The plans for the new perpetual DEX come two months after a VanEck report highlighted Hyperliquid’s growth on the expense of Solana and other large chains.
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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, 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 .
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 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 , with independent margins and parameters, for users staking at least 500,000 (HYPE) tokens, worth about $18.2 million at press time.
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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 coming specifically at the expense of Solana, as well as Ethereum and BNB Chain, VanEck researchers 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.
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’s trading volume reached a 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 .
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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