Solana Labs co-founder and CEO Anatoly Yakovenko is the latest crypto founder to announce plans for a decentralized exchange (DEX), following the success of Hyperliquid and Astar.
On Monday, Yakovenko uploaded plans outlining a new sharded perpetual exchange protocol on the Solana blockchain, dubbed Percolator.
A perpetual exchange is a decentralized trading protocol for perpetual futures contracts, which allows traders to speculate on cryptocurrency prices without an expiration date.
Percolator will consist of two main onchain programs, including the Router program that manager collateral, portfolio margins and cross-slab routing and the Slab program, which is a perpetuals engine run by liquidity provbiders, with “fully self-contained” matching and settlement, according to Yakovenko’s Monday GitHub proposition.
Cointelegraph reached out to the Solana Foundation for comment but had not received a response by the time of publication.
The development comes a week after Hyperliquid DEX enabled third parties to independently launch their own perpetual swap contracts on the platform, after introducing the Hyperliquid Improvement Proposal 3 (HIP-3) upgrade on Monday.
The upgrade introduced permissionless, builder-deployed perpetual futures contracts, with independent margins and parameters, for users staking at least 500,000 Hyperliquid (HYPE) tokens, worth about $18.2 million at press time.
Related: Hyperliquid whale withdraws $122M HYPE tokens as Arthur Hayes exits
Hyperliquid may be attracting Solana users, says VanEck
Yakovenko’s plans for the new protocol were published two months after a VanEck report claimed that Hyperliquid was attracting users from the Solana blockchain.
In July, Hyperliquid earned 35% of all blockchain revenue, with growth coming specifically at the expense of Solana, as well as Ethereum and BNB Chain, VanEck researchers wrote in a monthly crypto recap report.
“Hyperliquid has poached high-value users from Solana and has retained them,” by offering users a “simple, highly functional product,” wrote VanEck head of digital assets research, Matthew Sigel, and fellow analysts Patrick Bush and Nathan Frankovitz.
Related: Grok, DeepSeek outperform ChatGPT, Gemini with epic crypto market long
Hyperliquid’s trading volume reached a new monthly high of $319 billion in July, signaling that more cryptocurrency traders are using DEXs instead of their centralized counterparts. It gained popularity in April 2024 after launching spot trading with an aggressive listing strategy and user-friendly interface.
Meanwhile, rival DEX Aster, launched on Binance’s BNB Chain, has surpassed Hyperliquid to become the largest perp DEX with a $14.5 billion daily trading volume, nearly thrippling Hyperliquid’s 24-hour volume.
However, Hyperliquid’s 30-day trading volume of $309 billion is still double compared to Aster’s $145 billion for the past month, according to blockchain data platform DefiLlama.
Aster was quietly relisted by the data platform earlier on Monday, weeks after it was delisted over concerns related to opaque data that could not be verified by DefiLlama, Cointelegraph reported.
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