Deepstate Joins Robinhood Chain's Growing DEX Market
Joseph DeLong, former CTO of SushiSwap and current CEO of Colossus, is launching a decentralized exchange (DEX) called Deepstate on the Robinhood Chain. In a post on X, he mentioned that the DEX was initially a side project but 'outgrew nights and weekends.' The whitepaper for Deepstate, written by DeLong himself, outlines a fully on-chain order book that stores resting orders in a binary radix tree keyed by price and arrival order.
The design aims to keep gas costs bounded, with 4.3 billion logarithmically spaced price ticks and a fixed 64-bit depth. This is an attempt to address the issue of high gas costs associated with fully on-chain central limit order books, which remain rare on EVM chains. DeLong credits the core construction to Warp, a matching engine design presented at EthCC in 2023.
Deepstate would join a crowded field on the Robinhood Chain, which launched its public mainnet on July 1 with several popular DEXs already live. The network has grown quickly, overtaking Base on daily active users on July 21. DeLong did not provide a specific launch date or details on trading pairs, fees, or a token.