Sui's DeepBook Set to Launch DEEP Token on October 14, Promising Discounts and Governance for Holders

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Let’s talk about SCENE: Sui is a blockchain created by former Facebook engineers. It launched last year and is gaining traction in the decentralized finance (DeFi) space. One of its exciting projects, DeepBook, is getting ready to launch its token.

DeepBook announced on Wednesday that it will release its long-awaited DEEP token on October 14.

Now, what’s a central limit order book? It’s a system used by exchanges to help traders buy and sell by recording bids and offers.

If you hold DEEP tokens, you’ll be able to vote on changes to the DeepBook network. Plus, you can earn rewards by staking your tokens. The total supply is capped at 10 billion tokens. Initially, 2.5 billion tokens will be available, and the rest will be released over the next seven years.

Back in March, early users received nearly 20,000 DEEP when DeepBook distributed over 100,000 "DBClaim" NFTs. These NFTs can be redeemed for tokens once they launch.

So, why does this token launch matter? Token holders will enjoy discounts on their trades. The founders believe that as more traders hold these tokens and receive discounts, liquidity will increase in the Sui ecosystem.

DeFi is all about replacing traditional financial institutions like banks. It allows anyone to lend or earn interest on their crypto. However, be cautious—there are risks involved, and losses can add up quickly if you’re not careful.

While most DeFi projects run on Ethereum or Solana networks, Sui is making its mark. The launch of DeepBook’s token could be a significant step forward for the Sui ecosystem.