Solana co-founder Anatoly Yakovenko has shared an experimental devnet project called Percolator / SOV that combines memecoin trading with inverted perpetual futures on Solana.
The prototype uses a novel structure where the same memecoin acts as both the traded asset and collateral, with fees flowing into a permanent insurance fund that removes tokens from circulation.
Yakovenko described the mechanism as a “soft burn,” explaining that fees are locked indefinitely rather than recycled, gradually reducing circulating supply over time.
He stressed the system is strictly experimental, warning that the program remains upgradable on devnet and that only the memecoin used within the market is at risk if the design fails.
Percolator itself functions as an open-source onchain risk engine for perpetual futures, handling margin, accounting and liquidations via oracle pricing, with several developers already forking the code.
One fork offering leveraged $PERC/USD trading charges a 0.3% fee routed entirely to the insurance fund, with developers reporting more than 22 million $PERC in cumulative open interest despite its test-only status.
The renewed attention has fuelled volatility in the $PERC memecoin, which briefly rebounded to a $5 million market capitalisation before falling back to around $800,000 as speculative interest cooled.
At the time of reporting, Solana price was $87.39.