Agus retweeted
$PERCOLATOR follow-up 🐺
Called it at $2.45M. Peak close $3.92M (1.6x), sitting at $3.39M now. About 1.38x from the call.
What it is: permissionless perps for any Solana token, built on a fork of Toly's open-source Percolator risk engine. Devnet works, mainnet still in lab mode waiting on audit.
Why it's holding: team is shipping in public (devnet demo today), Toly quoted their AMA last night, and holders went 5,415 → 5,989 since my post.
What I watch: the audit. Site said Q3, it's November. Liquidity numbers still disagree across sources. Small size.
CA: solana:8PzFWyLpCVEmbZmVJcaRTU5r69XKJx1rd7YGpWvnpump
Percolator 🟢
The lore, according to their site: launch and trade perpetual futures for any Solana token.
378 days old and still trading, which most memes never manage.
Right now it has 5,415 holders and a $2.49M market cap.
15 different accounts are talking about it on X too.
Pulled this one out of today's #Solana scan.
Not a flip for me, more of a few-weeks hold. Below $1.24M I'm wrong and I'll say so.
Downside? Liquidity numbers don't agree across sources. Small size or nothing.
That's the play. Let's see.
solana:8PzFWyLpCVEmbZmVJcaRTU5r69XKJx1rd7YGpWvnpump
CA: 8PzFWyLpCVEmbZmVJcaRTU5r69XKJx1rd7YGpWvnpump
Agus retweeted
Nobody asks who eats the loss until it is their money
So here is our answer, written into the program before any market opens:
The creator's stake goes first -> Then the bond layer
-> Earn depositors last, and together, with every unit taking the same fraction.
The vault has its own brake too: if NAV per share halves from its peak, it stops adding exposure.
percolator.trade
Agus retweeted
We have not gotten an external audit yet, here is what we have instead;
1. Everything is public: The engine, the program, the keeper, the launcher, the SDK
All public on GitHub today
2. 500 + Kani Proofs: The engine is a fork of Anatoly's Percolator, so a large share of the formal verification is inherited. On top of it we have written Kani proofs of our own, covering the stake pool, the LP vault, the matcher and our changes to the engine.
That is over 500 proofs in the code we ship!
What is a Kani Proof?
A Kani proof is not a test, a test tries a handful of inputs. Kani asks a solver whether any input in range can break the property, then either proves none can or hands you the counterexample
None of that replaces an external audit!
It is what we can show you before one, and it is why mainnet beta will be capped
github.com/aeyakovenko/perco…
github.com/dcccrypto/percola…
Agus retweeted
#Percolator💎💎💎
What makes Percolator Trade different from Phoenix, Hyper Liquid and other perp DEXs?
On most perp DEXs, every market shares one pool of risk: one margin system, one insurance fund, one pool of liquidity.
A blowup in one thin market can drain capital that backs every other market. So those venues have to be conservative. They list a small set of large assets, they decide centrally what gets listed, and new tokens wait or never get listed at all.
With Percolator Trade,
Markets sit in isolated pools, each with its own liquidity and risk buffer. If one market goes bad, the loss stays there and can’t spread to the rest of the protocol. That isolation is what lets us do what the others structurally can’t:
Permissionless listing: Anyone can launch a market on any token in a few clicks, without waiting for governance or a listing team.
Long-tail first: A token can have a leveraged market long before the big venues would consider it, because listing it doesn't put anyone else's capital at risk.
LPs choose their risk: Liquidity providers back the specific markets they want and earn those markets' fees, rather than being exposed to everything.
Underneath that is the Percolator risk engine, the open source engine published by Toly. It is designed to keep each market solvent on its own, even where liquidity is thin.
Phoenix and the others are good at being the venue for majors.
We're building the venue for everything else.
Agus retweeted
Percolator is open source ☕
We have not gotten an external audit yet, here is what we have instead;
1. Everything is public: The engine, the program, the keeper, the launcher, the SDK
All public on GitHub today
2. 500 + Kani Proofs: The engine is a fork of Anatoly's Percolator, so a large share of the formal verification is inherited. On top of it we have written Kani proofs of our own, covering the stake pool, the LP vault, the matcher and our changes to the engine.
That is over 500 proofs in the code we ship!
What is a Kani Proof?
