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 createdDeFi’sanswer 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. Allocationsvaried 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.
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 theEthereumorSolananetworks, but Sui is now making inroads into the space, with DeepBook’s token launch potentially marking another step forward for the Sui ecosystem.
Edited bySebastian 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.
