Upbit Triggers Explosive Rallies for Sui Ecosystem Altcoin After Announcing Surprise Listing

South Korean crypto exchange Upbit has announced a new listing for an altcoin on Sui (SUI), triggering explosive price action.

According to a new announcement, Upbit is supporting DeepBook (DEEP) for trading over the Sui network on its platform starting Tuesday.

The DeepBook project is a decentralized central limit order book (CLOB), which is what exchanges use to facilitate buying and selling between traders by recording bids and offers.

Says the project,

“Built as a permissionless central limit order book, DeepBook works as a neutral trading floor with a set of built-in mechanisms to enable DeFi (decentralized finance) on Sui. Protocols such as Cetus, Aftermath, Kriya, FlowX and Hop Aggregator include DeepBook among their liquidity sources, creating vibrant markets for DeFi users. Protocols find DeepBook’s features and performance very compelling.

Aftermath noted that its combination of transaction speed and reduced processing time enables a fully on-chain trading environment rivaling centralized exchanges in terms of liquidity and user experience.”

Of the maximum supply of ten billion DeepBook tokens, 10% is earmarked for the community in an initial airdrop, about 31% is designated for core contributors and early backers and about 59% is for future grants, community programs and community initiatives.

Following the announcement from Upbit, DEEP exploded from Monday’s low of $0.0842 to Tuesday’s high of $0.166, a more than 97% gain.

DEEP has since retraced and is trading for $0.118 at time of writing, but is still up 30.2% on the day.

With a market cap of $295.1 million, DEEP is the 204th largest crypto project.

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