Leading South Korean cryptocurrency exchange Upbit has announced the listing of DeepBook (DEEP), the native token of the decentralized finance (DeFi) protocol built on the Sui network. The listing went live at 05:30 UTC on April 22, with DEEP initially available for trading against the Korean won (KRW).
DeepBook operates as an on-chain liquidity aggregator, functioning as a decentralized central limit order book (CLOB) on the Sui blockchain. Recent developments for the protocol include the launch of DeepBook v3.1 on April 16, which introduced upgraded liquidity pools and reduced transaction fees.
DeepBook v3.1 is live on @SuiNetwork
— DeepBook Protocol on Sui (@DeepBookonSui) April 16, 2025
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
DEEP Token Experiences Rapid Price Volatility Following Listing
The immediate aftermath of the Upbit listing saw significant price action for DEEP. Within a mere ten minutes of the announcement, the token experienced a substantial rally, surging from $0.092 to a high of $0.183. This rapid appreciation highlights the influence of Upbit’s listing announcements on asset prices within the South Korean crypto market.
However, the bullish momentum proved to be short-lived. Following its peak, DEEP faced a sharp selloff. At the time of writing, the token is trading at approximately $0.13, with a market capitalization hovering around $400 million and a daily trading volume of $232 million.
Also Read: Filecoin (FIL) Surges 7% After Upbit Listing: Price Outlook and Key Resistance Levels
South Korean Exchanges Continue to Drive Token Price Movements
Notably, Upbit is not the first South Korean exchange to list DEEP. Bithumb, another prominent player in the region’s crypto market, previously listed DeepBook on January 8. This earlier listing also triggered a significant price surge for the asset, with DEEP climbing by 70% following Bithumb’s announcement.
The trend of South Korean exchange listings positively impacting token prices has been observed with other assets as well. For instance, Upbit’s recent listing of WalletConnect Token (WCT) on April 16 resulted in a 36% price increase for WCT. Similarly, SAFE gained 75% after its listing on Upbit in October 2024. Data from CoinMarketCap currently ranks Upbit as the fourth-largest cryptocurrency exchange globally, with a daily trading volume of $2.2 billion, underscoring its significant influence on the market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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