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Toly Deploys Percolator for Onchain Perps on Solana

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Solana co-founder Anatoly Yakovenko known as Toly has been developing an open-source framework called Percolator, a high-performance, on-chain perpetual futures decentralized exchange (perps DEX) designed specifically for the Solana blockchain.

The project first surfaced publicly in October 2025 when Yakovenko published detailed documentation and code on his GitHub repository. He described it as an experimental, “implementation-ready” design for a self-custodial perps protocol.

Key features include: Sharded matching engines (“slabs”) that split the order book into multiple independent, parallel engines. This leverages Solana’s high throughput and parallel execution to enable sub-millisecond latency and efficient trade matching.

A Router program for managing collateral, portfolio margin netting, position tracking, and atomic cross-slab routing. A Slab program handling per-token or per-market order books, risk management, and settlement — each LP (liquidity provider) runs a self-contained slab that can innovate independently.

Emphasis on formal verification for the accounting and risk engine to ensure users cannot withdraw more value than they deposit (preventing over-withdrawals or exploits). Fully on-chain execution, aiming to compete with dominant perps platforms like Hyperliquid, dYdX, or Aster by offering Solana-native speed, low fees, and decentralization.

Yakovenko has framed it as an experiment, partly involving AI tools like Claude for code generation, and encouraged developers to fork, build on, or even “steal” the ideas to foster competition and innovation in Solana’s DeFi ecosystem. He clarified it wasn’t an immediate product launch but a test of concepts like prop AMM-style competition for perps with shared risk pools.

The core framework remains in development and experimental stages on GitHub, with ongoing updates and community discussion. No full mainnet launch has occurred yet, but it has inspired community forks and related experiments, including memecoin integrations on devnet.

Toly has engaged in recent conversations about these ideas, including oracle price manipulation risks in thin markets and potential for per-token perps markets. This aligns with Solana’s push to strengthen its DeFi offerings, especially in the booming perpetuals segment, where on-chain volume has exploded.

If fully realized, Percolator could significantly boost Solana’s derivatives trading capabilities by making high-performance perps native to the L1.

Sharded matching engines, as introduced in Anatoly Yakovenko’s (Toly’s) Percolator perpetuals framework for Solana, represent an innovative architectural approach to building a high-performance, fully on-chain perpetual futures decentralized exchange (perps DEX).

Traditional Matching Engine vs. Sharded Approach

In a conventional centralized or on-chain exchange like many CLOB-based perps platforms, there’s typically a single, monolithic matching engine:It maintains one unified order book or a small set of them. All incoming orders — for every trading pair/market — are processed sequentially by this central engine.

This creates a bottleneck: high order volume can lead to delays, increased latency, higher fees in congested conditions, and systemic risk (one market crash or exploit can affect the entire platform). Percolator flips this model by sharding (partitioning) the matching process.

Percolator divides the overall trading system into multiple independent, parallel “slabs” — each slab functions as its own self-contained matching engine (a mini-order-book + execution logic): Each slab is typically dedicated to a specific token, market, or set of related perpetual futures contracts.

Slabs operate independently and in parallel, taking full advantage of Solana’s parallel transaction execution model where unrelated instructions can run simultaneously without contention. This sharding enables sub-millisecond latency potential and massive throughput, as orders for different assets don’t queue behind each other in a single engine.

Slab program — Deployed and run by liquidity providers (LPs). Each LP can operate their own slab(s), which includes: Its own order book logic like price-time priority CLOB, or even pluggable AMM/RFQ-style matching. Independent matching and settlement rules. Risk checks and position management limited to that slab’s scope.

The central coordinator that sits above the slabs. It handles: Collateral deposits/withdrawals. Portfolio-level margin netting (cross-margining across different slabs/markets for the same user). Atomic cross-slab order routing.

Solana can process many unrelated slabs/markets at once ? dramatically higher TPS for perps trading compared to single-engine designs. Problems (bugs, liquidity dries up, oracle issues) in one slab/market stay contained ? doesn’t cascade to the entire exchange.

Different LPs can run different slabs with custom matching logic, fees, incentives, or even experimental features ? fosters a competitive, evolving ecosystem (Yakovenko explicitly encourages forking and “stealing” ideas). As more markets are added, you just spin up more slabs rather than overloading a central engine.

Cross-slab coordination via the Router must be perfect to maintain atomicity and correct portfolio margining. If too many competing slabs exist for similar markets, liquidity might split ? though the design aims to let the best slabs attract flow naturally.

Percolator are essentially parallel, independent mini-exchanges (slabs) coordinated by a secure router — a deliberate adaptation to Solana’s strengths in parallelism, aiming to deliver CEX-like speed and decentralization in on-chain perps while avoiding single points of failure or congestion.

