Upbit’s support for the Sui-based DeepBook brought huge attention to the token as its price skyrocketed in minutes.
By Wahid Pessarlay
Editor Julia Sakovich
Updated
2 mins read
Upbit, the leading South Korean crypto exchange, listed DeepBook , the native token of the Sui network-based decentralized finance protocol.
According to the announcement, DEEP was listed on the exchange at 05:30 UTC on April 22. The Sui-based token is only available for trading with the Korean won at this point.
DeepBook is an on-chain liquidity aggregator protocol, also called a decentralized central limit order book (CLOB), on the Sui blockchain. On April 16, DeepBook v3.1 went live — it upgraded the liquidity pools and brought lower fees.
DeepBook v3.1 is live on @SuiNetwork
Permissionless pools. Lower fees. Deeper liquidity.
This upgrade marks a new era for onchain trading — designed for builders, traders, and everyone in between.
Let’s break it down 👇 pic.twitter.com/Ke8zpMRiWA
— DeepBook Protocol on Sui (@DeepBookonSui) April 16, 2025
DeepBook started to see the immediate impact of the Upbit listing. DEEP rallied from $0.92 to $0.183 in less than 10 minutes after the announcement.
However, the asset witnessed a sudden selloff right after reaching its local high. DEEP is trading at $0.13 at the time of writing. Its market cap is hovering around the $400 million mark with a daily trading volume of $232 million.
Notably, Upbit is not the first South Korean exchange to support DEEP. Bithumb, another prominent exchange in the region, listed DeepBook on Jan. 8.
Bithumb’s listing brought a similar momentum for the asset — DEEP rose by 70% following the announcement.
Listing announcements from the South Korean crypto market have proven to have a positive impact on token prices.
On April 16, Upbit listed WalletConnect Token (WCT), which brought a 36% rally for the asset. SAFE SAFE $0.42 24h volatility: 1.4% Market cap: $236.31 M Vol. 24h: $11.69 M gained 75% right after the Upbit announcement in October 2024.
CoinMarketCap data shows that Upbit is currently the fourth-leading exchange in the market with a daily trading volume of $2.2 billion.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
