DeepBook Token Surges 30% After Upbit Listing
The DEEP token, based on the Sui blockchain, surged 30% in 24 hours after its Upbit listing. With strong Korean exchange support and on-chain infrastructure, DeepBook is emerging as a promising DeFi project.
DeepBook (DEEP), the decentralized trading protocol operating on the Sui Network, has recently drawn much interest following its official listing on Upbit, the biggest cryptocurrency exchange in South Korea. The listing was live on April 22, and DEEP rapidly shot more than 30% in a span of 24 hours to trade at $0.1236 as of reporting.
What is DeepBook?
DeepBook is a Decentralized Central Limit Order Book (CLOB) that runs fully on-chain through the Sui Blockchain. It provides order routing, matching, and settlement on the blockchain, cutting out intermediaries and enhancing transaction speed and transparency.
The protocol's recently launched v3.1 update improved its liquidity pools, allowing traders to gain from reduced fees and quicker executions.
DEEP Token Price Spikes Post-Upbit Listing
The Upbit listing caused a huge price rally in DEEP. Following a local high, the token saw mild profit booking but held firm at the $0.13 level. With a market capitalization of $400 million and a daily trading volume of $232 million, DeepBook is well on its way to becoming a potential DeFi project.
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Solid Support from South Korean Exchanges
Before Upbit, Bithumb, another major South Korean exchange, had listed DEEP on January 8. That listing alone resulted in a 70% surge in the token’s price, reinforcing the impact of South Korean exchange support on cryptocurrency prices.
Why DeepBook Stands Out
- Fully on-chain architecture offers transparency and control.
- Outperforms AMM (Automated Market Maker) models in flexibility for sophisticated market makers.
- Leverages Sui’s parallel execution technology for faster transactions.
- Serves as a liquidity center for the wider Sui DeFi network.
Conclusion
Upbit listing of DeepBook has not only increased its value but has also re-ignited the interest of investors in the protocol. With a robust technical platform, live order book, and persistent support by South Korea's leading exchanges, DEEP Token is poised to emerge as an industry leader in DeFi. Further listings and improvements may accelerate the project further.