This contrasts with more monolithic designs on other chains and positions Percolator as a potential high-performance contender in the perpetuals space.

Raenest Expands into India and the Philippines to Tap Asia’s Booming Freelance Economy

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Raenest, a Nigerian-based cross-border payments and remittance startup, has launched its services in India and the Philippines, marking its expansion into South and Southeast Asia.

The move is aimed at serving freelancers and digital professionals who earn income across borders, particularly those working with clients in the United States, the United Kingdom, and other global markets.

As part of the expansion, Raenest is introducing Raenest FastTrack, a feature that gives Indian freelancers near-instant access to their Upwork earnings. With FastTrack, users can receive payouts in under one hour, including on weekends and public holidays, eliminating long waiting periods and traditional bank delays.

In both India and the Philippines, users can open foreign currency accounts in U.S. dollars, British pounds, and euros, allowing them to receive international payments as if they were local. The platform supports payments from up to 190 countries in major currencies, offering freelancers a seamless way to manage global income.

Raenest is also enabling users in these markets to receive stablecoins USDT or USDC via multiple blockchain networks, including Ethereum, Binance, Polygon, Tron, and Solana. These stablecoin payments are automatically converted at a 1:1 rate to U.S. dollars, after which funds can be withdrawn directly to local bank accounts in local currency. The company describes the experience as fast, flexible, and borderless.

The Asian expansion follows Raenest’s entry into the U.S. market in October 2025, where it rolled out several new products, including faster freelance payouts, stock investing, and stablecoin conversion. While not all of these newly launched products are currently live in Asia, Raenest confirmed that users in India and the Philippines now have access to its core payment tools, excluding local currency wallets and U.S. stock investments.

The decision to enter these two markets was driven by strong data around the size and growth of the freelance economy.

“These two markets, India and the Philippines, are the top countries when it comes to freelancers who are based in their home countries but working with companies in the US, the UK, and other parts of the world,” Victor Alade, Raenest’s co-founder said.

According to Alade, internal company data showed repeated sign-up attempts from users in both countries even before the official launch, alongside broader indicators such as freelancer population size and earning potential.

Raenest has clarified that it is entering South and Southeast Asia as a foreign-currency platform rather than a replacement for domestic banks. In addition to FastTrack-linked Upwork payouts, users in both markets can receive stablecoin payments that are automatically converted to dollars. Funds held across different wallets can then be withdrawn to local bank accounts.

The company is also rolling out invoicing tools to help freelancers and consultants bill clients, manage invoices, and track income within the app. Revenue in these new markets will be generated primarily from customer deposits into Raenest Global Accounts and from withdrawals, following the same model used in its existing markets.

Founded in 2022 by Victor Alade, Richard Oyome, and Sodruldeen Mustapha, Raenest began as an Employer of Record (EOR) before evolving into a multi-currency accounts platform for individuals and businesses across Africa. Through its consumer product, Geegpay, the company enables freelancers, creators, and solopreneurs to receive payments from platforms such as Upwork, Fiverr, and Gusto.

Raenest says it now serves over 700,000 individual customers and has processed more than $1 billion in payments to date. Its business banking service, launched in March 2024, has also gained traction as an alternative for African startups following the exit of Mercury from the continent. The platform currently serves around 300 businesses, including Moniepoint, Helium Health, Fez Delivery, and Matta, and has processed over $100 million in transactions since launch.

Operating in an increasingly competitive African cross-border payments market, Raenest competes with players such as Cleva, Grey Finance, and LemFi. However, its dual B2C and B2B approach positions it to serve both individuals and businesses receiving international payments. As the company continues to scale, it plans to further expand its reach to better serve Africans in the diaspora and freelancers across emerging markets.

MrBeast Pushes Deeper Into Fintech With Acquisition of Gen Z Banking App Step

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The deal signals how major creators are turning their vast audiences into launchpads for regulated financial products, blurring the line between influencer culture and mainstream consumer finance.

YouTube megastar MrBeast has taken a decisive step beyond content and consumer goods, announcing that his company, Beast Industries, is acquiring Step, a fast-growing banking app aimed at teenagers and young adults.

The move marks one of the clearest signs yet that creator-led businesses are positioning themselves as serious players in the financial services sector, not just entertainment. It is also a marker of how far the creator economy has matured, and how influence, once monetized mainly through advertising and merchandise, is now being deployed to reshape entire consumer-facing industries, including finance.

Step sits at the intersection of two powerful trends. One is the long-running effort to bring younger users into the formal financial system earlier, particularly in the U.S., where credit histories play an outsized role in determining access to housing, education, and employment opportunities. The other is the struggle of fintech companies to sustain growth as venture funding tightens and customer acquisition costs rise sharply.

