live on mainnet / audit Q3 · public open after

PERCOLATOR
ALLOCATION IS LIVE .

status lab mode

proofs 422 / 422 ✓

repos 17 · Apache 2.0

markets 220 on devnet

── Architecture

Not an order book.
Not a traditional AMM.

Trades execute against an on-chain LP vault using oracle-derived pricing. Two matcher modes per market — passive LP (oracle ± spread) or vAMM (virtual constant-impact) . Same engine, different pricing knob.

ix 37–40

LP vault

Per-market liquidity pool — anyone deposits USDC, becomes a passive maker, earns spread + fee share. Risk isolated per market.

ix 64–69

Token-2022 NFT positions

Open positions wrap as NFTs with a transfer hook. First transferable perpetual positions on Solana.

ix 43–44

Dispute resolution

Resolved markets have a challenge window with a bond. Bad settlements get caught before users get drained.

ix 53

Audit-crank invariants

Anyone can crank an on-chain invariant check. If something doesn't balance, the market auto-pauses before the bug compounds.

DEX EWMA

Hyperp markets

For tokens without Pyth coverage, the oracle reads a pinned Raydium CLMM pool's EWMA on chain. No external dependency.

kani · 422

Formally verified

422 model-checking proofs cover the H + A/K risk engine — haircut conservation, ADL fairness, funding zero-sum.

── Mainnet status

[readout] mainnet · devnet · audit

updated 2026-05

Mainnet

lab mode 1 active market · audit pending

Devnet markets

220 across 3 program versions

Kani proofs

422 / 422 risk engine + wrapper

Open-source repos

17 Apache 2.0 · github.com/dcccrypto

── Origin

Toly's math.
Forked &extended.

Anatoly Yakovenko authored the H + A/K risk-engine math and an open-source reference program. We forked the program and extended it on chain — without the work below it'd still be a reference, not a product.

github.com/ aeyakovenko/percolator-prog → dcccrypto +134 commits past divergence

49 fork-only handlers

51 fork-only instructions

22 fork-only error variants

Net new in the fork: LP vault, dispute resolution, transferable Token-2022 NFT positions, a withdrawal queue, audit-crank invariant checks, two-step admin handover, DEX-pool oracle pinning — none of which exist in Toly's reference. Plus the SDK, indexer, keeper fleet, and frontend that wrap the program. Mainnet is deployed in lab mode; public trading opens after the external audit. Both co-founders won one of his public bounties.

── Reserve your spot

Invite-only.
Code required.

The waitlist is gated. Bring a referral code from an existing member — paste it in, the form unlocks, you finish in under a minute on wallet or email.

Got a code from someone? Paste it. Form unlocks. Pick wallet or email.

Landed via a share link? Code is already pre-filled — just finish.

No code yet? Follow @percolatortrade — we drop codes on tweets every so often.

waitlist · v1

Invite only

$ connect_wallet

referral code · required ·

8 characters · uses 0–9 and A–Z (no I, L, O, U)

Phantom · Solflare · Backpack · Jupiter
sign-only · no gas · idempotent

Don't have a code? Follow @percolatortrade — we drop codes on tweets every so often.

── How we'll reach you

Both paths reach you.
Pick your inbox.

Email signups get an embedded Solana wallet from Privy automatically — so they get the dApp gate too, not just the email. Wallet signups also get the on-chain memo.

every signup

Automatic dApp gating

When the same wallet reconnects to percolator.trade after mainnet opens, the page unlocks priority access for that pubkey. Email signups get this too — Privy creates a Solana embedded wallet under your email at signup, so the dApp recognises you when you come back.

wallet signups

On-chain memo from our project wallet

Your wallet receives a memo-only transaction from our project wallet when mainnet opens — visible in Phantom, Solflare, Backpack, or Solscan as an incoming tx with a short message and a claim link. No payload, no value, no token-approval prompt.

email signups

Transactional email at the milestone

Confirmation lands instantly at signup. The next email is the mainnet-open milestone. No drips, no marketing campaigns. One email per major milestone, max.

if provided

X DM to your handle

Optional on either path. If you dropped your @handle, we'll DM you on X as a backup channel.

── FAQ

What you're probably wondering.

When does mainnet open? +

After the external audit clears — targeting Q3 2026. The mainnet program is already deployed and running in OSS-contributor closed beta with the first SOL/USDC Hyperp market.

Why a waitlist instead of letting me trade now? +

Pre-audit, public trading puts user funds at risk. We won't do that. The waitlist is how we line up early adopters and creators so they get priority access the moment audit clears.

Why do I need a referral code? +

The waitlist is invite-only. We're keeping it tight while we're pre-audit — fewer, higher-intent people, less noise. Every member who joins gets a unique code they can share. If you don't have one yet, follow @percolatortrade — we drop codes on tweets every so often.

Wallet vs email — which should I pick? +

Either works. Wallet path: connect your existing Solana wallet, sign once. Email path: drop your email, verify with a 6-digit code; Privy creates an embedded Solana wallet under your email so you also get the on-chain dApp gate when mainnet opens — not just the email confirmation. Email path is the lower-friction option if you don't already have a Solana wallet.

How will I actually be notified when mainnet opens? +

Both paths get automatic dApp gating — when you come back to percolator.trade, the page recognises your wallet (yours or the embedded one) and unlocks priority access. Wallet path additionally gets an on-chain memo from our project wallet (visible in Phantom / Solflare / Backpack / Solscan). Email path gets a one-shot transactional email at the milestone. Optional X DM on either path if you dropped a handle.

Does signing cost gas? +

No. Signing produces an offline ed25519 signature over a short message proving you control the wallet. We never send a transaction, never request token approvals, never see your private key. Server-side we verify with tweetnacl before adding you to the list.

How is this different from Hyperliquid or Drift? +

Hyperliquid HIP-1 is permissionless but auction-gated (historically up to $19M+ per market, on its own L1). Drift is curated and Solana-native. Percolator is permissionless and Solana-native — anyone launches a market on any SPL token in 60 seconds. Long-tail tokens get perp access for the first time.

Is the code open source? +

Apache 2.0 across 17 public repos at github.com/dcccrypto . Wrapper, engine, matcher, NFT contract, SDK, indexer, keeper, frontend — all public. Fork it tomorrow.

Will my LP get drained? +

Pre-audit, no LP deposits. Mainnet is in lab mode with first-party capital only. After audit, LP risk is per-market — each LP vault is isolated, and the insurance reserve sits between user PnL and LP equity.

Can I unsubscribe? +

We don't have an email list to unsubscribe from. If you want your wallet removed, DM @percolatortrade on X with the same wallet that signed up.

live · pre-audit · audit Q3

@percolatortrade · contact@percolator.trade · github

PERCOLATOR ALLOCATION IS LIVE .

Not an order book.Not a traditional AMM.

Toly's math.Forked &extended.