If you tested Colada on devnet, you've earned points they'll count for the upcoming experimental project. Those who use Mimir at launch will stack points too, credited shortly after. Track everything here: exp.qnt.sh

Time to rethink oracles on Solana

Perp DEXs still lack a lot of the flexibility we take for granted in spot. Makes sense. With leverage, every new layer adds risk. But that’s exactly where we want to push Colada. Next up: per-market tokenized LP positions. When you create a perp market, the LP position is tokenized and can be used to build new use cases on top of it. A project can create multiple perp markets and airdrop the LP tokens to its holders, who can then claim their share of the fees generated by each market. Later, those tokens can be used as collateral elsewhere. The LP position becomes an asset itself. We’re one release away from mainnet beta, and it will make Colada more composable than anything we’ve seen in perps so far.

Deep dive on PALO, the PropAMM running Colada. The whole problem with putting a perp on a normal x·y=k AMM is that price and liquidity are the same thing. You move the price by trading against the pool. On a perp that's fatal, because the mark triggers liquidations. Thin pool, manipulated mark, drained vault. So we split them. Price comes from our fully onchain oracle, anchored to real spot pools, so you can't push the mark around by trading the local pool anymore. And the premium on top is capped and EMA smoothed, so nobody spikes it on one trade and dumps into it. A normal AMM jumps the instant you touch it. The interesting part is how the market handles its own inventory. It skews its mark to attract flow that flattens its position and repel flow that grows it, and the same imbalance widens the spread on the side that would make it worse. Same pressure through funding: when the book is long-heavy, longs pay and the mark tilts up, both off the same inventory signal. It doesn't pin itself perfectly delta-neutral. The skew is capped and smoothed. It constantly leans back toward flat and prices whatever inventory is left, with no market maker sitting on top. Capital side: the vault only backs net PnL owed out, not deep reserves on both sides. So you get deep effective liquidity while locking barely any capital, and no structural IL for the LP. How much OI the pool will take is bounded by the cap model, sized against an adversary trying to drain it. That's where the zero bad debt comes from.

Five months, every single day, and V1 is finally on devnet. The thing I'm most proud of is the trading reputation. It lives on an NFT profile through 8004 and it's computed fully onchain. Colada sends the feedback, ATOM v2 does the math, and nobody sits in the middle. You can also spin up a perp market on almost any Solana asset in about a minute. You bring cUSDC(dev), a few clicks, and it's tradable right after. So yeah, two minutes from nothing to trading perps. That only works because our oracle is fully onchain. A first on Solana.