Founded as a teen-focused banking app, Step offers fee-free accounts, debit cards, and tools designed to help users build credit without taking on traditional debt. Its pitch has resonated with Gen Z parents and teenagers alike, helping it grow to more than 7 million users and attract roughly $500 million in funding. Celebrity investors and top-tier venture firms gave Step credibility, but scaling further in a crowded fintech landscape has remained a challenge.

That is where Beast Industries enters the picture. Jimmy Donaldson’s audience is not just vast, but unusually young and globally distributed. Unlike many influencers whose followings are concentrated on a single platform, MrBeast operates across YouTube, Shorts, gaming, and live formats, giving him repeated touchpoints with the same demographic Step is trying to reach. In practical terms, this offers Step something fintech startups rarely have: a built-in, trusted marketing channel with hundreds of millions of potential users.

Donaldson has framed the deal as a response to a gap in financial education, saying he was never taught how to invest, build credit, or manage money. That message aligns closely with Step’s positioning and helps soften a key risk for creator-led financial ventures: trust. Banking products require users to believe not just in the brand, but in its stability and intent. By leaning into a narrative of empowerment rather than profit, Beast Industries appears to be trying to anchor Step as a long-term platform rather than a quick monetization play.

Strategically, the acquisition also fits into the broader evolution of Beast Industries itself. The company has steadily moved away from being seen as a YouTube-first business. Feastables, its chocolate brand, has emerged as the main profit engine, while content increasingly functions as marketing rather than the end product. Other ventures, such as MrBeast Burger, highlighted the operational risks of scaling physical businesses too quickly, offering lessons that likely informed the more measured move into fintech through an established platform like Step.

Still, banking is a fundamentally different challenge. Unlike snacks or subscriptions, fintech operates under strict regulatory oversight, relies on partnerships with licensed banks, and faces reputational risks if products fail or users feel misled. Any misstep could quickly spill over into MrBeast’s core brand. That makes governance, compliance, and operational discipline central to the success of the deal, even if Beast Industries remains largely behind the scenes.

The acquisition also speaks to a shift in how fintech companies may grow in the coming years. For much of the last decade, growth was fueled by cheap capital and aggressive digital advertising. Today, with funding scarcer and scrutiny higher, distribution is becoming more valuable than novelty. Platforms that already command attention, whether social networks or creator-led ecosystems, are increasingly attractive partners or acquirers.

The deal may raise fresh questions about how financial products are marketed to younger audiences, especially when promotion is tied to entertainment figures with enormous influence. For competitors, it is expected to add pressure to rethink how they engage Gen Z customers who are skeptical of traditional banks but deeply loyal to digital communities.

In that sense, MrBeast’s move into fintech is less about one app and more about a broader reordering of consumer finance. As creators evolve into conglomerates, they are beginning to compete not just with brands but with institutions. Step may be the first major test of whether that influence can be converted into durable trust in one of the most sensitive sectors of the economy.

Google Waymo’s Contradiction as Humans in Philippines Continue To Make Most Critical Decisions

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A quiet revelation is emerging: Waymo’s robotaxis may drive themselves on U.S. roads, but many of their most critical decisions are still made by human operators sitting thousands of miles away in the Philippines. Waymo, after all, is owned by Google’s parent company. Autonomy, it seems, is layered.

Waymo has long been held up as the gold standard of autonomous driving, a symbol of how far artificial intelligence has progressed beyond human control. Yet testimony at a recent U.S. Senate hearing has exposed a less visible but increasingly important reality: when Waymo’s vehicles encounter situations they cannot resolve on their own, responsibility often shifts to remote human workers, many of whom are based in the Philippines.

The disclosure by Waymo’s chief safety officer, Mauricio Peña, cut through years of marketing around “driverless” technology. Peña told lawmakers that in rare or complex scenarios, Waymo’s robotaxis can hand over control to remote operators who guide the vehicle through the situation. These workers act as a form of last-resort intelligence, stepping in when sensors, software, and pre-trained models are insufficient to safely navigate the real world.

This reminds me of an experience many of us had during industrial training in Nigeria’s oil and gas industry. You would leave Port Harcourt in a new vehicle, driven by a polished professional. Everything felt regulated, certified, and safe. Then, somewhere around Ogoni on the way to Ikot Abasi, the road ended, and the sea began.

To cross it, you boarded a small speedboat manned by a driver who might not even be allowed through the gates of the oil company, often visibly drinking. Once the boat took off, all power and influence shifted. The man at the helm was a human “fish”, someone who could survive what you could not in the sea. Ironically, most people on board had swimming certificates, yet none could swim well enough to matter. In that moment, safety protocols dissolved, replaced by an uncomfortable trust in informal expertise. Yes, the roads are great for professional drivers but on the sea, anything could go!

