According to the documentation on GitHub, the command Solana Labs is developing a high-performance, decentralized perpetual futures trading protocol called Percolator, built on the blockchain. Solana.
Percolator is a non-custodial on-chain platform (DEX). The protocol apparently includes an on-chain routing program that will allow users to track their positions, manage collateral, and calculate portfolio margins. It also features separate order books for specific tokens (slabs).
This is a unique feature of Percolator, designed to increase competition between liquidity providers by using “shaded matching engines” that split the DEX order book into multiple small, independent engines that operate in parallel.
This design ensures complete autonomy and innovation for each LP’s slab, while Router guarantees atomic routing, portfolio offsetting, and security at the capability level, Yakovenko wrote.
The test matrix ensures that no malicious or erroneous slab will impact users who have never interacted with it, and the overall capital efficiency matches that of a monolithic DEX, often with higher execution quality due to selective routing.
The GitHub documents suggest that the project is at a fairly high level of completion.