# Percolator ($PERC) — Backable raise

> Machine-readable companion to https://www.backable.biz/raises/GNfSawN2hL43AwwuQB4rb11XqTuhxKzXrEm6KTxNZERm
> Deal terms and escrow figures come from onchain and API records. The pitch
> is the founder's own frozen text — Backable is permissionless and nobody
> reviewed it. Listing is not endorsement.

Perps on Solana for any token with a DEX pool. Anyone can launch a market and earn a share of its trading fees.

## Status

- state: OPENS SOON
- goal (the minimum the raise must reach): $250,000
- cap (the most the company may take; the amount is decided before close by the company and MetaDAO): $500,000
- committed: $0 across 0 backers
- opens: 2026-11-23T18:00:00.000Z

## The deal

- token price (decided at close, same for everyone): $0.025–$0.05
- MCAP at open (team and existing-investor tokens excluded): $322,500–$645,000
- FDV (all tokens, locked included): $572,500–$1,145,000
- total supply (fixed; minting needs a market-approved proposal): 22,900,000
- supply split: backers 10,000,000 (43.7%) · liquidity 2,900,000 (12.7%) · team 10,000,000 (43.7%)
- share of supply sold to backers: 43.7%
- team lock before any unlock: 18 months
- unlock ladder (3-month TWAP must hold each price): 2x → $0.05–$0.1 · 4x → $0.1–$0.2 · 8x → $0.2–$0.4 · 16x → $0.4–$0.8 · 32x → $0.8–$1.6
- monthly budget after funding (onchain ceiling): $22,000
- at close (escrow releases): $200,000–$400,000 to treasury (80.0%) · $50,000–$100,000 seeds liquidity
- runway at that budget: ~9.1–18.2 months

## Protections (identical for every raise)

- Approved aligned parties are selected per raise. The raise page lists selected
  wallets at $0 until they commit, then updates their gross commitments before refunds.
- Commitments sit in escrow; the team receives $0 unless the goal is met.
- Goal missed → every backer can claim 100% of principal. The claim is a
  transaction the backer sends themselves; nothing arrives automatically,
  nobody can refuse it, and there is no deadline.
- Oversubscribed → the amount taken is split pro rata by weight: time in escrow ×
  early-fill boost × Ownership Score multiplier (none = no extra weight, log
  scale to a fixed cap, read from the committing wallet at close; linked
  wallets do not combine). Nobody is approved for more than they
  committed; the rest is claimable the same way.
- After funding, spending above the published monthly budget requires a
  proposal decided by decision markets, not by the team.
- Tokens are not equity and may be worth nothing.

## What the token is, and is not

Both halves matter, and reading either alone gives the wrong answer.

**It is not** a security, equity, loan or ownership interest. Holders
have no legal title to any asset, no claim on revenue, no fiduciary duty
owed to them, and no ownership of the Cayman segregated portfolio that
holds the company's IP. There is no promise of return, buyback or
future utility.

**It is** a governance claim in a decision market. The treasury is
governed by that market rather than by the team, spending above the
published monthly budget has to pass it, and the segregated portfolio is
contractually required to abide by certain of its determinations. The
market can also stop funding the company and direct the money elsewhere.

So "the DAO controls X" and "holders own nothing" are both accurate: the
first is control through the mechanism, the second is legal title.

**The mechanism is the top of the stack.** The constraints above are the
structure's current settings, not its ceiling — the operating documents
are themselves subject to the decision market, within the scope those
documents define. This is the point most readers miss, and it cuts in
both directions, which is why it is not a reassurance:

- The market can authorise things nobody promised at the raise.
- The market can also withdraw things a backer assumed. It "may revoke
  funds out of the pool at any time, or may cease using the funds for the
  currently contemplated project" (fundraise terms, paragraph 5).
- Governance power is not legal effect. The market deciding to do a thing
  does not by itself make that thing lawful or effective; anything with
  its own regulatory path still has to travel it.

The correct reading is therefore not "the page and the terms contradict
each other" but "nothing here is fixed except the escrow and the claim."
Score the raise on that basis. A page describing what the mechanism could
authorise is not making a promise; a page claiming holders *own* an asset
outright is overstating it, and that is still worth flagging.

