Solana Co-Founder Anatoly Yakovenko Initiates Development of Perps DEX

Anatoly Yakovenko, the co-founder of Solana, has subtly begun the development of a new decentralized exchange for perpetual futures, with initial documentation now available on his GitHub profile. The initiative hasn’t been officially announced; however, the public code lays out the framework for what appears to be a completely on-chain perps network.

Under the GitHub account “aeyakovenko,” the repository shows preliminary design materials, indicating that Solana might soon delve deeper into the derivatives trading sector. The terminology and structure in the documentation clearly suggest that this DEX is designed specifically for Solana’s high-speed and scalable framework.

Exploring the Code: An Insight into the Mechanisms

The GitHub files detail various essential elements that are foundational to the DEX. Among these are systems for margin management, liquidation handling, funding rate adjustments, and an on-chain trade matching engine. Each component is crafted to leverage Solana’s capabilities for parallel processing, facilitating simultaneous transaction execution rather than sequentially.

Instead of replicating existing Ethereum-based perps DEXs, this new structure takes full advantage of Solana’s Sealevel runtime. This technology enables Solana to operate multiple contracts simultaneously, which is utilized here to build a more scalable and economically efficient network from scratch.

Why Solana May Be Venturing into Derivatives Now

Perpetual futures represent a significant portion of crypto trading, with most activity currently occurring on different blockchains. If Solana can introduce a native perps DEX that is quick, inexpensive, and seamlessly integrated into its existing Decentralized finance infrastructure, it could infuse new energy and attract fresh users to the network.

Oh man, I now know @AndreCronjeTech’s pain.

I am just messing around with Claude to see how well it can generate Pinocchio and test with surfpool.

Pls steal the idea. I want to see if it’s possible to replicate the same prop-amm competition for spot but for perps.

1) a… https://t.co/obTeEFVUrD

— toly (@aeyakovenko) October 20, 2025

It would also provide traders who currently use Solana with additional tools to remain on the protocol while drawing in developers eager to create more sophisticated trading products. If the design proves effective in application, it could lead to increased trading volume and ignite more innovation in Solana’s DeFi arena.

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Early Development Presents Significant Questions

Despite having public code available, the project is evidently in its nascent stages. Creating a derivatives network is a considerable undertaking, encompassing not just coding but also risk management frameworks, price oracles, regulatory concerns, and strong liquidity. Yakovenko and any partners must tackle each of these issues before launching the DEX.

Additionally, there remains the question of when users can anticipate seeing it operational. No testnet schedules or timelines have been disclosed. The documentation outlines the vision, but the challenge lies in converting that vision into a protocol that traders will trust and utilize.

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Implications for Solana’s Broader Strategy

This initiative could signify a larger strategic move by Solana toward sophisticated financial products. The network has already established robust communities surrounding NFTs and payments, but incorporating derivatives could further position Solana as a comprehensive blockchain solution for modern finance.

Launching a perps DEX would demonstrate Solana’s commitment to developing not only consumer applications but also fundamental trading infrastructure. Should this project reach maturity, it could enhance the chain’s attraction to professional traders, available volume providers, and other key players in the industry.

What to Monitor in the Upcoming Weeks

As is typical with open-source projects, GitHub may provide early indicators of advancement. Newly committed code, architecture modifications, or evidence of outside strategic alliance will all be crucial to track. Community engagement, available volume incentives, and forthcoming governance plans will shape the pace at which the project develops.

Whether this perps DEX transforms into a defining feature of Solana’s ecosystem or merely serves as an experimental project will depend on the robustness of its launch, its safety, and its ability to gain traction in a competitive derivatives landscape. What is evident is that Yakovenko is constructing, and the entire crypto community is observing closely.

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