Solana Founder Developing Next-Gen Onchain Derivatives Exchange

Anatoly Yakovenko, CEO of Solana Labs, is reportedly building a next-generation decentralized perpetual futures protocol named Percolator – a project that could reshape the structure of onchain trading.

Discovered through a GitHub repository updated on October 19, Percolator is described as “implementation-ready,” signaling that its development is well advanced. Built entirely on Solana, the protocol combines self-custody with an architecture focused on speed, modularity, and fault isolation.

The Mechanics Behind Percolator

Unlike conventional DEXs, Percolator is based on a system of “slabs” – independent matching engines that each serve as a standalone order book for a specific token. These slabs run in parallel, creating a network of sharded liquidity pools that compete for order flow while maintaining isolated risk.

Coordinating these slabs is a Router, an onchain program responsible for synchronizing user portfolios, managing collateral, and ensuring trades settle atomically. This parallelized design aims to deliver centralized-exchange performance while preserving the transparency of blockchain execution.

Near Completion and Developer Momentum

Although no official launch timeline has been shared, key infrastructure pieces such as the Router, Slab framework, and order book system are already functional. Components like the liquidation engine are still under development, but several external contributors have begun submitting code – a sign that Percolator’s progress is accelerating.

If fully realized, Percolator could become one of Solana’s most important DeFi projects to date – introducing a high-speed, capital-efficient trading layer that rivals major platforms like dYdX or GMX. For Yakovenko, it represents more than just another DEX; it’s a demonstration of Solana’s ability to handle sophisticated, exchange-grade workloads natively onchain.