DeepBook Protocol DEEP

Price

No price chart. DeepBook Protocol (DEEP) is not carried by our market-data provider (Financial Modeling Prep) and we do not have a cached price history for it, so we will not fabricate one. DEEP trades on Upbit, Bithumb, Bybit and Gate (and Sui DEXs like Cetus); Binance lists perpetual futures but not spot. Reference price ~$0.019 (CoinGecko, 2026-07-14) — but see the data-quality note below.

At a glance

Data-quality warning. DEEP market data is thin and providers disagree materially: market cap ranged from ~$47M (CoinGecko) to ~$101M (CoinMarketCap) depending on source and date, and rank from ~#172 to ~#443. We lead with CoinGecko (~$47M cap, ~$0.019) and flag the discrepancy rather than pretend to precision. Figures are approximate and move fast.

Valuation

DEEP is a micro-cap — roughly $47M market cap against ~$188M fully-diluted (FDV ~4x market cap). Its raw protocol TVL (~$16M) is small, but that understates its role: as Sui's shared order book, DeepBook's importance scales with the entire Sui DeFi ecosystem that routes through it, not just its own front-end volume.

Honestly, at this size and data quality, valuation is more art than arithmetic. This is an early-stage, high-variance bet on Sui's liquidity layer, not a fundamentally-valuable cash-flow asset you can model with confidence.

Tokenomics & dilution

Fixed max supply of 10 billion DEEP; only ~2.5B circulating (~25% float). Allocation: Ecosystem Growth ~62%, Core Contributors & Early Backers ~28%, community airdrop 10%.

The dilution runway is long: roughly 75% of supply unlocks over ~7 years (schedule extends toward 2031), with backer/contributor tokens vesting linearly after a one-year cliff. Low float plus a multi-year unlock is structural sell pressure. Reported holder concentration is high (top-10 ~70% of circulating, per a secondary source — unverified on-chain).

Network & moat

DeepBook's edge is being the native fully on-chain CLOB of Sui — the liquidity primitive other Sui apps and aggregators build on, backed by Mysten Labs (Sui's core team). Token utility is embedded in the fee mechanics: paying trading fees in DEEP is cheaper, and staking DEEP earns maker/taker incentives and pool-level governance. That is a more direct utility loop than a pure governance token — though it is a fee payment token, not a dividend-style revenue share.

Product expansion (a 'Predict' prediction-market layer launched May 2026, options) has driven episodic volume spikes. But the whole thesis is downstream of Sui's success — if Sui's DeFi volumes stall, so does DeepBook.

The Synthos read 2 traceable claim(s) on this token

What independent voices in the Synthos knowledge base actually said — management and promoters are excluded; every claim reconciles to a real record. This is evidence, not a price target, and not advice.

Context — the Sui ecosystem it rides: the token has thin direct coverage, but the platform it rides is well covered (46 claims). Highest-conviction independent voice: “Own the three major substrate layer-1 tokens — Ethereum, Solana, Sui — as the rails the invisible agentic economy must settle on; 'the most obvious thing I've ever seen.'” — Raoul Pal (conviction 93).

How to think about it

Read DEEP as a leveraged, earlier-stage proxy on Sui. Independent conviction in the Synthos knowledge base is essentially all about Sui (a well-covered, high-conviction L1), not DeepBook directly — so the honest bull case is 'if you believe Sui becomes a top-tier L1, its liquidity backbone should benefit disproportionately.'

The counterpoint: that leverage cuts both ways, and DEEP's micro-cap size, low float, long unlocks and noisy data make it far riskier than owning SUI itself.