DeepBook V3: Staking and Governance

DeepBook V3 introduces pool-specific governance and staking. Staking DEEP tokens allows traders to receive taker fee discounts, earn maker volume rebates, and participate in governing key pool parameters.

1. Key Concepts

Staking Incentives

• Taker Discounts: Staking more than the required amount of DEEP reduces taker fees by half (to as low as 0.25 bps on stable pools and 2.5 bps on volatile pools).
• Maker Rebates: Active market makers receive rebates from the accumulated fees of the pool, proportional to their volume contribution, provided their active stake exceeds the threshold.
• Active Epoch: A user's stake submitted during epoch $N$ becomes active in epoch $N+1$.

Governance & Voting Power

Governance operates on an epoch-by-epoch timeline. Users submit and vote on proposals to change three pool parameters:

1. Taker fee rate
2. Maker fee rate
3. Stake required