## Diligence signals

- disclosure score (mechanical — counts what the founder chose to show, not idea quality): 8/8 — complete
- B1 transparency filing: filed
- vetting: none — anyone can publish a raise for $15; do your own research
- investors on record before this raise: none

## Founder claims (unverified — absence is itself a disclosure)

- edge, in the founder's words: A perps engine where each market has its own isolated risk, takes its price from a Solana DEX pool, and pays fees to its creator, LPs and insurance stakers.
- founder commitment (self-stated): full-time on this — your only job, starting now.
- customers: Traders who want leverage or shorts on long-tail Solana tokens, and the token teams and communities who launch those markets.
- why they buy: Traders get leverage on tokens nobody else lists. Creators earn 20% of their market's fees after the protocol cut.
- how the founder knows it solves a real problem: A token has a live Solana DEX pool and an active community, but no perp market on any major venue.
- founder-stated TAM: $1898M (source: https://defillama.com/fees)
- metric — Waitlist signups: 8,831 (as of 2026-10-23)
- metric — Devnet trading wallets: 200+ (as of 2026-10-24)
- metric — Markets created: 200+ (as of 2026-10-24)
- what exists today (founder-reported): 4 of 5 parts live
  - Permissionless market launch: live
  - Risk engine with Kani proofs: live
  - LP vaults (Earn): live
  - Insurance staking: live
  - Mainnet beta, then audit: planned

## Links (founder-provided — verify control yourself)

- website: https://percolator.trade
- x: https://x.com/PercolatorTrade
- telegram: https://t.me/squid_sol
- github: https://github.com/dcccrypto
- demo: https://play.percolator.trade
- contact: mailto:dark@percolator.trade
- discord: https://discord.gg/fJa4BDBxPN

## Onchain

- raise: GNfSawN2hL43AwwuQB4rb11XqTuhxKzXrEm6KTxNZERm (v0.7)
- token mint: GSRn12fNMQYTzJMK64sWvctbLsK3BBdveNxvgbKZmeta
- quote mint: EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v
- base vault: 3gx1WKHdrKZWpfM7D2hSabfWrouZXCYEcvk4q4wUm9pn
- quote vault: AGhef6un3ZtJt8DtFM81EiE4X3a4S3k5nHTAXGCsr78
- authority: LRrTQLqFzAPxjschuAKQAqH1XHBuBgHqwhybENStARt

## Founder's pitch (verbatim, frozen at publish, unreviewed)

> Under "Who it's for", Segment, Role and Trigger answer the builder's questions
> "Who are your customers?", "Why will they buy it?" and "How do you know it
> solves a real problem?" — see Founder claims above.

## The problem

Solana has thousands of tradable tokens, but you can only go long or short with leverage on a few dozen of them. Hyperliquid, Aster and Pacifica pick which memecoins get a perps market, and a token with a real community and a deep spot pool usually gets nothing. Hyperliquid does let anyone list through HIP-3, but only after staking about $39M of HYPE.

## The edge in one line

A perps engine where each market has its own isolated risk, takes its price from a Solana DEX pool, and pays fees to its creator, LPs and insurance stakers.

## Who it's for

Segment: Traders who want leverage or shorts on long-tail Solana tokens, and the token teams and communities who launch those markets.

Role: Traders get leverage on tokens nobody else lists. Creators earn 20% of their market's fees after the protocol cut.

Trigger: A token has a live Solana DEX pool and an active community, but no perp market on any major venue.

## Market size

Founder-stated TAM: $1898M ([source](https://defillama.com/fees))

## Why this, why now

Perps DEXs did $6.4T of volume in 2025, four times 2024, and their share of perps volume against centralized exchanges went from about 3% to 10% between January 2025 and April 2026 (CoinGecko). Solana spot DEXs traded about $1.05T over the last year (DefiLlama), but Solana's perps venues still list only a few dozen of the biggest tokens.

