DeepBook, a decentralized liquidity platform on the Sui blockchain, has announced that it will increase its upcoming airdrop reward for participants of the DeepBook V3 Testnet. Originally valued at $100,000, the DeepBook has expanded its airdrop pool to 10 million DEEP tokens, worth approximately $500,000.
DeepBook Airdrop Claim Date Set for November 13
Eligible participants from the recent DeepBook V3 Testnet can claim their airdrop tokens on Nov. 13. DeepBook has created an official claims site for the distribution process. Participants can use only official links shared through DeepBook’s verified channels to avoid potential phishing scams.
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No Lockup Period for Airdrop Tokens
Initially, DeepBook planned a one-year lockup period on the airdrop tokens, which would have restricted immediate use. However, in a recent update, the platform announced the removal of this lockup. Now, participants can access and use their DEEP tokens immediately after claiming them.
Notably, the DEEP token powers the DeepBook ecosystem on the Sui blockchain, providing several key functions. Primarily, it’s used to pay for transaction fees on the platform. Additionally, DEEP tokens are crucial for governance, enabling holders to vote on important decisions such as fee structures and liquidity policies. The tokens also incentivize market makers who supply liquidity, ensuring there is always ample liquidity for users to trade smoothly.
DeepBook has a total supply of 10 billion DEEP tokens, which will be distributed over seven years to maintain a controlled release. This gradual distribution helps control inflation and supports the long-term value of the token.
In terms of allocation, DeepBook reserves 61.57% of the DEEP tokens for ecosystem development, supporting liquidity incentives and platform growth. It allocates another 28.43% to core contributors and developers, rewarding those who helped build and expand DeepBook. The remaining 10% goes toward community distribution through initiatives like the airdrop.
The post DeepBook Increases Airdrop Rewards to 10 Million DEEP Tokens appeared first on CoinChapter.
