On January 8, 2025, Bithumb Lists DEEP Token, a popular South Korean cryptocurrency exchange, listed the DeepBook Protocol (DEEP) token. This listing makes DEEP more accessible to South Korean investors by letting them trade it directly against the KRW. Bithumb and the Sui Network reached a major milestone. By expanding trading alternatives, Bithumb improves its DeFi leadership. The Sui Network sees increased acceptance of its environment. Bithumb and DeepBook’s relationship shows the rise of decentralized finance. This should increase DEEP’s market liquidity and visibility. It could also boost Sui Network’s growth by attracting additional users. Bithumb is expanding its support for innovative blockchain projects with the listing. It also shows DeFi’s expanding presence in South Korea’s Crypto sector.
DeepBook Protocol Overview
One liquidity protocol that functions inside the Sui ecosystem is called DeepBook. By offering traders and investors effective and safe liquidity solutions, it seeks to improve decentralized finance (DeFi). Bithumb further broadens the exchange’s DeFi options by incorporating DEEP into its platform, giving its users access to the cutting-edge features of the DeepBook Protocol.
Trading Information and Preliminary Steps
On January 8, 2025, trading for DEEP began at 3:00 PM KST, with 230 KRW as the base price. Bithumb put some safeguards in place to guarantee a safe and equitable trading environment during the initial launch. Initial Trade Restrictions New buy orders were not permitted in the primary market for the first five minutes of trading. During this time, sell orders were restricted to within ±10% and ±100% of the base price. Only once the initial trade was made was automated trading allowed. The purpose of these safeguards was to maintain market stability and stop price manipulation in the early phases of DEEP trading.
Deposits and Withdrawals
Bithumb explained that the Travel Rule restricts DEEP token withdrawals and deposits to authorized exchanges. Tokens transferred from unsupported systems will not be credited to users’ accounts, and the refund process may take many months. Before transferring DEEP tokens, users must confirm the network and deposit address to prevent any problems.
Technical Analysis and Market Performance
DEEP/USD’s 3-hour chart showed a bearish rising wedge pattern on the listing date. The price was $0.1750 resistance with support at $0.1536 (the 50-day moving average) and $0.1174 (the 200-day). Also, the long-term 200-day moving average was below the short-term 50-day moving average, which is positive and predicts a short-term price rise.
Consequences for Sui Network
Bithumb’s choice to list DEEP indicates its dedication to broadening its product line and giving consumers access to cutting-edge DeFi initiatives. In addition to expanding Bithumb’s portfolio, this listing makes the DeepBook Protocol more widely known and accessible in the South Korean market. DEEP’s listing on a well-known exchange like Bithumb represents the Sui Network’s ecosystem’s increasing acceptance and recognition. This breakthrough may draw greater developers and investors to the Sui Network, encouraging greater innovation and expansion in its DeFi environment.
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Conclusion
The launch of DEEP token trading on Bithumb marks a key milestone for the exchange and Sui Network’s DeFi ecosystem. By offering DEEP/KRW trading pairs, Bithumb encourages greater adoption of decentralized finance solutions in South Korea. This listing provides users with more ways to engage with decentralized liquidity protocols. Partnerships between established exchanges like Bithumb and innovative platforms like DeepBook are essential for industry growth. These collaborations offer users a variety of secure and flexible trading options. As the Crypto market evolves, such alliances will be crucial in driving its expansion.