A Kani proof is not a test, a test tries a handful of inputs. Kani asks a solver whether any input in range can break the property, then either proves none can or hands you the counterexample
None of that replaces an external audit!
It is what we can show you before one, and it is why mainnet beta will be capped
github.com/aeyakovenko/perco…
github.com/dcccrypto/percola…
Agus retweeted
10 days till breakpoint, will you be attending?
we’re pulling up with Percolator Trade merch!
Keep your eye out on how you can earn yourself a T shirt or hoodie 👀☕️
Agus retweeted
Shared risk is why big venues list slowly.
Isolate it per market and listing stops being a committee decision. 🫡
What makes Percolator Trade different from Phoenix, Hyper Liquid and other perp DEXs?
On most perp DEXs, every market shares one pool of risk: one margin system, one insurance fund, one pool of liquidity.
A blowup in one thin market can drain capital that backs every other market. So those venues have to be conservative. They list a small set of large assets, they decide centrally what gets listed, and new tokens wait or never get listed at all.
With Percolator Trade,
Markets sit in isolated pools, each with its own liquidity and risk buffer. If one market goes bad, the loss stays there and can’t spread to the rest of the protocol. That isolation is what lets us do what the others structurally can’t:
Permissionless listing: Anyone can launch a market on any token in a few clicks, without waiting for governance or a listing team.
Long-tail first: A token can have a leveraged market long before the big venues would consider it, because listing it doesn't put anyone else's capital at risk.
LPs choose their risk: Liquidity providers back the specific markets they want and earn those markets' fees, rather than being exposed to everything.
Underneath that is the Percolator risk engine, the open source engine published by Toly. It is designed to keep each market solvent on its own, even where liquidity is thin.
Phoenix and the others are good at being the venue for majors.
We're building the venue for everything else.
Agus retweeted
Is $Percolator about to do what it looks like its about to do?
@PercolatorTrade about to be a big mf deal on Solana.
@toly protocol, with @dcc_crypto and @0xSquid_Sol running the project for over a year and main net is closer than ever. Try out the devnet and don't be late!!
Agus retweeted
🧠🧠🧠
Nobody asks who eats the loss until it is their money
So here is our answer, written into the program before any market opens:
The creator's stake goes first -> Then the bond layer
-> Earn depositors last, and together, with every unit taking the same fraction.
The vault has its own brake too: if NAV per share halves from its peak, it stops adding exposure.
percolator.trade
Agus retweeted
What makes Percolator Trade different from Phoenix, Hyper Liquid and other perp DEXs?
On most perp DEXs, every market shares one pool of risk: one margin system, one insurance fund, one pool of liquidity.
A blowup in one thin market can drain capital that backs every other market. So those venues have to be conservative. They list a small set of large assets, they decide centrally what gets listed, and new tokens wait or never get listed at all.
With Percolator Trade,
Markets sit in isolated pools, each with its own liquidity and risk buffer. If one market goes bad, the loss stays there and can’t spread to the rest of the protocol. That isolation is what lets us do what the others structurally can’t:
Permissionless listing: Anyone can launch a market on any token in a few clicks, without waiting for governance or a listing team.
Long-tail first: A token can have a leveraged market long before the big venues would consider it, because listing it doesn't put anyone else's capital at risk.
LPs choose their risk: Liquidity providers back the specific markets they want and earn those markets' fees, rather than being exposed to everything.
Underneath that is the Percolator risk engine, the open source engine published by Toly. It is designed to keep each market solvent on its own, even where liquidity is thin.
Phoenix and the others are good at being the venue for majors.
We're building the venue for everything else.
Agus retweeted
Technology is no longer the biggest barrier. What @solana Perps still need is better distribution, deeper liquidity, and a way to attract and retain quality traders.
With over $1T in cumulative trading volume, Solana has become the second largest perps ecosystem behind @HyperliquidX.
> I think the next winner won't just have great technology. It needs to create real trading demand.
Here are 4 projects I'm keeping on my radar:
1. @pacifica_fi
Pacifica uses a hybrid orderbook, combining offchain matching with onchain settlement.
- Fast execution and competitive fees.
- ~$257B in cumulative volume as of August 2026.
- Strong liquidity across major trading pairs.
The downside? It still relies on offchain matching infrastructure.
2. solana:DriFtupJYLTosbwoN8koMbEYSx54aFAVLddWsbksjwg7
One of Solana's veteran Perp DEXs, combining JIT Auctions, DLOB, and AMM liquidity.
