Why is DeFi Protocol DeepBook (DEEP) Up 53%?

DeepBook (DEEP), a decentralized finance (DeFi) protocol on the Sui network, has continued to show impressive price performance following its latest listing on South Korea’s largest crypto exchange, Upbit. On Tuesday, Upbit announced that it will list the DEEP/KRW trading pair. The exchange noted that trading will officially start on April 22 at 14:30 KST.

딥북(DEEP) KRW 마켓 거래지원 안내

✅ 지원 마켓: KRW 마켓
📅 거래지원 개시 시점 : 2025-04-22 14:30 KST 예정

🔗공지 바로가기: https://t.co/kH4GUABioe #Upbit #DEEP@DeepBookonSui pic.twitter.com/dsY96LnBdD

— Upbit Korea (@Official_Upbit) April 22, 2025

According to Upbit, deposits and withdrawals will be supported exclusively through the DEEP-Sui network. Users are cautioned to double-check the network before transferring assets, as incorrect deposits may result in delays or be non-refundable. Upbit also emphasized compliance with South Korea’s Travel Rule. The rule requires verified ownership of personal wallets and adherence to network-specific deposit guidelines.

DEEP Soars on Upbit Listing 

Following Upbit’s announcement, DEEP soared sharply by 53% before shedding some of those gains. At the time of writing, it was trading at $0.127, representing a 40% increase over the past 24 hours. 

Thanks to its impressive performance, DEEP’s market capitalization has soared to $393.4 million. Moreover, the token’s 24-hour trading volume has surged by over 150% to $232 million at press time.

This highlights the impact that listing on major exchanges can have on a crypto project. As one of Asia’s leading exchanges, Upbit’s move has instantly increased investor awareness and demand for DEEP in South Korea. The Asian country is known for its vast and active cryptocurrency market.

What is DeepBook?

For context, DeepBook is a native liquidity layer on the Sui blockchain. It is designed to unify liquidity across decentralized finance (DeFi) protocols within the Sui ecosystem. At its core, DeepBook addresses one of the most pressing issues in decentralized finance: liquidity fragmentation. 

By serving as a central liquidity source, it enables DeFi applications and professional traders to access a more streamlined and efficient market. The protocol was engineered from the ground up to support Sui with reliable on-chain applications. 

Since its inception, DeepBook has enabled market makers, liquidity pools, and decentralized exchanges (DEXs) to operate and interact seamlessly within the Sui network. Its architecture is built to serve developers, improve trading efficiency, and enhance the entire ecosystem’s liquidity profile.

Unlike many DeFi protocols, DeepBook operates as a community-driven public good. Since the launch of Sui’s mainnet, it has integrated with top-tier DEXs and liquidity aggregators, enhancing decentralized applications (dApps) with censorship-resistant and transparent order book liquidity. This synergy between blockchain transparency and orderbook efficiency positions DeepBook as a standout platform in the Web3 liquidity space.

Its native token, DEEP, plays multiple roles within the protocol, serving as a utility for transaction fees, staking rewards, and governance participation.

Last month, DeepBook launched version 3.1, which introduces a more efficient fee model. Taker and maker fees have been reduced, down to 0 basis points for makers, while spreads are tightened to just 4 basis points. Fees are now paid in input tokens by default, with a 20% discount for those using DEEP. These changes are implemented to enhance liquidity, attract more traders, and lay the groundwork for a more dynamic DeFi ecosystem on the Sui network.

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