DeepBook
by Sui Foundation
Sui
Quick Fact
DeepBook operates entirely on-chain atop Sui, enabling sub‑second settlement (~390 ms) and trades costing just pennies. It aggregates liquidity across Sui dApps like Cetus, KriyaDEX, FlowX, and Hop, offering market and limit orders with minimal slippage. Its native DEEP token fuels governance, fee rebates, staking incentives, and deflationary burns—all designed for professional and retail participation. As of Q4 2024, it processed over $1.2 billion in a quarter and has burned millions of DEEP tokens from trading activity
DeepBook is a decentralized, on-chain central limit order book (CLOB) operating natively on the Sui blockchain. Developed with foundational contributions from MovEX and Mysten Labs and maintained by the Sui Foundation, DeepBook provides transparent, high-throughput, low-latency infrastructure for order execution and liquidity aggregation within the Sui DeFi ecosystem.
Core Features
On-Chain Execution
All trading activity is conducted fully on-chain, ensuring transparency, verifiability, and immutable settlement. Orders, matches, and cancellations are recorded directly on the blockchain.
High Performance
DeepBook leverages the object-based, parallel execution model of Sui to achieve sub-second finality (~390 ms), high throughput, and minimal latency, rivaling centralized trading platforms.
Liquidity Aggregation
The protocol aggregates liquidity across multiple Sui-native applications, reducing slippage and enhancing execution efficiency for market participants.
Developer Integration
Comprehensive SDKs and developer tools (including a TypeScript SDK and Move libraries) allow developers to interact with DeepBook’s order book, swap engine, flash loan mechanisms, and staking contracts with minimal overhead.
Composability and Modularity
DeepBook is designed to be a shared infrastructure layer. It can be integrated into various protocols and dApps, promoting composability and reducing fragmentation across the Sui DeFi ecosystem.
Economic Design and DEEP Token Utility
Governance and Incentives
The DEEP token is central to DeepBook’s governance and incentive mechanisms. It enables protocol-level voting, liquidity incentives, and fee-related benefits.
Governance Participation: DEEP holders vote on core parameters including fee tiers and protocol upgrades.
Incentives: Staked DEEP unlocks reduced trading fees and access to maker rebates.
Burn Mechanism: A portion of fees collected in DEEP is burned, introducing deflationary pressure.
Token Supply
Total Supply Cap: 10,000,000,000 DEEP
Initial Circulating Supply: 2,500,000,000 DEEP
Emission Schedule: Distributed over several years with staking and ecosystem allocations
Ecosystem Metrics (as of Q4 2024)
Cumulative Volume: $4.5 billion
24-Hour Volume: $86 million
Total Users: Over 80 million accounts
DEEP Tokens Burned: 80+ million from protocol fee burns