Known South Korean cryptocurrency exchange Bithumb listed the DeepBook Protocol (DEEP) token on January 8, 2025. DEEP is now traded directly against the KRW, making it more accessible to South Korean investors. However, Bithumb and Sui Network reached a milestone. Bithumb increases DeFi leadership by expanding trading alternatives. The environment is more accepted in the Sui Network.
Guide to the DeepBook Protocol
In the context of the Sui ecosystem, DeepBook is a liquidity protocol. As a means to enhance decentralized finance (DeFi), it aims to provide investors and traders with safe and effective liquidity options. By integrating DEEP into its platform, Bithumb allows its users access to the state-of-the-art features of the DeepBook Protocol, further expanding the exchange’s DeFi possibilities.
According to Bithumb, the Travel Rule only allows official exchanges to use DEEP tokens for withdrawals and deposits. Users’ accounts will not be credited with tokens transferred from unsupported systems, and the refund process could take a long time. To avoid issues, users should verify the network and deposit address before transferring DEEP tokens.
Market Data and Initial Actions
However, Starting at 230 KRW, DEEP trading commenced at 3:00 PM KST on January 8, 2025. During its debut, Bithumb included precautions to ensure safe and fair trading. Initial Trade Restrictions For the first five minutes of trade, primary market buy orders were prohibited. At this time, sell orders were limited to ±10% to ±100% of the base price. Automation was authorized after the first trade. These protections prevented price manipulation and maintained market stability in early DEEP trading.
Technical Analysis and Market Performance
A bearish rising wedge pattern was shown on the 3-hour chart of DEEP/USD on the listing date. At $0.1750, there was resistance; at $0.1536, the 50-day moving average, and $0.1174, the 200-day, provided support. Additionally, a good sign that suggests a short-term price increase is the fact that the long-term 200-day moving average was lower than the short-term 50-day moving average.
DeepBook and Bithumb show decentralized finance’s rise. DEEP’s market visibility and liquidity should improve. It may boost Sui Network’s user base. Bithumb supports new blockchain projects with the listing. DeFi’s crypto expansion in South Korea is also shown.
Consequences for Sui Network
Adding DEEP to its listing portfolio shows Bithumb’s commitment to expanding its product line and providing customers with access to innovative DeFi projects. The listing not only broadens Bithumb’s offerings but also increases the visibility and accessibility of the DeepBook Protocol in the South Korean market.
The listing of DEEP on a prominent exchange like Bithumb signifies the growing acknowledgement and acceptance of the Sui Network’s ecosystem. The Sui Network’s DeFi ecosystem may see increase innovation and growth as a result of this breakthrough, which may attract more developers and investors.
Summary
The start of DEEP token trading marks a milestone for Bithumb and Sui Network’s DeFi ecosystem. However, Bithumb offers DEEP/KRW trade pairings to encourage South Koreans to embrace decentralized financial systems. This listing increases user interaction with decentralized liquidity methods. The firm can only grow by partnering with renowned exchanges like Bithumb and innovative platforms like DeepBook. Users have safe and flexible trading options through these partnerships. As cryptocurrency grows, such alliances will be crucial.
