DeepBook Launches Native DEEP Token

British Virgin Islands, British Virgin Islands, October 14th, 2024, Chainwire

With DEEP, Sui’s pioneering liquidity layer is set to offer users unparalleled trading experiences, minimal slippage, and trading book governance

DeepBook, the first native wholesale liquidity layer on the Sui blockchain, today announced the launch of its native token, DEEP. This token launch will solidify DeepBook's role as a key player in decentralized finance (DeFi) and marks a pivotal moment for both DeepBook and the broader Sui ecosystem.

Created with support from core contributors and community members including Mysten Labs, DeepBook is a fully on-chain central limit order book (CLOB) architecture, offering best-in-class decentralized liquidity services to institutional traders and DeFi protocols. DeepBook’s fully on-chain architecture, realizing all order routing, matching, and settlement on-chain, matched with Sui’s leading-edge performance, realizes the dual goals of web3’s best on-chain trading experience in a decentralized setting.

Earlier this year, DeepBook distributed the DBClaimNFT to more than 100,000 early supporters, granting them the right to claim DEEP tokens upon launch. With the official release of DEEP, these NFT holders can now convert their DBClaimNFT into fungible DEEP tokens, which enables them to participate in DeepBook's staking-based governance protocol and receive reduced fees on their DeepBook trades.

Amid the testing phase of the v3 of the DeepBook protocol in August, in anticipation of its deployment to Sui mainnet, the protocol saw 1.1m testnet trades from 115,000 unique wallets on partner projects over the span of two weeks. This shows the high anticipation for the launch of the protocol among the Sui community as a key infrastructure player in its growing DeFi ecosystem.

“The DEEP token is a significant step forward in realizing DeepBook’s vision of becoming the preeminent venue for wholesale liquidity,” said Adeniyi Aboudin, Chief Product Officer at Mysten Labs. “By empowering traders and liquidity providers through staking and governance, DeepBook is set to become the liquidity engine powering financial services in Sui’s on-chain economy.”

The token’s maximum supply, as outlined in the whitepaper, is 10,000,000,000 tokens, with 2,500,000,000 of these being part of the initial circulating supply, and all of the tokens are planned to be released over 7 years.

“DeepBook exemplifies the innovative potential of the Sui blockchain. Its combination of speed, scalability, and the decentralized CLOB model positions it ahead of both centralized exchanges and traditional liquidity providers in the DeFi space,” said Alonso de Gortari, Chief Economist at Mysten Labs. “In short, with the DEEP token, DeepBook is pushing the boundaries of what’s possible in on-chain finance.”

About DeepBook

DeepBook is Sui’s first native order book and is integrated into the Sui Protocol as a foundational liquidity layer. MovEx was the initial contributor to DeepBook, which was created as a public good for all DeFi protocols on Sui. It can provide deep liquidity to all DeFi protocols on Sui from day one with low latency and low gas costs. DeepBook is fully permissionless, neutral and open to everyone. For more information, users can visit DeepBook's Website and Twitter.

About Sui

Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the ground up to make digital asset ownership fast, private, secure, and accessible to everyone. Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing user-friendly experiences. For more information about Sui, users can visit https://sui.io.