During the Sui Foundation’s Denver Builder House, MovEX announced DeepBook, a shared decentralized central limit order book (CLOB) built for the Sui ecosystem. MovEX is working closely with Mysten Labs on the technical aspects of DeepBook, while the Sui Foundation will provide funding.
DeepBook provides a one-stop shop for trading digital assets, with a technical design built for Sui’s architecture. DeepBook leverages Sui’s performance and delivers a low latency and high execution engine to spread liquidity across the DeFi ecosystem.
DeepBook, set to launch as an MVP on Sui Testnet Wave 3, lets developers build apps that can easily exchange tokens based on an order book model. DeepBook will support both limit and market orders from sellers and buyers. Designed as permissionless and released as open source, DeepBook will accelerate development of financial and other apps on Sui, as it will give builders an efficient and shared ready built financial layer for trading fungible assets.
Alonso de Gortari, Mysten Labs’ Head Economist, described DeepBook as “a base layer for everything that happens in DeFi” on Sui. “Overall, by building DeepBook with a public good model, Sui developers can count on a highly scalable, cost-efficient venue to support on-chain trading.”
DeepBook consists of two key components, its core matching engine and its smart order routing engine. The matching engine uses an order book built on a per-asset shared object. Order matching between assets occurs on-chain, while the routing engine processes transactions off-chain.
MovEX is releasing DeepBook as a public good, promoting the advancement of the network and the success of builders. The Sui Foundation will administer DeepBook and release its code as open source for the community.
Builders interested in using DeepBook will be able to access it with their apps during Sui Testnet Wave 3 and experience its full potential when Sui Mainnet launches. Follow DeepBook on Twitter to find out when documentation and access becomes available.
