Percolator: Solana enters the battle of derivative DEXs
Tue, Oct 21, 2025 ▪ 5 min read
The world of cryptocurrencies is a battleground where innovation does not relent. Following the rise of Hyperliquid and the advancement of Aster, Solana strikes back with Percolator, a project designed for speed and scalability. Announced by Anatoly Yakovenko, this new perpetual contract DEX could revolutionize decentralized trading. Behind this evocative name lies an ambitious and concrete vision: a cryptocurrency exchange engine that combines on-chain performance and simplicity.
In brief
Percolator, Solana's new perpetual DEX, leverages a fragmented Router/Slab architecture to achieve extreme performance.
Meanwhile, Hyperliquid maintains its leadership thanks to HIP-3, record volumes, and the deployment of permissionless perpetual markets.
The challenge for Solana: deliver quickly, attract liquidity, and mobilize builders to regain the advantage.
Solana's technological bet
Percolator is not a mere addition to the Solana galaxy. It is a direct response to Hyperliquid's dominance, which has captured a significant portion of active cryptocurrency traders. In fact, the platform recently made headlines when a trader lost over 21 million dollars following a private key leak, a clear reminder of the ever-present risks in the cryptocurrency ecosystem.
Yakovenko presents a new protocol divided into two parts: Router, which manages collateral and cross-margin, and Slab, which manages perpetual contracts. The goal is to create a fast, autonomous, and transparent system.
This design is not insignificant. Solana leverages its reputation as a high-performance blockchain to create a DEX capable of handling volumes comparable to those of CEX, while maintaining decentralization.
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