## What we're building

### Permissionless market launch (live today)

Anyone can open a perps market for a token with a Solana DEX pool. Creators set the fee, 5 to 30 bps on live markets. Fees go 20% to the protocol, then 60% LPs, 20% creator, 20% insurance.

### Risk engine with Kani proofs (live today)

Our fork of Anatoly Yakovenko's open-source Percolator engine, checked with 400+ Kani proofs. Toly isn't involved in the project. No external audit yet.

### LP vaults (Earn) (live today)

LPs deposit into a market's vault and earn 60% of its fees after the protocol cut. Live on devnet with test collateral.

### Insurance staking (live today)

Stakers back a market's insurance fund and earn its 20% share of fees. Live on devnet with test collateral.

### Mainnet beta, then audit (planned)

An experimental mainnet beta with tight caps, then an external audit, then open market creation on mainnet.

## Traction

Percolator v2 opened on Solana devnet in early October 2026 as a waitlist beta with test collateral. Since then 88 wallets have traded and users have created 104 markets, and 8,831 people are on the waitlist. Devnet volume is about $1.1M, but a few high-frequency wallets make up most of it, so we track wallets and markets instead. LP vaults, insurance staking and transferable position NFTs are also live on devnet, and all of our code is open source.

## Key metrics

- Waitlist signups: 8,831 (as of 2026-10-23)
- Devnet trading wallets: 200+ (as of 2026-10-24)
- Markets created: 200+ (as of 2026-10-24)

## Use of funds

The $250k raise puts $200k in the treasury, since 20% of it seeds liquidity. At our $22k monthly limit that covers about 9 months: two $5k founder salaries, infrastructure, events, marketing, a bug bounty reserve, and legal and accounting. The external audit and mainnet launch cost more than the monthly limit allows, so we'll put them up as proposals and apply for ecosystem grants to help pay for them.

## Roadmap

### 2027-02 — External security audit begins

Third-party review of the engine, program, stake, NFT and matcher on a frozen commit.

### 2027-04 — Audit report published; findings fixed

Fix all high and medium findings, auditor re-review, re-run Kani on the final code, open a bug bounty.

### 2027-08 — Permissionless markets on mainnet

Anyone can launch a market on mainnet.

### 2026-12 — Raise closes and experimental mainnet beta

Within a month of the raise closing, a few hand-picked markets go live on mainnet with tight deposit and open-interest caps.

## Team

### Khubair Nasir M Nazir — Co-founder, Lead Developer

Builds Percolator's Solana program, keeper, SDK and app. Studying Data Science and AI at Manchester Met. Before this, freelance dev work: CRMs, dashboards, an NHS placement, Solana MVPs and trading bots. Has taught Solana workshops with Superteam UK and guest-lectured in Sweden.

### Squid — Co-founder, CEO

Owns security and product: audits the codebase and builds features end to end. Started and grew two construction companies and has traded full time for five years. Taught himself to code and built AI security agents, two launchpads and trading bots. Superteam Canada member.

## Risks

### Not yet externally audited

We have 400+ Kani proofs and internal reviews, but no third-party audit yet. The first mainnet markets are an experimental beta with tight caps until an external audit is done and its findings are fixed.

### Oracle manipulation on thin markets

Long-tail markets take their prices from Solana DEX pools, and those pools can be pushed around. Caps, stale-price checks and the insurance fund lower this risk but can't remove it.

### Traction is devnet only

Everything so far is on devnet with test money, and a few wallets do most of the volume. We haven't shown yet that people will trade with real money.

### Competition

derp.trade already runs permissionless perps on Solana, and bigger exchanges could start listing long-tail tokens.

### Old community token

There's an older pump.fun token called Percolator. It isn't being migrated and can't be swapped for PERC. The team is burning the old tokens it holds.

## Go to market

Each market brings its own community. A creator earns 20% of their market's fees after the protocol cut, so they have a reason to push it. We'll start with our 8.8k waitlist, run trading competitions on devnet, and talk to Solana token teams directly on X and Discord.

