Solana’s Percolator сould upend DEX derivatives market. Native integration into Solana’s Layer 1 gives the upcoming perpetual exchange a structural advantage over Aster and other application-layer rivals.
Solana is preparing to launch a new decentralized perpetual exchange protocol that could upend the competitive landscape for on-chain derivatives. The upcoming platform, called Percolator, is being developed directly on Solana’s Layer 1 and represents the network’s most ambitious attempt yet to integrate a high-performance trading system at the base protocol level.
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Blueprint for On-Chain Perpetuals
Solana co-founder Anatoly Yakovenko outlined the plan for Percolator in a GitHub proposal. The protocol will consist of two main on-chain programs: the Router, which manages collateral, portfolio margins, and cross-slab routing; and the Slab, a perpetuals engine operated by liquidity providers that performs matching and settlement autonomously.
Unlike existing decentralized exchanges built on secondary layers or rollups, Percolator will run natively within Solana’s infrastructure, taking advantage of the blockchain’s 65,000 transactions per second throughput and $0.0001 average transaction fees.
In effect, Percolator will function as a sharded, high-speed perpetual futures exchange, enabling traders to speculate on crypto prices without expiration dates. If successful, it could make Solana the first Layer 1 blockchain to host a fully integrated derivatives venue at scale.
Structural Advantage Pressures Aster
The timing poses a direct challenge to Aster, one of the leading decentralized perpetuals platforms. Aster’s model — once differentiated by its first-mover advantage — now appears increasingly constrained by architecture and liquidity fragmentation.
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Author: Crypto Daily
