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-1.88%
Sui, a blockchain developed by former Facebook engineers and launched last year, has been gaining traction in the decentralized finance space. One of the platform's emerging projects is now preparing to launch its token.
DeepBook, a project built on Sui that has created DeFi’s answer to a central limit order book, announced Wednesday it will launch its long-awaited DEEP token on October 14.
A central limit order book is what exchanges use to facilitate buying and selling between traders by recording bids and offers.
The token’s maximum supply is 10 billion tokens; 2.5 billion tokens are part of the initial circulating supply, with the rest to be released over the next seven years.
More than 100,000 early participants were given a stake of DEEP back in March when DeepBook gave away "DBClaim" NFTs that could be redeemed for the token once finally launched. Allocations varied by user.
But another day, another token launch—why’s it important in this case?
Token holders can use DEEP to pay for trading fees, plus the developers say the token "enhances liquidity by offering rebates to market makers and volume discounts to takers." It also enables governance functionality, as well.
We've gone official with @deepbook on @SuiNSdapp!
DeepBook’s name is now fully anchored on Sui. Just in time... ⏳
(Keep an eye out for what’s coming next 👀) pic.twitter.com/io1ijPK7JC
— DeepBook Protocol on Sui (@DeepBookonSui) October 8, 2024
DeFi is the catch-all term for projects that want to replace what traditional financial institutions like banks do. Such protocols allow anyone to lend or earn interest on their crypto, but can be risky—and users can rack up huge losses if they’re not careful.
Most DeFi projects run on the Ethereum or Solana networks, but Sui is now making inroads into the space, with DeepBook’s token launch potentially marking another step forward for the Sui ecosystem.
Edited by Sebastian Sinclair
Editor's note: This story was updated after publication to remove incorrect detail regarding allocations, which varied by user, and to clarify token benefits.
