Sui has announced the launch of DeepBook, a decentralized central limit order book (CLOB) that extends the liquidity of decentralized finance (DeFi) protocols that feature automated market makers (AMMs). DeepBook is designed to enhance trading functionality on Sui and allows traders to set a specific price for an asset in the same way as on centralized exchanges.
Unlike decentralized exchanges such as Uniswap and Sushiswap, which offer straight token swaps, DeepBook contains a core matching engine and a smart order routing engine that acts in the same way as centralized exchanges. The order book will provide traders with a view of market depth and order flow.
Greg Siourounis, managing director of the Sui Foundation, said: “DeepBook provides the essential financial foundation for every DeFi tool built on Sui. Combined with the scalability and composability built into the Sui Network, DeepBook offers developers the chance to build applications that are simply not possible on other networks.”
Since its mainnet went live in May, Sui has seen its total locked value (TVL) on the network spike to $36 million before dropping to $13 million, according to DefiLlama. Sui’s native token is currently trading at around $0.67.