Anatoly “Toly” Yakovenko, co-founder of Solana, appears to be quietly developing a new decentralized perpetual exchange dubbed Percolator, according to public GitHub activity. The repository outlines a framework for on-chain perpetual futures trading, suggesting that Yakovenko is directly involved in advancing Solana’s DeFi infrastructure.
The discovery has sparked interest across the Solana community, with developers noting Yakovenko’s active participation in technical discussions and code commits.
While the project remains in early development, the design hints at a high-performance, self-custodial exchange, one potentially comparable to Hyperliquid, which has dominated the perpetuals market with billions in monthly trading volume.
The timing coincides with Solana’s expanding presence in decentralized trading, where its network performance and liquidity have made it a frequent choice for high-volume DeFi activity, hitting $104B in market cap, according to CoinGecko
Solana’s DEX Momentum Sets the Stage
In July, Solana’s decentralized exchanges reached $6 billion in daily trading volume, their highest level in two months. Platforms such as Raydium, Orca, SolFi, and Meteora led the surge, supported by strong stablecoin liquidity and rapid settlement speeds.
Yakovenko’s work on Percolator builds directly on that momentum. As Solana’s spot market matures, the ecosystem’s move into perpetual futures represents a natural evolution, extending its edge from trading speed to market structure. If Percolator successfully launches,
It could further establish Solana as a key player in decentralized exchange activity and a potential base for emerging DeFi derivatives infrastructure.
Also read: HumidiFi Becomes Solana’s Largest DEX With $34B Monthly Trades
