In the past 7 days, DeepBook Protocol (DEEP) has surged over 161%, rising from around $0.0896 to $0.2519 as of April 28, 2025, as per CoinMarketCap data. This surge has been accompanied by a substantial increase in trading volume, with 24-hour volumes exceeding $472 million, indicating heightened investor interest.
The price movement aligns with recent developments, including the launch of DeepBook v3.1, which introduced features like permissionless pools and enhanced liquidity. Additionally, increased activity in the Sui network’s meme coin sector has contributed to the uptick in DEEP’s trading volume and price. Despite the impressive rally, DEEP remains about 34% below its all-time high of $0.34. This suggests potential for further growth if market conditions remain favorable.
Key developments boosting the demand for DEEP token
Here are the factors that have contributed to the increase in DEEP’s price over the past week.
- Binance Futures Listing: On April 22, Binance announced the listing of DEEP perpetual contracts with up to 50x leverage. This significantly increased the token’s visibility and trading volume, contributing to a substantial price rally.
- Upbit Exchange Listing: South Korea’s leading exchange, Upbit, also listed DEEP on April 22. The listing led to a notable price increase, with DEEP’s value rising from $0.092 to a peak of $0.1787 shortly after the announcement.
- Bitget Exchange Listing: On April 25, Bitget announced the listing of DEEP in its Innovation and DeFi Zone, further expanding the token’s accessibility to traders.
- Protocol Upgrade: DeepBook launched version 3.1 on the Sui Network on April 15, introducing features like permissionless pools, lower fees, and deeper liquidity. This upgrade enhanced the protocol’s functionality and attracted more users.
- Airdrop Campaigns: DeepBook has been engaging its community through airdrop campaigns. Notably, Bybit hosted an exclusive campaign with a prize pool of 1.5 million DEEP tokens, incentivizing user participation and increasing demand.
What is DeepBook Protocol?
DeepBook Protocol is a decentralized finance (DeFi) platform built on the Sui blockchain, designed to provide a high-performance, fully on-chain trading experience through a Central Limit Order Book (CLOB) model. Unlike Automated Market Makers (AMMs), which rely on liquidity pools, DeepBook enables users to place limit and market orders directly on-chain, offering greater precision in price discovery and reduced slippage.
Key Features of DeepBook Protocol:
- Fully On-Chain Order Book: All trading activities, including order placement and execution, are conducted on-chain, ensuring complete transparency.
- High Efficiency: Leveraging Sui’s architecture, DeepBook achieves low-latency trade execution and high throughput, with settlement times averaging around 390 milliseconds.
- Deep Liquidity: The protocol aggregates liquidity from various sources, facilitating large trades with minimal price impact.
- Composability: Developers can seamlessly integrate DeepBook into other DeFi applications, expanding its utility across the ecosystem.
- DEEP Token Utility: The native token, DEEP, serves multiple purposes within the DeepBook ecosystem:
- Fee Payment: DEEP is used to pay for trading fees and pool creation fees on the platform.
- Liquidity Incentives: The token enhances trading liquidity by offering rebates to market makers during low liquidity periods and volume discounts to liquidity takers.
- Governance: DEEP enables pool-level governance by adjusting staking requirements and fees, ensuring that small voters have a significant voice while preventing governance capture by large holders.
- With a maximum supply of 10 billion tokens and an initial circulating supply of 2.5 billion, DEEP is integral to the operation and governance of the DeepBook Protocol.
Key competitors of DeepBook Protocol
DeepBook Protocol (DEEP) operates as a decentralized central limit order book (CLOB) on the Sui blockchain, offering high-performance, on-chain trading infrastructure. Its primary competitors include other decentralized exchanges (DEXs) and liquidity protocols that provide similar functionalities.
Lets check the major competitors of DeepBook Protocol
- Uniswap
- Blockchain: Ethereum and various Layer 2 networks
- Model: Automated Market Maker (AMM)
- Strengths: Pioneered the AMM model, boasting deep liquidity and a vast user base
- Relevance: While Uniswap utilizes an AMM model, its dominance in the DeFi space makes it a significant competitor in terms of user adoption and liquidity provision.
- Raydium
- Blockchain: Solana
- Model: Hybrid AMM and CLOB via integration with Serum
- Strengths: Combines the benefits of AMMs and order books, offering fast and low-cost trades
- Relevance: Raydium’s hybrid model provides a flexible trading experience, positioning it as a competitor to DeepBook’s CLOB approach.
- Cetus
- Blockchain: Sui
- Model: Automated Market Maker (AMM)
- Strengths: Tailored for the Sui ecosystem, focusing on efficient token swaps
- Relevance: As a native Sui-based DEX, Cetus directly competes with DeepBook for liquidity and user engagement within the same blockchain ecosystem.
- Aftermath Finance
- Blockchain: Sui
- Model: Decentralized Exchange (DEX)
- Strengths: Integrates with DeepBook for liquidity but also offers its own trading services
- Relevance: While leveraging DeepBook’s infrastructure, Aftermath Finance serves as both a collaborator and a competitor in attracting traders on Sui.
- KriyaDEX
- Blockchain: Sui
- Model: Decentralized Exchange (DEX)
- Strengths: Provides advanced trading features and integrates with DeepBook
- Relevance: KriyaDEX’s integration with DeepBook positions it uniquely as both a user and competitor, aiming to capture a share of the trading volume on Sui.
DeepBook Protocol distinguishes itself by offering a fully on-chain CLOB model on the Sui blockchain, aiming for high-speed and low-latency trading. Its primary competition arises from both established DEXs like Uniswap and Raydium, which dominate in liquidity and user base, and native Sui-based platforms like Cetus, Aftermath Finance, and KriyaDEX, which vie for prominence within the same ecosystem. The competitive landscape is dynamic, with collaborations and integrations blurring the lines between competitors and partners.
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Image Credits: CoinMarketCap, Canva