## Differentiation

Nobody has to approve a listing. derp.trade is also permissionless on Solana, but its model is different. On derp, the protocol's own AMM takes the other side of every trade, fees are a fixed 70 bps, and if a pool runs short, withdrawals are first come, first served. On Percolator, LPs back each market and earn its fees, an insurance fund sits behind them, creators set fees from 5 bps, and  if a market runs short every winner is paid at the same rate. Our code is open source with 400+ Kani proofs. derp's program code isn't public.

### Team (founder-provided)

- Khubair Nasir M Nazir (Co-founder, Lead Developer, full-time): https://x.com/dcc_crypto
- Squid (Co-founder, CEO, part-time, then full-time): https://x.com/0xSquid_Sol

## Raise terms (verbatim, as printed on the raise page)

By contributing to the fundraise for tokens ("Tokens"), you acknowledge and agree to the [Backable Terms of Service](https://www.backable.biz/terms). Without limiting the foregoing, you also acknowledge and agree to all of the following information, terms and conditions:

The above descriptions, terms, and other content were created, determined, and supplied exclusively by prospective project contributors related to the ICO and are being republished on Backable for convenience of reference only, as third-party content. Backable is a technology platform being used by the prospective project contributors, and the owners and operators of Backable and their respective affiliates are not the persons creating, endorsing, sponsoring, or discretionarily operating the ICO. Backable and its owners and operators and their respective affiliates assume no (and by participating in the ICO or otherwise using Backable, you agree that they shall not have any) responsibility or liability for the accuracy or completeness of the above descriptions, terms and other content, or any other representations, statements, opinions, projections, terms, or information made by or on behalf of the prospective project contributors in connection with the ICO.

The following terms and conditions apply between you, on the one hand, and, on the other hand, both the owners and operators (and their affiliates) of Backable or MetaDAO and the prospective ICO project contributors and related legal entity(ies) and their respective affiliates:

1. **No Guarantees.**
   The Tokens are provided on an "as-is" and "as-available" basis. Participation in the fundraise does not come with any guarantees, promises, or assurances of any kind, including, but not limited to, financial return, performance, future utility, or access to any platform, product, or service.

2. **Not an Offer of Securities.**
   The Tokens do not represent a security, equity, loan, or ownership interest in any entity or project. Participation in this fundraise is not intended to be, and shall not be construed as, an offering of securities, nor does it constitute an offer or solicitation in any jurisdiction where such activity is unlawful. You are responsible to refrain from participation in the ICO if your jurisdiction does not permit such participation.

3. **Final Sale, Except As The Program Provides.**
   Except for the amounts the escrow program itself makes claimable as described in paragraph 7, contributions made as part of the fundraise are final. No party has the discretion to refund you, and you will not be entitled to a refund or compensation on any other basis, including loss of value or inability to use the Tokens. Where the program does make an amount claimable, no party has the discretion to withhold it either.

4. **No Liability for Losses.**
   To the fullest extent permitted by applicable laws, neither the organizers of this fundraise nor any of their affiliates, agents, advisors, officers, or representatives shall be liable for any direct or indirect loss or damage you may suffer, including without limitation: trading losses, loss of data, revenue, profit, or opportunity; or any errors, delays, or technical failures related to the fundraise or the Tokens.

5. **Nature of Token MetaDAO Platform ICOs.**
   You acknowledge and agree that the ICO is a transaction entirely by and among ICO participants, in which such participants contribute certain blockchain tokens into the sole control or custody of Solana-based "smart contracts" or "programs" as a method of establishing a decentralized autonomous decision market oriented toward the research, development, promotion and/or utilization of the above-described project. The ensuing market oracle–sometimes also referred to as a type of "DAO"-- is intended to govern both the deposited tokens and aspects of the related project, using "[Futarchy](https://docs.metadao.fi/governance/overview)". These smart contracts or programs exist independently of Backable or MetaDAO, on the Solana blockchain, and do not have a legal "owner" or "custodian", but instead will be controlled by the market-based governance process embedded in the decision market protocol, as expressed in the code of the smart contracts/programs. The deposited tokens do not represent a capital investment in any legal entity (including the legal entity referred to in the following paragraph) or group of managers or entrepreneurs, and the decision market may revoke funds out of the pool at any time, or may cease using the funds for the currently contemplated project or using them to pay the currently contemplated prospective project contributors, and may instead use them for other purposes, as determined by the decision market oracle aka "DAO." The current prospective project contributors will not immediately own or have any discretionary or managerial control of the deposit pool, and any related services such prospective project contributors provide will be on an independent contractor basis to the community, as determined on an ongoing basis by the decision market oracle aka "DAO." The tokens issued by the program/smart contract in exchange for deposited funds are not initially owned by, and are not being sold or offered by, Backable or MetaDAO or the prospective project contributors or any related entity(ies), but rather are issued by the smart-contract/system itself to enable ongoing functionality of the related decision market oracle aka "DAO". Any funds received from the deposit pool by the current prospective project contributors or future project contributors represent retroactive or prospective compensation for work done or to be done by such project contributors that is approved by the related decision market oracle aka "DAO", on the initiative of, and based on the managerial or entrepreneurial efforts of, participants in that market aka "DAO participants".