- Integrates Spot, Lending, and Perps.
- Supports multiple collateral assets.
- Focuses on capital efficiency.
The trade-off is a more complex experience for newcomers and growing competition from newer DEXs.
3. @PhoenixTrade
Built by @ellipsis_labs, Phoenix operates a fully onchain CLOB.
- 0.005% maker / 0.035% taker fees.
- Supports SOL and USDC collateral.
- 104 perp markets across Crypto, Equities, ETFs, and Commodities.
Its biggest advantages are transparency and multi-asset exposure, although liquidity still trails larger venues.
4. @PercolatorTrade
This is the one that excites me the most.
Percolator is an open source risk engine originally developed by @toly
The idea is simple: Enable applications to launch permissionless perp markets for long-tail Solana tokens.
Key highlights:
- No need to wait for CEX/DEX listings.
- Isolated markets help limit risk contagion.
- Insurance mechanisms help absorb losses.
- Risk engine uses formal verification with Kani.
> I'm particularly interested in Percolator because it could unlock derivatives trading for thousands of memecoins and long tail tokens that major exchanges don't support.
DYOR & NFA
Agus retweeted
One bad candle?
Here's what Percolator's liquidation code actually does next.
Equity is your collateral plus PnL, marked at the engine's price, which follows the oracle in capped steps. Profit only counts as far as the engine can prove it's backed.
The maintenance requirement is a margin rate on the position's notional. If the oracle has already moved further against you than the engine price has, that gap is added on top.
Once equity is strictly below the requirement, the account can be liquidated.
Anyone can do it. Liquidation runs inside a permissionless crank: no keeper whitelist, and the caller doesn't need an account or collateral on Percolator.
The caller doesn't choose the size either. The engine settles losses against collateral, then binary searches for the smallest close it projects will put the account back above maintenance, after the liquidation fee. If no partial close gets there, or the account is already underwater, that position closes in full.
The video shows the partial case.
Every liquidation has to leave the account measurably less risky. If it doesn't, the whole instruction reverts.
There's no ADL queue.
The closed size isn't dumped into a book. Open interest on the other side shrinks to match, and every position on that side is cut by the same ratio.
Nobody gets singled out.
If losses run past the account's collateral, that market's insurance budget covers what it can.
Anything left is shared pro rata across the other side of the same market, by position size.
play.percolator.trade
Agus retweeted
6/9;
New: bonds, a third capital tranche, sitting between Earn and the creator's stake, earning a coupon out of trading fees.
It accrues per slot and the sub atom remainder carries, so cranking more often gains nothing and the rounding can't be ground.
Bonds never take priority over Earn.
The coupon is capped at half a fee leg, stops the moment any senior principal is outstanding, and stops if the bond tranche itself isn't whole, so a fee leg can't recapitalise a bond at Earn's expense.
Agus retweeted
2027 will be known as the year Solana took over perps. lock in.
Percolator.trade
Agus retweeted
🧵🪡 1/9:
v2.2 update; 150 commits across 6 repos in the 9 days since the last video
Leverage now reads the token you're trading. Bonds earn a coupon. Creators keep their fees after burning admin.
And the last 3 days went entirely into attacking it.
Devnet v2.2 expected to release within the next couple days, a main net beta will follow within a few weeks after.
Agus retweeted
#percolator has delivered a breathtaking 80.77x return — a dazzling addition to our ever-growing legacy of triumphs. We are blazing ahead with unwavering precision, turning vision into profit with surgical focus. If you're not yet part of my exclusive Telegram circle, you're missing a rare and unmatched opportunity to be part of something truly extraordinary.
#CryptoPump #Crypto #Altseason #Solana #AltcoinAlert
I gave #percolator the spotlight at $16k market cap, sharing the opportunity exclusively with my Telegram squad 🔥💸
#CryptoPump #Crypto #Altseason #Solana #AltcoinAlert #bbvipal5 #cambodia
Agus retweeted
Product link for Percolator Trade;
colosseum.com/arena/projects…
☕️☕️☕️
The product directory for Crypto World's Fair is live. 🎡
This was our biggest hackathon ever & the largest in crypto history with 2,973 submissions.
Winners and Colosseum's next accelerator startups will be announced in 4-5 weeks. Stay tuned!
colosseum.com/arena/projects…
