Alvin Lang
26 Aug 2024 17:55
DeepBook has released version 3 on the Sui testnet, introducing key features such as reduced gas fees and dynamic transaction fees to enhance the DeFi protocol.
According to the Sui blog, DeepBook has released its latest version, version 3, on the Sui testnet, featuring significant improvements aimed at improving the usability of decentralized finance (DeFi) protocols.
Key Features and Improvements
Notable developments in DeepBook Version 3 include significant reductions in gas fees, dynamic trading fees, and a new capital-efficient order management system for market makers. These features are designed to make the platform more attractive and efficient for DeFi protocols.
One of the key updates is the introduction of the DEEP token, which will establish a new governance model for the liquidity layer. This model will allow stakers to propose and vote on changes to taker and maker fees, with voting taking place every epoch.
Reduce transaction costs
DeepBook version 3’s efficiency improvements have resulted in a 60% reduction in transaction costs compared to previous versions. This reduction is expected to make it more cost-effective for DeFi protocols to operate on the platform.
New ordering interface
DeepBook now offers a swap-like interface that simplifies integration with DeFi protocols, making it more user-friendly and accessible.
flash loan
The new version supports instant, uncollateralized borrowing in DeepBook’s high-performance environment, facilitating arbitrage, liquidity provisioning, and risk management.
Dynamic Fees
The introduction of dynamic fees allows for greater flexibility. With the new governance model and DEEP token, stakers can propose fee changes, allowing the platform to remain competitive and respond to market conditions.
Shared liquidity across the pool
Market makers can now share capital across pools to reduce the risk associated with maintaining deep liquidity. This improvement is expected to improve the overall liquidity and efficiency of the platform.
Token Utility
DeepBook’s DEEP token will play a key role in incentivizing participants to provide sufficient 24/7 liquidity. Market makers earn rebates in DEEP, and stakers can participate in the governance of individual pools. The governance structure is designed to prevent any single entity from gaining excessive control, ensuring a balanced and fair decision-making process.
From testnet to mainnet
The latest version of DeepBook was deployed on the Sui Testnet on August 21, 2024, and is expected to run for two weeks before the mainnet launch. Users are encouraged to help test the new version by providing feedback through designated channels.
For more information, follow DeepBook on Twitter.
memo: This content has been prepared for general educational and informational purposes only and should not be construed or relied upon as an endorsement or recommendation to buy, sell or hold any asset, investment or financial product and does not constitute financial, legal or tax advice.
Image source: Shutterstock