TL;DR
- DeepBook Launch: Sui blockchain’s first native liquidity layer, DeepBook, has launched its native token, DEEP, aimed at institutional and professional traders to enhance DeFi liquidity.
- DEEP Token Benefits: DEEP token holders can enjoy volume-based fees, maker incentives, and governance participation in liquidity pools, supported by DeepBook’s on-chain central limit order book.
- NFT Airdrop Preview: An exclusive NFT, DBClaimNFT, was distributed as a preview for the DEEP token, which recipients can claim upon the official launch, marking a significant development in the DeFi sector on the Sui network.
DeepBook, the first native liquidity layer of the Sui blockchain, has announced the launch of its native token, DEEP. This strategic move fortifies DeepBook’s role as a pivotal financial infrastructure within the Sui network, catering primarily to institutional and professional traders.
You may have noticed a redeemable NFT in your wallet last week.
As Sui's first native liquidity layer, @DeepBookonSui will launch its own native token, DEEP, reinforcing its position as key financial infrastructure for the network.
Learn more: https://t.co/vN6wudv90l
— Sui (@SuiNetwork) April 2, 2024
The purpose of the DEEP token is to enhance liquidity in the decentralized finance (DeFi) industry. It offers various benefits, such as volume-based fees and maker incentives, that depend on certain staking requirements in DeepBook pools. These benefits go beyond just transactions, allowing users to participate in governing the liquidity pools by staking DEEP tokens.
DeepBook’s architecture, a fully on-chain central limit order book, enables DeFi protocols and professional traders to tap into its pools, thereby offering a spectrum of sophisticated retail services. The platform supports intricate trading functionalities, such as market and limit orders within its pools, laying down an efficient foundation for DeFi operations and fostering innovation in financial products.
DeepBook and Sui Blockchain Launched a Special NFT in Anticipation
Excitement is building for the upcoming launch of the DEEP token later this year. DeepBook has created a special NFT called DBClaimNFT, which was given out on March 28, 2024. This NFT acts as a preview for the DEEP token, giving recipients the ability to claim their tokens when the official launch happens. It’s important to note that the DBClaimNFT cannot be transferred, making it a unique and exclusive gift for those who received it originally.
DeepBook’s token design is a testament to its commitment to providing robust wholesale liquidity. It incentivizes a collaborative ecosystem among its diverse participants, ensuring ample liquidity around the clock.
The DEEP token is designed specifically for institutional users, providing fee discounts based on trading volume for active traders and rewards for liquidity providers that decrease as total liquidity in a given period increases.
As the Sui blockchain continues to evolve, DeepBook’s launch of the DEEP token and the innovative NFT airdrop represent significant strides in the DeFi landscape. These initiatives not only enhance DeepBook’s liquidity solutions but also signal a new era of financial democratization and innovation on the Sui network.
