The Deepbook Wrapper is a "wrapper" package for DeepBook V3 that enables trading without requiring users to hold DEEP coins.
This wrapper simplifies the trading experience by automatically handling DEEP coin requirements:
- Orders: Covers DEEP fees from reserves in exchange for a portion of user's SUI
The wrapper acts as an intermediary, managing all DEEP-related fee operations.
For detailed technical specifications and implementation details, please refer to:
- Fee Design
- Loyalty Program
- Oracle Price Calculation
- Oracle Pricing Security
- Unsettled Fees
- Versioning
- Multisig
- Admin Capabilities
The Deepbook Wrapper provides DEEP coins from its reserves only when user needs additional DEEP to cover DeepBook's native fees during order placement. When the pool is whitelisted by DeepBook, the wrapper doesn't provide any DEEP, since such pools doesn't have DEEP fees. Also, if user has enough DEEP in their wallet or balance manager, the wrapper doesn't provide any DEEP.
The Deepbook Wrapper charges a fee on each swap in the output coin of the swap. The fee structure directly mirrors DeepBook's taker_fee parameter, which is set and controlled by DeepBook governance. The Wrapper simply adopts these rates without modification.
Initially (before 3.1 version of DeepBook) swaps require DEEP coin as a fee that was charged by DeepBook protocol.
As of DeepBook version 3.1, it introduce ability to charge fee in input coin for swaps.
Since that, the existing fee charging model could be described as following:
DeepBook charge fee in input coin, taker fee * fee penalty multiplier, where fee penalty multiplier is 1.25.
Deepbook Wrapper charge fee on top of this in output coin, equal to the taker_fee parameter from DeepBook's pool.pool_trade_params().
DeepBook protocol requires paying fees for order placement in either DEEP coins or the order's input asset (DEEP-based fee or Input Coin fee types), with fees calculated based on order price and size. The wrapper extends this flexibility by allowing users to pay these fees using various sources: their wallet, their BalanceManager, or even the wrapper's own DEEP reserves if the user's DEEP balance is insufficient.
- Protocol Fees: In addition to DeepBook's fees, the wrapper charges its own protocol fees. These fees can be configured with different rates for taker and maker orders, and can be set globally or on a per-pool basis.
DEEP Reserve Coverage Fee: Only charged when the user needs to borrow DEEP from Wrapper reserves to cover DeepBook fees. This fee equals the required DEEP amount converted to SUI value and is paid in SUI coins.
Protocol Fee Discounts: When using DEEP fee type, users can receive discounts on protocol fees based on how much DeepBook fees they cover with their own DEEP tokens. The more DEEP the user provides, the higher their discount on protocol fees. Additionally, the system includes a Loyalty Program that provides additional protocol fee discounts based on user loyalty levels. For detailed information about the loyalty program, see the Loyalty Program documentation.
This structure incentivizes users to hold DEEP coins while ensuring trading accessibility for everyone.
For whitelisted pools, there are no DEEP fees, so no coverage fees are required. However, protocol fees are still charged, with whitelisted pools receiving the maximum protocol fee discount rate for each order. Maximum discount rates for pools are specified in TradingFeeConfig, with a default rate of 25% used if not specified.
For detailed information about dynamic protocol fee calculation, and the unsettled fees mechanism, see the Fee Design and Unsettled Fees documentation.
When creating a new trading pool, there are two separate fees:
DeepBook protocol requires DEEP coins (currently set to 500 DEEP) as a fee for each new pool creation. Additionally, the Wrapper charges a configurable protocol fee (currently set to 100 DEEP coins) stored in the PoolCreationConfig object.
The Wrapper's order fee structure has minimal economic risk. By collecting fees in SUI, we maintain a stable and liquid asset for reserves management. Since reserve coverage fees directly match the DEEP amount needed, there's a fair value exchange. The additional protocol fees (calculated dynamically based on order execution) help cover operational costs and reserves maintenance.
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This project is licensed under the MIT License - see the LICENSE file for details.
This tool uses several dependencies from Mysten Labs, which are licensed under Apache-2.0.