DeepBook is the new generation Central Limit Order Book (CLOB) solution for the DeFi space on the Sui ecosystem. With DeepBook, DApps and DeFi protocols will benefit from high-liquidity pools, low transaction fees, and fast transaction speeds. Let's explore the basic information about the DeepBook project through the article below!
What is DeepBook (DEEP)? Exploring the CLOB solution on Sui
What is DeepBook?
DeepBook is the new generation Central Limit Order Book - CLOB solution for the DeFi space on the Sui ecosystem. With DeepBook, DApps and DeFi protocols will benefit from high-liquidity pools, low transaction fees, and fast transaction speeds.
What is DeepBook?
DeepBook aims to become the solution to drive the development of the DeFi ecosystem on Sui by providing a platform with superior liquidity to ensure fast and efficient transaction speeds. DeepBook provides an SDK toolkit that allows developers to integrate into DApps to deliver the best user experience.
How DeepBook Works
DeepBook acts as a liquidity layer on the Sui ecosystem and can be integrated into DApps and DeFi protocols to support token trading and price querying. From here, we can see DeepBook as an intermediary connecting DApps and the Sui infrastructure.
The operating model of DeepBook will revolve around three main entities:
- Pool: This is a shared-object pool representing a market responsible for managing the order book, users, stakes, etc. of that market.
- Pool Registry: A feature used in the pool creation process to ensure that no duplicate pools will be created in the future.
- Balance Manager: A feature used to take users' funds when placing swap, stake, or governance orders.
DeepBook's operating model
The smooth operation of DeepBook is centered around the shared-object pool, which is composed of three separate components:
- Book: This is the module component responsible for storing, matching, modifying, and canceling orders.
- State: This is the module component responsible for processing and storing governance data, transaction history, and account information. In addition, State also stores data related to the pool's transaction parameters such as taker fees, maker fees, and the required DEEP stake amount.
- Vault: This is the module component responsible for storing the price data structure of the DEEP token with 100 data points representing the conversion rate between the underlying asset or the pricing asset of the other asset pool with DEEP. These data points originate from the group taken from the DEEP/USDC or DEEP/SUI pools. This conversion rate is used to determine the amount of DEEP tokens required to pay the transaction fee.
The modular structure of DeepBook's shared-object pool
Applications of DeepBook
Swap
DeepBook benefits from Sui's fast transaction processing capabilities and scalability. With these technical advantages, token swap operations that DEXs leverage from DeepBook can achieve processing speeds around 500 milliseconds, while gas fees remain stable and lower compared to other chains.
DeepBook can easily parallelize trading pairs, increase transaction speed, and maintain low costs. These benefits help DEXs that integrate DeepBook, such as Cetus Protocol, Turbos Finance, FlowX Finance, etc., enhance the user experience when swapping tokens.
Low slippage rate when integrating DeepBook by FlowX Finance
Perpetual
Derivative instruments like perpetuals allow users to speculate on the future price of an asset through a contract. The flexibility of DeepBook in supporting products like perpetuals makes it popular with protocols that want to expand and develop new features. Kriya, a DeFi project on Sui, combines its own DeepBook pools with exclusive margin trading tools to provide users with CEX-like latency and DEX-like transparency simultaneously.
Kriya integrates DeepBook for derivative trading
Lending
DeepBook supports Lending platforms on Sui by allowing DeFi protocols to aggregate lenders' assets into a pool and provide those assets to borrowers through DeepBook. Users within the same protocol or from other DeFi protocols who want to borrow assets can access that pool, or they can repay the loan plus interest at the end of the lending term.
Lending platform on Sui integrating DeepBook
Sui Bridge
Sui Bridge, a new bridging product on Sui, makes it easy, fast, and cost-effective to move assets between this chain and Ethereum. Integrating Sui Bridge with DeepBook will be a logical extension to facilitate capital flow and increase Sui's liquidity from multiple other chains.
Sui Bridge integrating DeepBook
Cross-chain aggregation
Similar to the potential of integrating Sui Bridge with DeepBook, cross-chain aggregation can also expand liquidity across other chains. Instead of moving tokens from one chain to another, cross-chain aggregation will require a mechanism where DeepBook can access liquidity pools on other chains.
DeepBook supports bridge and cross-chain swap
Payments
A real effective use case from DeepBook is to support transactions in fiat currency. The payment platform built on DeepBook will excel when exchanging fiat currency to crypto and vice versa. DeepBook supports liquidity through the SUI token or supported assets to act as an intermediary for exchange between different fiat currencies.
How to claim the DEEP airdrop token
DeepBook allows users to claim the DEEP airdrop token by burning the DBClaimNFT - a type of soulbound NFT distributed to users staking on the Sui validator node. If you own the DBClaimNFT, you can access the link https://claim.deepbook.tech/ to burn the NFT and receive the DEEP token.
Burn DBClaimNFT to receive DEEP token
Basic information about the DEEP token
Token name | DeepBook |
Token | DEEP |
Blockchain | Sui |
Contract | 0xdeeb7a4662eec9f2f3def03fb937a663dddaa2e215b8078a284d026b7946c270::deep::DEEP |
Token utility | Utility, Governance |
Max total supply | 10,000,000,000 DEEP |
Circulating supply | 2,500,000,000 DEEP |
DEEP token allocation and distribution schedule
Node Reward: 10%
Core Contributors and Early Backers: 28.43%
Ecosystem Growth: 67.57%
DEEP token allocation
DEEP token distribution schedule
What is the DEEP token used for?
DEEP is the native token of DeepBook and is used in the following cases:
- Users can stake DEEP tokens to participate in the reward program for traders or liquidity providers on DEXs integrated with DeepBook as follows:
+ In the role of Taker or trader, when users swap tokens, they can receive up to a 50% discount on transaction fees.
+ In the role of Maker or liquidity provider, they will receive rewards in the form of incentive fees from the Taker's swap pool.
- Users staking DEEP tokens can also participate in the governance of the staked pool, including setting important parameters in the pool.
Where to trade the DEEP token?
Users can trade the DEEP token on:
- CEX: Bybit, Gate.io, MEXC and Kucoin.
- DEX: Cetus Protocol and Turbos Finance.
DEEP token storage wallet
Users can store DEEP on wallets like Sui Wallet, OKX Wallet, Bitget Wallet,... For convenient trading, users can store on the wallets of the exchanges that list this token.
Development team
DeepBook is co-developed by MovEX and the Sui Foundation, but there is no specific information about the direct members building the project. Coin68 will update as soon as there is new information from the project.
Development roadmap
Currently, DeepBook plans to launch and list the DEEP token, as well as release the V3 version with many new features. Coin68 will update as soon as there is new information from the project.
Investors
DeepBook has not disclosed information about investors in its funding rounds. Coin68 will update as soon as there is new information from the project.
Partners
DeepBook is currently collaborating with DeFi projects on the Sui ecosystem, including Cetus Protocol, Aftermath Finance, Hop, FlowX Finance, Kriya and Turbos Finance.
DeepBook's partners
Conclusion
DeepBook is a new generation Central Limit Order Book (CLOB) solution for the DeFi space on the Sui ecosystem. With DeepBook, DApps and DeFi protocols will benefit from high-liquidity pools, low transaction fees, and fast transaction speeds.
Through this article, you should now have a basic understanding of DeepBook to make your own investment decisions.
Note: Coin68 is not responsible for any of your investment decisions. Wishing you success and good profits in this promising market!
