As a seasoned analyst with over two decades of experience in the financial industry, I must say that the launch of DEEP, Sui’s pioneering liquidity layer, is a game-changer in the DeFi landscape. Having witnessed the evolution of various blockchain projects and their attempts to provide seamless trading experiences, DeepBook stands out as a promising infrastructure player.
British Virgin Islands, British Virgin Islands, October 14th, 2024, Chainwire
Using DEEP, Sui’s innovative liquidity structure will provide users with exceptional trading opportunities, reduced price discrepancies during trades, and effective control over their trading books.
Today, DeepBook, the pioneering wholesale liquidity foundation built on the Sui blockchain, unveiled its native token, DEEP. This token debut will fortify DeepBook’s position as a significant influencer in decentralized finance (DeFi) and signifies a crucial milestone not just for DeepBook but also for the expanding Sui community.
Underpinned by contributions from key stakeholders like Mysten Labs, DeepBook represents an advanced, entirely blockchain-based central limit order book (CLOB) design. This cutting-edge system delivers top-tier decentralized liquidity solutions to institutional investors and DeFi platforms. With its on-chain architecture handling all order routing, matching, and settlement transactions, DeepBook, combined with Sui’s superior performance, aims to provide the ultimate web3 trading experience in a decentralized environment.
In January, DeepBook handed out the DBClaimNFT to over 100,000 initial backers, giving them the ability to obtain DEEP tokens when they become available. Now that DEEP has officially launched, these NFT owners can swap their DBClaimNFT for interchangeable DEEP tokens. This allows them to engage in DeepBook’s governance system based on staking and enjoy discounted fees on their trades within DeepBook.
During the trial period of DeepBook v3 in August, before its release to the Sui mainnet, the protocol was involved in approximately 1.1 million trades on partner projects over a two-week period, with transactions coming from around 115,000 unique wallets. This suggests a strong eagerness among the Sui community for the launch of the protocol, as it is seen as an important infrastructure contributor within its expanding DeFi ecosystem.
In simpler terms, Adeniyi Aboudin, the Chief Product Officer at Mysten Labs, stated that the DEEP token represents a substantial advancement towards DeepBook’s goal of leading as the premier marketplace for wholesale liquidity. He explained that by granting traders and liquidity providers control through staking and governance, DeepBook is poised to become the driving force behind financial services in Sui’s decentralized economy.
According to the whitepaper, a total of 10 billion tokens for this cryptocurrency have been set, with 2.5 billion available immediately upon launch. Over the course of seven years, the remaining tokens will be gradually distributed.
DeepBook, built on Sui blockchain, demonstrates its innovative capabilities. By offering speed, scalability, and a decentralized Continuous Order Book (CLOB) model, it stands out among centralized exchanges and conventional liquidity providers within the DeFi sector, according to Alonso de Gortari, Chief Economist at Mysten Labs. To put it simply, DeepBook is pioneering new ground in on-chain finance with its DEEP token.
About DeepBook
DeepBook represents Sui’s inaugural native order book, seamlessly incorporated into the Sui Protocol as a fundamental liquidity base. MovEx served as its pioneer, developing DeepBook as a public resource for all Decentralized Finance (DeFi) platforms on Sui. From its inception, it offers deep liquidity to all DeFi protocols on Sui, ensuring low latency and affordable gas fees from day one. Accessible to everyone, DeepBook is impartial and open to all participants. For further details, users are encouraged to explore DeepBook’s official website and Twitter handle.
About Sui
Sui represents a pioneering Layer 1 blockchain and smart contract system, engineered from scratch to ensure swift, private, secure, and universally accessible ownership of digital assets. Its unique object-oriented design, utilizing the Move programming language, allows for parallel processing, rapid confirmation times, and complex on-chain assets. With horizontally scalable computing and storage, Sui powers a diverse array of applications with unparalleled speed at minimal cost. Sui signifies a significant leap forward in blockchain technology, providing creators and developers with the tools to construct captivating user-friendly experiences. For further insights about Sui, please explore https://sui.io.
Contact
Brady Fox
brady@sui.io
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2024-10-14 15:17