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.
Contact
Brady
Fox
brady@sui.io