Sui Foundation launches order book for building DeFi tools

Sui Foundation, the organization developing the Sui blockchain, launched a decentralized order book that it said is a “one-stop shop for trading digital assets.”

Dubbed DeepBook, Sui Foundation expects the new order book to help developers “build apps that exchange tokens seamlessly.”

Sui Foundation’s Managing Director Greg Siourounis believes DeepBook provides the basic base for building any DeFi tool built on the blockchain. Mysten Labs and MovEX helped with the technical aspects of DeepBook, the organization said in a statement.

“Combining Sui’s unique capacity for parallelized transactions with a public on-chain order book allowed the community to create a trading facility that is uniquely transparent, scalable and usable by every DeFi project on the network,” Siourounis also said in the statement.

Reducing dependency

The work could help to reduce the dependency crypto traders might have on centralized exchanges like Binance or Coinbase.

“At a basic level, DeepBook makes many of the benefits offered by traditional centralized exchanges available in Sui’s decentralized network,” it said in the statement.

“Centralized crypto exchanges act as intermediaries between buyers and sellers … [and] also retain control over users’ private crypto wallet keys ," it continued. "As a result, in the event of a hack or a shutdown, these users could face the loss of their entire holdings.”

Meant to compete against blockchains like Ethereum and Solana, Sui was created by Mysten Labs, which is run by co-founder and CEO Evan Cheng, former head of research and development at Meta’s crypto wallet Novi Financial. Mysten's valuation eclipsed $2 billion last year after a Series B round which raised $300 million.