DeepBook (DEEP)
DeepBook is a decentralized Central Limit Order Book (CLOB) built on the Sui blockchain, which operates as a delegated Proof-of-Stake (dPoS) system. The platform utilizes Sui's parallel execution capabilities and low transaction fees to offer a highly efficient and low-latency on-chain exchange.
Overview
Launched in July 2023, DeepBook has been integrated by several DeFi protocols on the Sui network, allowing them to access common liquidity pools and facilitate swaps across the network. It has undergone continuous development to enhance its performance, supporting Sui's expanding DeFi ecosystem.
| Ticker | DEEP |
| Category | Infrastructure |
| Website | https://deepbook.tech/ |
| @DeepBookonSui | |
| Contract Addresses | |
|---|---|
| sui | 0xde...EP Copied! |
Protocols such as Cetus, Aftermath, Kriya, FlowX, and Hop Aggregator use DeepBook as one of their liquidity sources, enabling market creation for DeFi users. As an open-source CLOB, DeepBook provides a liquidity source for any Sui DeFi protocol interested in integrating it. Its smart contracts are open-source, ensuring transparent integration. DeepBook supports both market and limit orders, offering traders a variety of options.
Use cases
DeepBook serves as a native liquidity layer on Sui, benefiting from the blockchain's effective transaction processing and scalability. The Sui consensus engine allows single-owner transactions to bypass traditional consensus, significantly enhancing performance. The network's architecture supports scaling by allowing infrastructure supporters to add resources as traffic increases.
Sui's scalability ensures consistent and low gas fees, facilitating cost-effective transactions on DeepBook. Furthermore, DeepBook helps DeFi users save money by offering competitive trading rates. As a foundational liquidity layer, DeepBook provides a public trading pool that supports DeFi protocols on Sui. This enables protocols to initiate trading activities using DeepBook assets and allows for sophisticated trading strategies.
DeepBook v3
DeepBook v3 is scheduled for release on October 14, 2024, introducing new features such as flash loans, governance, improved account abstraction, and enhancements to the existing matching engine. This version also introduces its own tokenomics with the DEEP token, allowing users to stake for additional benefits. With DeepBook v3, DeFi protocols will experience significant improvements, offering their users more efficient and flexible DeFi options.
DEEP token
The DeepBook token (DEEP) is set to launch on October 14, 2024. It aims to establish the DeepBook liquidity platform on Sui as a leading venue for wholesale liquidity among professional traders and DeFi protocols.
Token utility
The DEEP token will encourage collaboration among DeepBook's diverse participants to provide ample, around-the-clock liquidity. Alongside an initial airdrop, market makers will earn rebates in DEEP. Stakers of DEEP will have the ability to participate in pool governance, including voting on trading fees, with a governance structure designed to prevent any single entity from exerting excessive influence.
Token allocation
The DEEP token distribution plan aims to balance the ecosystem and align participants with the protocol's and Sui's success. The allocation includes 10% for the community via an initial airdrop, approximately 28% for core contributors and early backers, and around 62% for future grants, community programs, and initiatives. This allocation ensures that over two-thirds of the token supply is designated for the broader community.