Anatoly Yakovenko, co-founder and CEO of Solana Labs, has unveiled plans for a decentralized exchange (DEX), joining the ranks of successful projects like Hyperliquid and Astar.
This Monday, Yakovenko released plans for a new sharded perpetual exchange protocol on the Solana blockchain, named Percolator.
A perpetual exchange is a decentralized trading protocol for perpetual futures contracts, allowing traders to speculate on cryptocurrency prices without any expiration dates.
Percolator will feature two main on-chain programs: the Router program, which manages collateral, portfolio margins, and cross-slab routing, and the Slab program, a perpetuals engine operated by liquidity providers, featuring “fully self-contained” matching and settlement, as detailed in Yakovenko’s GitHub proposition.
Cointelegraph contacted the Solana Foundation for comments but had not received a response before publication.
This announcement comes a week after Hyperliquid DEX allowed third parties to independently launch their own perpetual swap contracts on the platform, following the release of the Hyperliquid Improvement Proposal 3 (HIP-3) upgrade on Monday.
This upgrade brought permissionless, builder-deployed perpetual futures contracts with independent margins and parameters for users staking at least 500,000 Hyperliquid (HYPE) tokens, valued at approximately $18.2 million at the time of reporting.
Related: Hyperliquid whale withdraws $122M HYPE tokens as Arthur Hayes exits
Hyperliquid may be drawing Solana users, according to VanEck
Yakovenko’s plans for the new protocol were released two months after a VanEck report indicated that Hyperliquid was attracting users from the Solana blockchain.
In July, Hyperliquid captured 35% of all blockchain revenue, with expansion occurring primarily at the expense of Solana, along with Ethereum and BNB Chain, as noted by VanEck researchers in a monthly crypto recap report.
“Hyperliquid has attracted high-value users from Solana and has managed to retain them,” by providing a “simple, highly functional product,” stated Matthew Sigel, head of digital assets research at VanEck, along with analysts Patrick Bush and Nathan Frankovitz.
Related: Grok, DeepSeek outperform ChatGPT, Gemini with epic crypto market long
Hyperliquid’s trading volume hit a new monthly record of $319 billion in July, indicating that more cryptocurrency traders are opting for DEXs over centralized exchanges. It gained traction in April 2024 after rolling out spot trading with an aggressive listing strategy and user-friendly interface.
In contrast, rival DEX Aster, launched on Binance’s BNB Chain, has outpaced Hyperliquid to become the largest perp DEX with a $14.5 billion daily trading volume, nearly tripling Hyperliquid’s 24-hour volume.
However, Hyperliquid’s 30-day trading volume of $309 billion remains double that of Aster’s $145 billion over the same period, according to data from blockchain analytics platform DefiLlama.
Aster was quietly relisted by the data platform earlier on Monday, following a brief delisting due to concerns regarding unverifiable data, as reported by Cointelegraph.
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