The crypto market woke up in a great mood today – and it shows. Bitcoin has extended its climb from yesterday, now sitting above $94,000. It’s up 6% on the day and 12% this week, and it’s pulling most altcoins with it. Ethereum, Solana, and many smaller names are seeing green across the board.
But one name is standing out from the rest. DeepBook Protocol (DEEP) isn’t just up – it’s on fire.
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DEEP Leads the Rally
Out of the entire top 100, DEEP is the runaway leader. It’s gained 65% today alone and is up 131% for the week. That kind of move is rare even in crypto, where wild price swings are normal. DEEP has smashed through the $600 million market cap level and entered the top 100 with force.
Just a few days ago, it was trading under $0.10. Now, it’s approaching $0.22 and climbing. Volume has exploded, and every major chart is showing one thing: people are watching this coin closely. So, what happened?
Why DeepBook Is Surging
The rally didn’t come out of nowhere. There are two key catalysts behind this price spike, and both hit within hours of each other.
The first was Binance. On April 22, Binance listed DEEP on its futures platform, launching a DEEPUSDT perpetual contract with up to 50x leverage. That kind of move usually brings in big volume – and that’s exactly what happened here. The futures launch triggered a fast price breakout and set off a wave of speculation.
But that wasn’t all. On the same day, Upbit – South Korea’s largest exchange – also announced a DEEP/KRW listing:
What Makes DeepBook Different?
At its core, DeepBook is a decentralized central limit order book (CLOB). That might sound technical, but here’s the idea: most decentralized exchanges use a system called AMM (automated market maker), where prices are set by formulas. It works fine for simple swaps, but it’s not ideal for professional traders or people who want more control.
DeepBook flips the model. Instead of fixed pricing formulas, it uses a full order book – just like traditional stock markets. Buyers and sellers place orders, and trades happen when they match. This allows for tighter spreads, better pricing, and a more natural trading flow.
And here’s the big part: DeepBook runs entirely on-chain. Every step – routing, matching, settling – is transparent and handled by the network. Most other protocols offload at least some of those tasks off-chain to improve speed, but DeepBook uses the Sui blockchain to keep everything decentralized and fast.
SUI Surging Together With DEEP
Sui’s tech is what makes DeepBook possible. It’s known for parallel execution and very low fees, which gives DEEP the performance edge it needs. The most recent update, DeepBook v3, added deeper liquidity, permissionless pool creation, and lower fees. It also made it easier for other DeFi apps to plug into DeepBook and use its liquidity directly.
Read also: SUI Stays Strong Despite First Major Outage
It comes as no surprise that with the recent success of DeepBook Protocol, SUI is surging as well – it’s gained nearly 28% today:
Final Thoughts
DEEP’s price might cool off a bit after this kind of run – most coins do. But this wasn’t just a one-day pump driven by news headlines. The fundamentals behind DeepBook are actually lining up with the chart, and the listings from Binance and Upbit just lit the fuse.
Now that DeepBook has momentum, the bigger question is whether it can keep building. If adoption continues and other apps start treating it as their main liquidity layer, DEEP might hold the new price levels and possibly climb to $0.30 – approaching its ATH from January.
