Joseph DeLong, the former SushiSwap CTO who now runs stablecoin card startup Colossus, said he will launch a decentralized exchange called Deepstate on Robinhood Chain next week.
"I have a decentralized exchange side project that outgrew nights and weekends. I'm gonna launch it next week on @robinhood chain," DeLong wrote on X on July 24, linking to a whitepaper published on GitHub.
The whitepaper, dated June 29 and authored by DeLong, specifies a limit order book that lives entirely in smart contract storage. Each resting order is packed into a single 32-byte word — price tick, quantity, a rounding-correction code, and a time-priority nonce — and stored in a binary radix tree keyed by price and arrival order. The design offers 4.3 billion logarithmically spaced price ticks and caps the work each trade performs at the tree's fixed 64-bit depth, an attempt to keep gas costs bounded no matter how many orders rest on the book.
Fully onchain central limit order books remain rare on EVM chains because every storage read and write costs gas. Most order book exchanges match trades offchain and settle onchain, while automated market makers avoid matching altogether. DeLong's paper credits the core construction to Warp, a matching engine design that Plasma co-author Joseph Poon and Christopher Jeffrey presented at EthCC in 2023.