There is an Igbo saying: a bird that flies off the ground only to perch on an anthill is still very much on the ground. Waymo’s autonomy fits this wisdom. If its most critical decisions are still made by human operators in the Philippines, then the real question is no longer just about Waymo’s engineering.

It is about who those humans are, how they are trained, and how much judgment we are delegating to people we never see. In the age of AI, technology may scale but accountability remains stubbornly human.

Waymo Admits Its Robotaxis Are Often Controlled By Workers In The Philippines

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Waymo’s robotaxis may drive themselves on U.S. roads, but many of their most critical decisions are still made by human operators sitting thousands of miles away in the Philippines.

Waymo has long been held up as the gold standard of autonomous driving, a symbol of how far artificial intelligence has progressed beyond human control. Yet testimony at a recent U.S. Senate hearing has exposed a less visible but increasingly important reality: when Waymo’s vehicles encounter situations they cannot resolve on their own, responsibility often shifts to remote human workers, many of whom are based in the Philippines.

The disclosure by Waymo’s chief safety officer, Mauricio Peña, cut through years of marketing around “driverless” technology. Peña told lawmakers that in rare or complex scenarios, Waymo’s robotaxis can hand over control to remote operators who guide the vehicle through the situation. These workers act as a form of last-resort intelligence, stepping in when sensors, software, and pre-trained models are insufficient to safely navigate the real world.

What unsettled lawmakers was not simply the existence of human intervention, but where that intervention takes place. The Philippines has become a global hub for outsourced digital labor, from call centers to content moderation and data labeling. Waymo’s reliance on Filipino contractors places the country at the center of America’s most advanced autonomous driving program, even as public messaging continues to emphasize full autonomy.

The logic is partly economic and partly structural for Waymo. Remote driving and support roles require a large, always-available workforce trained to respond quickly to unpredictable scenarios. The Philippines offers a deep labor pool with strong English proficiency and long experience supporting U.S. technology firms. Costs are lower than in the United States, and maintaining round-the-clock coverage across time zones is easier. In practice, this makes the Philippine workforce a quiet but critical component of Waymo’s safety architecture.

The arrangement, however, raises uncomfortable questions about what autonomy really means. If a robotaxi in San Francisco freezes at a construction zone or behaves unpredictably around emergency vehicles, a human operator in Manila or Cebu may be the one deciding how it proceeds. That human judgment, mediated through screens and networks, becomes part of the driving system itself. Autonomy, in this sense, is not the absence of humans but a reorganization of where and how their labor is used.

But this has prompted safety concerns. Senators pressed Peña on latency and reliability, given the physical distance between vehicles and operators. Even small delays in communication could matter in traffic situations unfolding in seconds. Peña maintained that Waymo has built safeguards into its systems and that remote intervention is tightly controlled. Still, the hearing underscored a basic tension: the more robotaxis are deployed at scale, the more edge cases arise, and the more human backup is required.

The focus on foreign workers also reflects a broader shift in Washington’s thinking about technology and national control. Massachusetts Senator Ed Markey called the use of overseas remote drivers “completely unacceptable,” framing the issue not just as a labor question but as one of sovereignty and security. Lawmakers voiced unease about critical transportation decisions being influenced by workers outside the United States, particularly as autonomous vehicles become more integrated into urban infrastructure.

Waymo’s case is especially sensitive because of its hardware choices. Unlike Tesla, which builds and controls its own vehicles, Waymo uses cars manufactured in multiple countries, including China. Although Peña emphasized that Waymo’s autonomous systems are installed and managed in the U.S., the combination of foreign-built vehicles and foreign-based operators has fueled suspicions about vulnerabilities in the system. In an era of heightened scrutiny over supply chains and data flows, even indirect links to China or other overseas networks attract political attention.

For the Philippine workforce itself, the role highlights another recurring pattern in the AI economy: essential labor that remains largely invisible. Much like the content moderators and data annotators who helped train large language models, remote operators supporting robotaxis occupy a gray zone. They are central to system performance but rarely acknowledged in public narratives about innovation. Pay, working conditions, and long-term career prospects for these workers are seldom discussed, even as their decisions can carry real-world consequences.

Although Waymo is not alone in this model, its prominence makes it a test case. The company has positioned itself as a leader in safe, scalable autonomy, operating commercial robotaxi services in multiple U.S. cities. As deployments expand, reliance on remote human support may grow rather than shrink, at least in the near term. That reality complicates claims that autonomy will soon eliminate human involvement in driving altogether.

The Senate hearing suggests that regulators are beginning to look past the surface of AI systems to examine the labor structures beneath them. Scrutiny of Waymo’s Philippine workforce is unlikely to fade. It touches on safety, labor practices, national security, and the credibility of autonomy itself. The technology may be cutting-edge, but its foundations rest on human judgment — relocated, outsourced, and largely unseen.