Solana’s Percolator Takes on Aster in High-Stakes Decentralized Perpetuals Battle

Solana's newest protocol just declared war on the decentralized derivatives space.

The Percolator Challenge

Solana's freshly launched Percolator protocol is directly challenging Aster's dominance in the perpetual swaps market—and the timing couldn't be more explosive. While traditional finance institutions scramble to understand DeFi mechanics, these protocols are quietly building the infrastructure for the next generation of derivatives trading.

Market Impact

The decentralized perpetuals space has become crypto's latest battleground, with protocols competing on leverage options, liquidation mechanisms, and trading fees. Solana's entry with Percolator signals a significant escalation in this arms race, potentially reshaping how traders access leverage across decentralized markets.

Zero to Hero

What makes this clash particularly intriguing? The sheer velocity of development. While traditional finance moves at the speed of regulatory committees, these protocols iterate faster than most traders can keep up—proving once again that in crypto, the only constant is disruption.

Another day, another protocol promising to revolutionize finance—because apparently, the previous hundred weren't quite revolutionary enough.

AI drives optimism for IBM as its core business faces more pressure

IBM has leaned heavily on AI to improve efficiency and lower costs. Krishna previously told The Wall Street Journal in May that the company had replaced 200 human resources roles with automation tools.

While that helped improve margins, the earnings release showed that growth remains uneven across the company’s segments.

The software unit brought in $7.21 billion, surging by 10% from a year earlier and matching StreetAccount’s estimate. However, investors expected stronger performance given the AI narrative that the company has promoted all year.

The consulting segment generated $5.3 billion, ahead of the $5.24 billion projection, while infrastructure revenue, which includes the mainframe computing business, jumped by 17% to $3.6 billion.

The company also announced a quarterly dividend of $1.68 per share, continuing a streak that dates back to 1916. IBM generated $3.1 billion in cash from operating activities during the third quarter, up $0.2 billion year over year. Free cash FLOW reached $2.4 billion, rising $0.3 billion from the prior year, while $1.6 billion was returned to shareholders in dividends.

Surging cash flow and debt define the third quarter

For the first nine months of 2025, IBM reported $9.2 billion in net cash from operations, unchanged from the prior year, and $7.2 billion in free cash flow, an increase of $0.6 billion. The company ended the third quarter with $14.9 billion in cash, restricted cash, and marketable securities, up $0.1 billion from the end of 2024.

Total debt stood at $63.1 billion, including $11.3 billion in IBM Financing debt, an $8.1 billion increase since the start of the year.

For 2025, IBM expects constant-currency revenue growth of more than 5%. With current exchange rates, currency is expected to add a 1.5-point tailwind. Free cash flow is projected to remain around $14 billion for the full year.

Earlier, before the report came out, IBM’s board approved a regular quarterly dividend of $1.68 per share for shareholders of record on November 10, payable on December 10.

Chief Financial Officer James Kavanaugh said, “New innovation, the strength and diversity of our portfolio, and our disciplined execution led to acceleration in revenue growth and profit in the quarter.”

James added that IBM’s “consistent focus on the fundamentals” drove double-digit adjusted EBITDA growth and another period of strong free cash flow, providing the funds needed for continued investments and shareholder returns.

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