Solana Labs co-founder and CEO Anatoly Yakovenko is working on a new decentralized exchange (DEX) called Percolator. The project will focus on perpetual futures, a type of crypto trading that lets users bet on price movements without any expiration date.
Yakovenko shared the first details of Percolator on GitHub, describing it as a “sharded perpetual exchange protocol” built directly on the Solana blockchain.
Percolator will have two main parts:
- The Router program, which manages users’ funds and risk.
- The Slab program, which handles trading, matching, and settlement between liquidity providers.
🚨 Solana founder Anatoly Yakovenko is building a new perp DEX called Percolator.
He said it’s just an experiment using Claude AI to test ideas – exploring whether a prop AMM-style competition for perps could work through a DEX with a single memory slab for LP risk + matching and… https://t.co/lqYeVS6S4g pic.twitter.com/oNnJIHyfWf— Solana Daily (@solana_daily) October 20, 2025
This setup aims to make the exchange faster and fully on-chain. This means all trading happens transparently without middlemen.
Why Percolator Matters
Percolator’s launch comes at a time when decentralized trading is becoming more competitive. Platforms like Hyperliquid and Astar have been growing rapidly, offering better trading tools and smoother user experiences.
💥BREAKING
ASTER LEADS THE PERPETUAL DEX VOLUME RANKINGS WITH $10.6B IN THE PAST 24H, FOLLOWED BY LIGHTER AT $10.1B AND HYPERLIQUID WITH $8B. pic.twitter.com/T56OEz1DvG
— DustyBC Crypto (@TheDustyBC) October 21, 2025
In July, investment firm VanEck reported that Hyperliquid captured 35% of total blockchain revenue, gaining users who previously traded on Solana, Ethereum, and BNB Chain.
That report suggested that traders moved to Hyperliquid because of its simple interface and high-speed trading. These are the same qualities Solana is known for. Yakovenko’s new DEX could be Solana’s way of winning those users back.
The Bigger Picture
Decentralized exchanges like Percolator and Hyperliquid show how crypto trading is shifting away from centralized platforms such as Binance or Coinbase. Traders want more control, transparency, and speed, and that’s what on-chain perpetual DEXs promise.
If successful, Percolator could bring fresh momentum to Solana, positioning it as a leader again in the DeFi derivatives space.
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