How it works
The website is the only piece that is on.
PercolatorV2 is the pages you are reading and the terminal. Under that sits Percolator, a risk engine that allows or rejects a position. A Solana program would put that engine on a chain. A matcher would agree a trade. A keeper would move the market forward. Those three are not running.
On a local machine the engine has been stepped through deposit, open, funding, settlement, close, withdraw, a few rejections, and one liquidation. Sixteen steps, on example numbers. That is not a public market.
What a local session does
On your own machine those four steps can run against example numbers. On this host they do not start.
01
Deposit
Example atoms are credited to a trader account. They exist only in that process.
02
Open
A long or a short is sized in lots. The other side is an example account, not a public book.
03
Funding
A crank nudges the contract toward a reference price, inside a cap the engine enforces.
04
Close
The position settles. The example atoms can then be withdrawn from that same local account.
Run the example yourself
The public site will not attach an engine for you. From the published source:
scripts/local-engine.sh
cd web && npm install && npm run devThe engine listens on 127.0.0.1:43124. The site listens on 127.0.0.1:43123. Open /terminal there and the ticket turns on. The atoms are still examples. Nothing is sent to a chain.
The pieces
01
Website
What you are reading, and the terminal.
It draws the desk and sends calls only to an engine on the same machine. On this host that call fails, and the page stays read-only.
02
Risk engine
The library that allows or rejects a position.
Percolator v16 checks margin, funding, and liquidation. It does not hold tokens and it does not know wallets. Upstream calls the project educational and unaudited.
03
Solana wrapper
The program that would put that library on a chain.
It is in the source as a pinned Apache-2.0 crate. It is not deployed. There is no program address you can trade against.
04
Matcher
The piece that would agree two sides of a trade.
The wrapper's source describes a matcher. PercolatorV2 does not run one, and the terminal's counterparty is only an example account inside a local process.
05
Keeper
The process that would advance the market.
A keeper cranks funding and marks. Nothing here hosts one. The local engine cranks only when you ask it to, on your own machine.
The name
Two coffees and a beer at four in the morning is how Anatoly Yakovenko has described the idea behind Solana. It is not the origin of Percolator. The domain is a nod to that sentence. It is not an endorsement of this desk.