Sui DeFi platform DeepBook reveals DEEP token launch

DeepBook, a decentralised finance (DeFi) platform on the Sui (CRYPTO:SUI) blockchain, has announced the launch of its DEEP token, set for October 14, 2024. 

The platform operates with a central limit order book that facilitates trading by recording bids and offers, similar to systems used by traditional exchanges.

The DEEP token will have a maximum supply of 10 billion tokens, with 2.5 billion available initially. 

The remaining tokens will be released gradually over the next seven years.

More than 100,000 early participants received "DBClaim" NFTs in March, which can be redeemed for DEEP tokens once the launch occurs.

The token will be used to pay for trading fees and provide rebates to market makers, with volume discounts available to takers. 

It will also offer governance features, allowing holders to participate in decision-making processes within the platform.

Sui, developed by former Facebook engineers and launched last year, is gaining attention in the DeFi sector.

DeepBook’s token launch represents further development within the blockchain’s ecosystem, as it continues to expand into decentralised finance.

DeFi platforms like DeepBook aim to provide financial services in a decentralised manner, offering users opportunities to trade or earn interest on their crypto assets. 

However, users should be aware of potential risks associated with such platforms.

At press time, the Sui price was $1.87.