Solana Co-Founder Backs New Perp DEX as Hyperliquid Pushes U.S. Regulatory Path
Solana co-founder Anatoly Yakovenko publicly endorsed a new Solana-based perpetuals DEX, arguing the ecosystem needs an atomically composable perp venue. The move comes as Hyperliquid advances its regulatory strategy in Washington ahead of the CLARITY Act, drawing criticism from some that the industry should prioritize innovation over product replication.
Key Takeaways
- 1## Yakovenko's Case for Solana-Native Perps Anatoly Yakovenko, Solana's co-founder, posted publicly on X encouraging users to explore a new perpetuals DEX built on Solana, arguing that the ecosystem requires an atomically composable perp exchange within the SVM.
- 2Yakovenko did not name the specific protocol but framed the initiative as filling a gap he sees in Solana's derivatives infrastructure, separate from Hyperliquid's multichain architecture.
- 3## Hyperliquid's Washington Push The endorsement coincided with Hyperliquid co-founder Jeffrey Yan announcing that he had spent several days meeting U.
- 4S.
- 5policymakers in Washington as the CLARITY Act advanced through Congress.
Yakovenko's Case for Solana-Native Perps
Anatoly Yakovenko, Solana's co-founder, posted publicly on X encouraging users to explore a new perpetuals DEX built on Solana, arguing that the ecosystem requires an atomically composable perp exchange within the SVM. Yakovenko did not name the specific protocol but framed the initiative as filling a gap he sees in Solana's derivatives infrastructure, separate from Hyperliquid's multichain architecture.
Hyperliquid's Washington Push
The endorsement coincided with Hyperliquid co-founder Jeffrey Yan announcing that he had spent several days meeting U.S. policymakers in Washington as the CLARITY Act advanced through Congress. According to Yan, those discussions centered on Hyperliquid's potential benefits for American consumers and the regulatory framework needed to bring onchain derivatives markets into official U.S. oversight. The CLARITY Act, which aims to clarify jurisdiction over digital assets, has become a focal point for derivatives platforms seeking legal clarity.
Pushback on Market Fragmentation
Yakovenko's post drew sharp responses on X from observers questioning whether the crypto derivatives market needed another perpetuals venue rather than incremental feature innovation. One commenter, Rune, directly challenged the logic: "Maybe the energy should go towards innovation instead of replication," and asked what a Solana-native perp DEX could accomplish beyond competing on fees or replicating Hyperliquid's existing product design. The tension highlights a structural debate within Solana's ecosystem about whether new projects should differentiate functionally or compete primarily on chain-native advantages like atomic composability.
Why It Matters
For Traders
A second major perp DEX on Solana could fragment liquidity and widen spreads on both venues in the near term, affecting execution quality.
For Investors
Hyperliquid's regulatory engagement in Washington may yield clearer U.S. derivatives oversight, but ecosystem fragmentation across competing Solana and cross-chain perp venues creates uncertainty around market dominance long-term.
For Builders
Solana-native perp protocols now face pressure to articulate functional advantages beyond atomic composability; pure fee or UX competition risks commoditizing the product category.
