Joseph DeLong, the previous SushiSwap CTO who now runs stablecoin card startup Colossus, stated he’ll launch a decentralized alternate referred to as Deepstate on Robinhood Chain subsequent week.
“I’ve a decentralized alternate aspect undertaking that outgrew nights and weekends. I am gonna launch it subsequent week on @robinhood chain,” DeLong wrote on X on July 24, linking to a whitepaper printed on GitHub.
A Absolutely Onchain Order Ebook
The whitepaper, dated June 29 and authored by DeLong, specifies a restrict order ebook that lives completely in good contract storage. Every resting order is packed right into a single 32-byte phrase — worth tick, amount, a rounding-correction code, and a time-priority nonce — and saved in a binary radix tree keyed by worth and arrival order. The design presents 4.3 billion logarithmically spaced worth ticks and caps the work every commerce performs on the tree’s fastened 64-bit depth, an try and preserve gasoline prices bounded irrespective of what number of orders relaxation on the ebook.
Absolutely onchain central restrict order books stay uncommon on EVM chains as a result of each storage learn and write prices gasoline. Most order ebook exchanges match trades offchain and settle onchain, whereas automated market makers keep away from matching altogether. DeLong’s paper credit the core building to Warp, an identical engine design that Plasma co-author Joseph Poon and Christopher Jeffrey offered at EthCC in 2023.
DeLong was SushiSwap’s CTO till his resignation in December 2021, and later argued DAOs want hierarchy in an ETHDenver postmortem on his time at Sushi. He went on to discovered NFT lending protocol Astaria and to a senior director function at Kraken. Right this moment he’s CEO of Colossus, a startup constructing a stablecoin bank card community designed to bypass Visa and Mastercard.
Robinhood Chain’s DEX Race
Deepstate would be a part of a crowded discipline. Robinhood launched its Arbitrum-based chain’s public mainnet on July 1 with Uniswap, 1inch, Arcus, and perpetuals companion Lighter reside from day one, and the community has grown rapidly: it overtook Base on each day lively customers on July 21, registering 323,969 addresses in opposition to Base’s 274,520 three weeks after launch. Lighter has since made Robinhood’s inventory tokens eligible collateral for its perps markets.
DeLong gave no launch date past “subsequent week” and didn’t title buying and selling pairs, charges, or a token.
