The DeepBook Protocol, which was traded at $0.016 on 15 October 2024 and is currently valued at $0.096 on 21 October 2024, has experienced a surge of over 580% over the last six days. DeepBook Protocol launched its native token DEEP on SUI only a week ago, on 14 October 2024, and was priced at $0.012 at launch. The token has a limited total supply of 10 Billion and a circulating supply of 2.50 Billion DEEP. The present market capitalization of DEEP is valued at $227.47M, where its Fully Diluted Value is calculated at $900.35M.
What is DeepBook Protocol?
Built on the Layer 1 Sui blockchain ecosystem, DeepBook Protolcol is a Decentralized Central Limit Order Book (CLOB), leveraging the chain’s features such as low transaction fees and parallel execution to facilitate high-performing low-latency exchanges with reduced slippage. The protocol which is open for community development provides a foundational liquidity layer for the development of applications focusing on decentralized finance (DeFi). With this, users of the Sui platform can develop decentralized exchanges and similar applications offering faster high-frequency, large-volume trading, at comparatively lower costs.
As a protocol fully on-chain, DeepBook is founded on the principles of decentralization and transparency. While carrying out order routing, matching, and settlement on-chain, the protocol’s open-source feature leaves a space for improvisation where enthusiastic users can actively contribute to its developmental process. DeepBook provides a publicly accessible trading pool on Sui where other protocols can leverage assets on the platform to jump-start their own trading activity. DeepBook can be integrated with other pools, ensuring lower cost and inter-protocol trading between users of various protocols.
Launched in 2023, DeepBook’s latest version DeepBook V3 is available on Testnet and Devnet and will be integrated into Mainnet by the latter half of 2024, replacing the current version DeepBook V2. besides supporting the creation of Decentralized Finance applications, DeepBook also offers a platform for trading, featuring Decentralized Exchanges built on the network such as Aftermath Finance, Kriya, Cetus, Hop Aggregator, and FlowX. The protocol supports market orders and limit orders alike, increasing the number of options available for traders. While market orders promote high-frequency trading at the best available price, limit orders enable traders to set a price for a specific time frame at which they will sell the particular asset.
Is This the Right Time to Invest in $DEEP?
The creation and introduction of $DEEP, the native token of the DeepBook Protocol, was inspired by the traction gained by Suirum, SUI’s native token, during its presale. The price of $DEEP has been bullish ever since the launch with a 580% rise in value within a week of the coin’s launch. Within the last 24 hours, the coin has touched a price of $0.09344, its present all-time high.
Another factor that plays a role in deciding whether the DEEP token is a worthwhile investment or not is if you are a DBClaimNFT holder. The platform has given away over 100.000 DBClaimNFTs to early supporters with the provision of converting them into fungible $DEEP upon launch. DEEP token holders, like most cryptocurrency holders, can participate in governance, trade, and stake the token. So, if you are a DBClaimNFT holder, the launch of DEEP tokens is definitely a piece of good news for you. On the other hand, even if you do not possess any DBClaimNFTs, considering the token’s price movements alone, $DEEP shows promise and could be a worthy investment for an experienced trader.
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