DeepBook

• DeepBook is a central limit order book built into the Sui blockchain rather than deployed as an application on it.

• Other protocols on Sui route trades through it as shared liquidity infrastructure.

• DEEP is used for fees and staking within the protocol.

• Supply allocated across community, ecosystem and contributors.

• Used to pay trading fees and stake for fee reductions.

Pros:

• Order book at the chain level rather than an application competing for liquidity.

• Sui's parallel execution suits order book operations better than sequential chains.

• Other Sui protocols integrate it, so it aggregates rather than fragments liquidity.

Cons:

• Entirely dependent on Sui's activity and ecosystem growth.

• Order books need consistent market maker participation to be useful.

• Limited relevance outside the Sui ecosystem.

• Exposure to Sui's core trading infrastructure.

• Shared liquidity model avoids the fragmentation that separate DEXs create.

• Weigh the single-ecosystem dependency.

• A shared order book at the protocol level, so every application on the chain draws from and contributes to the same liquidity.

• Each DEX on a chain builds its own liquidity, splitting depth across venues that could have shared it.

• A chain-level order book aggregates it once.

• Developed by Mysten Labs, the team behind Sui.

• Mysten Labs was founded by former Meta engineers from the Diem project.

• No public ICO. Distributed through ecosystem and community allocations.

• Complete dependency on Sui ecosystem growth.

• Order books require sustained market maker presence.

• Competition from automated market makers on the same chain.

• Limited addressable market outside Sui.