Solana co-founder toly supports the development of a native perpetual contract DEX, challenging Hyperliquid's dominance

Solana co-founder Anatoly Yakovenko publicly supports the development of a native perpetual contract DEX on the Solana Virtual Machine (SVM), directly challenging Hyperliquid's leading position in on-chain derivatives trading.

Anatoly believes that Solana needs to build its own perpetual contract infrastructure with atomic composability, showing that the ecosystem views perpetual contracts as key to retaining user activity and on-chain trading volume. Specific project details or launch timelines have not yet been disclosed. In recent months, a large volume of perpetual contract trading has migrated to Hyperliquid, which has become the dominant protocol in the on-chain perpetual contract space.

Meanwhile, Hyperliquid co-founder Jeffrey Yan is in Washington engaging with policymakers on regulatory pathways, including discussions around the CLARITY Act legislation concerning crypto derivatives regulation, which could provide an advantage to Hyperliquid if the bill passes. The Solana native alternative will directly compete by leveraging its speed and cost advantages, but Hyperliquid's existing network effects and liquidity create high barriers to entry.