizing DEXs as an alternative of their centralized counterparts. It gained recognition in April 2024 after launching spot buying and selling with an aggressive itemizing technique and user-friendly interface.

In the meantime, rival DEX Aster, launched on Binance’s BNB Chain, has surpassed Hyperliquid to change into the biggest perp DEX with a $14.5 billion day by day buying and selling quantity, almost thrippling Hyperliquid’s 24-hour quantity.

Nevertheless, Hyperliquid’s 30-day buying and selling quantity of $309 billion remains to be double Aster’s $145 billion for the previous month, in response to blockchain information platform DefiLlama.

Aster was quietly relisted by the information platform earlier on Monday, weeks after it was delisted over issues associated to opaque information that would not be verified by DefiLlama, Cointelegraph reported.

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