By now you should be aware of Sui and how it’s on fire. It’s not only the $SUI token, but its whole ecosystem. Recently, Deepbook had its TGE for its native token $DEEP. It is a CLOB or decentralized central limit order book. More on that in a moment. So, what would happen with a new token launch on the Sui Network? Well, $DEEP added fuel to the Sui fire. Within only a few days, it has done a 3x.
So, it’s time to take a closer look at Deepbook and its $DEEP token.
What Is Deepbook?
Let’s first dive in to find out what Deepbook actually is. In a moment, we will take a look at the $DEEP token and its TGE (token generation event). As already mentioned, Deepbook is a CLOB. That’s a decentralized central limit order book. CLOBs accommodate trading between buyers and sellers. It’s used in DeFi, so you find it in a lot of DEXes. It offers fast and cheap trading. Mysten Labs, the team behind Sui, is part of its development team.
A Central Limit Order Book (CLOB) helps create a more transparent, fair, and efficient market by aggregating and prioritizing orders, promoting price discovery, and providing valuable market data.
Deepbook itself doesn’t have a UI. However, you can find it in the back end of plenty of DEXes in Sui’s DeFi ecosystem. Think of it as DeFi infrastructure. Some DEXes that use it, are, for example,
So, almost all DEXes on Sui use it. Nonetheless, it still ranks in 9th spot of all Sui DeFi protocols. That’s despite not having a UI. Together with the $DEEP TGE, also Deepbook V3 launched. This V3 has a couple of new or improved features. For example.
Flash loans — Borrow instantly without collateral. You pay the borrowed assets back within the same transaction.
Improvements to the current matching engine.
Governance — You have a say in how the protocol develops.
Improved account abstraction — This makes interacting with DeFi protocols easier.
Introduction of the $DEEP token — Staking $DEEP offers extra perks.
The $DEEP token saw its TGE on 14th October. It has a 10 billion max supply. During its TGE, it will unlock 25% of its supply. That are 2.5 billion $DEEP tokens. 10% of the max supply, or 1 billion tokens, was part of an airdrop. See the picture below.
You could qualify for this airdrop by being active in the Sui ecosystem. For example, by trading on Sui DeFi protocols or staking your $SUI. If you qualified for the airdrop, you received a DBClaimNFT on 28th March. This was a soulbound NFT. In other words, you couldn’t trade it or send it to another wallet. Only the receiver could swap it for $DEEP tokens at the TGE.
During its TGE, $DEEP started trading at 1.3 cents. However, within a day, it went up to 4 cents. That’s an easy 3x. The current $DEEP price is 3.4 cents. It has a market cap of $84.8 million. So, when most Sui tokens saw a bit of red, for a long overdue correction, $DEEP went into overdrive.
There are also plenty of rumors about a potential second $DEEP airdrop. For example, there was a two-week-long campaign to test V3 on its testnet. Bankless mentioned that lending LST (Liquid Staking Tokens) may qualify you. So, we don’t know for certain if there will be a second airdrop. However, rumors are making the rounds.
Past Info @DeepBookonSui executed their 1st Drop via Soul-bound NFT in Q1 of 2024 – Airdropping 10% of their supply to users based on several on-chain behaviour which includes Sui staking, Swapping via Deepbook & LST.
Plenty of Sui DeFi protocols integrated $DEEP into their protocols. For example,
Cetus: LP Pools of $DEEP
Kriya: LP Pools of $DEEP
Suilend: Lending Pools of $DEEP. APR was up to 600+%. The current APR is 131%, see the picture below.
So, looking at how the $DEEP TGE played out, we can call it a huge success.
Conclusion
Sui Network and its ecosystem is currently on fire. So, what would happen if a token launched? Deepbook and its $DEEP token showed us what happened. The $DEEP token mooned within a couple of days after its TGE and did a 3x. We take a closer look at the protocol and its token.
Disclaimer
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 