An 'on-chain order book' transaction structure that records orders on the blockchain is being fully commercialized within the SUI ecosystem. The utility token of DeepBook has been listed on the Upbit Korean market, raising expectations for expanded real-world usage.
According to the industry on the 24th, Upbit listed DEEP on the Korean market at 2:30 PM on the 22nd. This means DEEP has now been listed on Upbit's Bitcoin (BTC) market, Tether (USDT) market, and Korean market. The listing price for DEEP on the Korean market was set at 0.00000103 BTC (130.8 won) based on the previous day's closing price on the BTC market. DEEP, which once surged to 272.2 won immediately after listing, was trading at 238.2 won at 4:11 PM that day, a decline of about 12.49% from its peak. DEEP is also listed on the Bithumb and Coinone Korean markets.
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DeepBook is an infrastructure that implements an order book structure on the blockchain, similar to a stock exchange where buy and sell orders are stacked to execute trades. Unlike other decentralized exchanges (DEX) like Uniswap that use an automated market maker (AMM) method to automatically calculate prices and complete trades, DeepBook allows users to directly input prices and quantities for limit or market orders. Trades are only executed when the entered conditions are met. If the quantity is insufficient, multiple orders can be combined for processing. All trade records are stored on the blockchain.
DeepBook is a system that only handles trade processing without providing a screen. Users can easily trade through virtual asset wallets or DEX applications linked with DeepBook. The settlement process is entirely managed by DeepBook. From a developer's perspective, they only need to design the trading interface, while DeepBook operates the complex order book system. In fact, SUI-based DEXs like MovEX and Scallop are providing services through an integrated structure with DeepBook.
Previously in DeFi, each protocol typically operated its own liquidity pool. This caused liquidity to be scattered across services, with prices and settlement efficiency varying between platforms even for the same asset. To address this, DeepBook has adopted a structure that shares a single order book across the entire SUI chain. The strategy is to concentrate liquidity and improve trading efficiency. DeepBook stated on its official website that it aims to be the core liquidity platform of the Web3 era, realizing order book efficiency and blockchain transparency simultaneously. They also plan to support innovation and the spread of user-centric applications as a fundamental infrastructure of the SUI ecosystem.
The DEEP token is used for fee payment and incentive distribution. Users who deposit a certain quantity can receive fee discounts on market orders and get partial fee refunds when limit orders are executed. Fee rates and deposit conditions for each market are determined through user proposals and voting. Major decisions are reflected at regular intervals. The more tokens deposited, the greater the voting influence.
SUI is progressively building its foundational infrastructure, following the storage protocol 'Wallace' and the on-chain trading system DeepBook, to expand its ecosystem. This is a process of building the overall capacity to enable developers to implement various services on the SUI chain. As of the 24th, SUI's total value locked (TVL) was $156 million, ranking 9th among all blockchains. Attention is focused on whether SUI, having established its foundation, can expand its influence in the DeFi market.
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