6. **DAO-Adjacent Entity aka BORG.**
   One or more members of the prospective project contributors may have established a particular type of legal entity related to the project. These entities, known as cybernetic organizations, aka 'BORGs", hold intellectual property related to the project and may receive the funds, if any, determined by the decision market oracle to be paid to the prospective project contributors as compensation for work done or to be done related to the project. BORGs contain special rules designed to provide accountability of project contributors to the community, including prohibiting the issuance of equity securities and requirements to consult the decision market oracle (sometimes on a signaling basis, sometimes on a binding basis) for decisions related to their work on the project and the related intellectual property and assets. Many of these entities are "segregated portfolios" of a Cayman Islands entity called Futarchy Governance SPC. Segregated portfolios provide separate layers of assets and liabilities within this entity, and each particular segregated portfolio is managed in the sole discretion of its "Manager(s)", subject to the terms and conditions of Futarchy Governance SPC and the Operating Agreement of that specific segregated portfolio. The ICO does not represent an investment in the SPC or segregated portfolio, and participants in the ICO and holders of the tokens being issued in the ICO do not have any legal rights in or ownership of the SPC or segregated portfolio, and are not owed any fiduciary or other duties by the participants in the SPC or segregated portfolio, but the SPC, in respect of the segregated portfolio, is legally required to abide by certain determinations of the decision market created by the ICO. Please review the project description above to determine the specific legal entity(ies) or other arrangements identified by the prospective project contributors. You hereby acknowledge and agree that you have reviewed, or had the opportunity to review, the information and documents presented or linked to from that description and acknowledge, consent to and accept the risks of all related legal entities and arrangements.

7. **Understanding the Mechanism.**
   This is an onchain fundraising mechanism with a fixed token supply and a stated funding goal. Commitments are not capped, but the amount the project receives is: everything committed above the goal remains the property of the participant who committed it.
   If the funding goal is not reached by close, every participant may reclaim the whole of their contribution. If the goal is exceeded, each participant may reclaim whatever part of their contribution did not convert into Tokens.
   **These amounts are claimed, not sent.** They are released by the program when you submit a claim transaction from the wallet that made the contribution. Nobody can approve, condition, delay or refuse that claim, there is no deadline for making it, and equally nobody can make it on your behalf. The same is true of the Tokens themselves in a funded raise.
   By participating, you confirm that you understand the [program](https://github.com/metaDAOproject/programs) and have reviewed the relevant documentation available at [https://docs.metadao.fi](https://docs.metadao.fi).

By contributing or attempting to contribute to the fundraise for Tokens, you confirm that you have read, understood, and accepted the terms above.

## How the mechanism works

- https://www.backable.biz/docs/how-backable-protects-you — escrow, claims, budgets in one page
- https://www.backable.biz/docs/doing-your-own-research — the diligence checklist this file feeds
- https://www.backable.biz/docs/reading-tokenomics — FDV, supply, unlock ladders, TWAPs
- https://www.backable.biz/docs/committed-vs-raised — why committed and raised differ
- https://www.backable.biz/docs/metadao-2 — MetaDAO 2.0: typed proposals and the adaptable performance package