Solana co-founder Anatoly Yakovenko has unveiled plans for “Percolator,” a sharded perpetual DEX, signaling a strategic move to unify liquidity and defend Solana’s position in the DeFi derivatives race.
In Brief
- Yakovenko’s Experiment: Solana co-founder Anatoly Yakovenko released GitHub documentation for Percolator, an experimental sharded perpetual DEX concept.
- Challenging Rivals: The proof-of-concept directly addresses Hyperliquid’s significant growth, which has drawn trading volume from Solana and other major chains.
- Innovative Architecture: Percolator proposes a unique sharded design and MEV-resistant trading, inviting community development to build out the concept.
On Monday, Anatoly Yakovenko, co-founder and CEO of Solana Labs, shared detailed GitHub documentation for “Percolator.” This experimental sharded perpetual futures decentralized exchange (perp DEX) concept, designed natively on Solana, serves as a strategic proof-of-concept (PoC).
Described by Yakovenko as “an experiment using Claude AI to test ideas,” Percolator directly challenges rivals and aims to consolidate Solana’s fragmented DeFi ecosystem in the lucrative perpetuals market. The initiative follows competitors like Hyperliquid recently capturing significant market share.
Solana’s Strategic Imperative: Reclaiming Perpetual DEX Dominance
Percolator’s conceptual timing is sharply strategic. It follows roughly two months after an August 2025 VanEck report highlighted Hyperliquid’s explosive growth, noting its success in siphoning users and revenue from Solana and other major blockchains.
Perpetual futures contracts allow traders to speculate with leverage and an on-chain perpetual DEX has rapidly emerged as a “killer application” for blockchains, blending centralized exchange-like speed with DeFi’s self-custody and transparency.
The perpetuals market has seen a significant shift in mindshare, with perp DEX now capturing about 50% of Solana’s overall DEX activity. Hyperliquid, for instance, recorded $400 billion in volume and $106 million in revenue in September, surpassing the combined revenue of Ethereum, Solana, and BNB Chain in July.
Its offering of sub-20ms latency and gasless trades attracted many speculators. Hyperliquid, which began on Solana, later evolved into its own Layer 1 blockchain optimized for derivatives trading, allowing it to “poach” an estimated 10-20% of Solana’s order flow.
Yakovenko’s Percolator concept represents a direct response, aiming to reclaim these high-value traders and reinforce Solana’s narrative as a leading, fast blockchain capable of hosting robust, unified DeFi solutions.
Percolator: An Innovative Sharded Perp DEX Concept for Solana
Yakovenko’s proof-of-concept for Percolator capitalizes on Solana’s core strengths, including parallel processing and low transaction costs, to address common issues in perpetual trading, such as MEV (miner extractable value) and fragmented liquidity. The proposed design incorporates a sharded architecture, where “slabs,” 10MB memory chunks, would function as independent matching engines. Each slab is envisioned for a single liquidity provider, promoting risk isolation and competition.
A central router program is designed to handle collateral, portfolio margining, and cross-slab rebalancing. To counter MEV, Percolator’s design incorporates two-phase commits and fixed-point mathematics to prevent front-running.
The system also includes a robust risk engine, aiming for centralized exchange-grade speeds, specifically sub-100ms, directly on-chain.
Chain Street Analysis
Yakovenko’s decision to introduce Percolator as a proof of concept reflects a turning point in Solana’s effort to reclaim its edge in decentralized finance. Rather than a full product launch, it’s a signal that Solana intends to compete directly with specialized perpetual DEX platforms that have captured market share in 2025.
Percolator’s sharded design and built-in protection against MEV address long-standing pain points in on-chain derivatives trading. It is still in its early stage, but the framework shows clear ambition to make high-speed, low-latency trading possible without sacrificing decentralization.
This experiment shows the kind of steady engineering effort that keeps Solana in the conversation, driven by the same focus on scalability, speed, and security that first defined its rise in DeFi.
