its time for the $percolator
Joined January 2025
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Deep Water retweeted
On Percolator:
Until now, comms were not great. That's partly on MetaDAO and we will do better going forward. I'm sorry some people feel blindsided and upset by Percolator's decision to raise on Backable, our permissionless platform
In my experience with the Percolator guys, they seem like earnest builders who are trying to do the right thing amid a difficult situation
Percolator is trying to build a real exchange, which requires serious capital, legal backing, institutional partners and much more
The team came to the decision that their existing token did not position them for success. So they approached us to raise on Backable. We told them what we tell every team - Backable is an open platform and they're free to raise. We also said we do not support token migrations
This whole episode probably could have been mitigated with better communication. I feel for the Percolator team as they are well-meaning builders who are trying to bring Toly's vision to life. They're not trying to scam or max extract. They're just trying to build a startup in a difficult environment
One lesson I draw from this is how difficult it is to build a real business on top of a memecoin. You can't raise serious money, you can't build a strong legal foundation, and you can't wind the thing down when it's not working
MetaDAO offers the exact opposite. We provide a fundraising platform that lets teams tap capital markets at will, we offer a legal product that protects teams and investors, and we give founders a way to wind down their company and return capital when things aren't working
MetaDAO's mission is to use markets to make better decisions. Our fundraising platform is a big part of that. Going forward, I hope that every builder who wants to build a serious business pauses before launching some random meme and instead considers raising on MetaDAO
A few things I want to clarify regarding @PercolatorTrade and our decision to raise through MetaDAO’s Backable.
-We have not sold any tokens from the existing Pumpfun token, our team’s token allocation was burned.
-Everything we’ve built has been completely open source. The existing Pumpfun token was not launched by us, we took it over and joined the pumpfun hackathon. It remains independent, and anyone is free to continue building around it or organize a CTO.
-Building a permissionless perpetuals protocol is one challenge. Bringing it to mainnet securely, with external audits, reliable infrastructure, and sustainable long,term development, is another.
-Over $200K in fees generated from the token over the last year + went directly toward funding and developing Percolator Trade. An additional $14.5K in fees remains pending, and we’re considering how best to use those funds to benefit existing holders.
-After careful consideration, we chose MetaDAO’s Backable to help fund the next stage of development. We also made sure eligible existing holders would have a guaranteed allocation in the new raise, giving our community the opportunity to participate in Percolator Trade’s next chapter.
-MetaDAO did not give us any advice on what to do or what not do just what was possible and not possible.
As founders, our responsibility is to make the decisions we believe gives Percolator Trade the strongest chance of long term success.
Why? Based on feedback from investors and respected builders across the Solana ecosystem, we realized the existing token structure wasn’t sustainable for Percolator’s long term growth. MetaDAO provides stronger structural protections, performance based founder incentives, and a framework that attracts investors who believe in the protocol we’re building, while giving us a more sustainable foundation to scale.
Our conviction hasn’t changed, and neither has our commitment to building.
We will continue to look furthermore into how we compensate previous holders more
Deep Water 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.
Deep Water retweeted
Submit all the bug reports
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…
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!!
Deep Water retweeted
It’s actually insane that a fully onchain perp dex @PercolatorTrade solana:8PzFWyLpCVEmbZmVJcaRTU5r69XKJx1rd7YGpWvnpump that @toly created and publicly supports is under $10M.
Deep Water retweeted
Excited to be in London for Breakpoint.
The Percolator Trade team (@dcc_crypto + @0xSquid_Sol ) will be spending time in the @colosseum Builder Zone to stay heads down and keep iterating on the protocol.
Grateful for spaces like this that let builders actually ship.
Only on @solana
We're once again hosting the Colosseum Builder Zone within the Solana Breakpoint venue! 🇬🇧
The dedicated work space will include desks, monitors, and high-speed WiFi.
Open November 16 and 17 for all Breakpoint attendees: colosseum.com/breakpoint
Deep Water 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
Deep Water retweeted
2027 will be known as the year Solana took over perps. lock in.
Percolator.trade
Deep Water retweeted
👑👑👑
2027 will be known as the year Solana took over perps. lock in.
Percolator.trade
Deep Water retweeted
So preposterous
So outlandish
So retarded
It might just work… 💭☕️
Percolator.Trade
Deep Water retweeted
This machine never stops running
Nonstop building, nonstop grinding.
No pause. No off switch. Just full send. ☕️
teapawt.net/PercolatorTrade/status…
Percolator Trade V2.2 is almost here
The hardest market to run is one where everyone is on the same side. V2.2 was built for exactly that, and then we spent weeks trying to break it.
Here’s what happened.
Code: github.com/dcccrypto/percola…
Public preview: coming soon
Watch the video below
👇
Deep Water retweeted
Percolator Trade V2.2 is almost here
The hardest market to run is one where everyone is on the same side. V2.2 was built for exactly that, and then we spent weeks trying to break it.
Here’s what happened.
Code: github.com/dcccrypto/percola…
Public preview: coming soon
Watch the video below
👇
Deep Water retweeted
🚨 BREAKING: HORRIFYING moment captured on a live broadcast as a massive wooden cross fell on Father Patricio Sánchez while he was celebrating Mass at Perpetuo Socorro Church.
The Archdiocese has tragically confirmed he passed away from the impact. Absolute tragedy. 🕊️💔
This isn't NORMAL!
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