Upbit’s support for the Sui-based DeepBook brought huge attention to the token as its price skyrocketed in minutes.
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 $0.43 24h volatility: 1.3% Market cap: $255.17 M Vol. 24h: $6.56 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.
next