Last weekend, Joseph DeLong, previously the CTO at SushiSwap, shared that he is launching a decentralized exchange named Deepstate on Robinhood Chain soon. What started as a small side project alongside his stablecoin payments startup, Colossus, has now grown into a full-scale platform ready for deployment.
Robinhood Chain itself debuted on July 1, 2026, and immediately drew massive attention: it processed $3.1 billion in DEX volume during its first week and attracted over 65,000 users. The chain also facilitated $13 million in tokenized stock trades and handled more than 17 million transactions. These stats show strong early momentum for this new Layer-2 solution.
Unlike most decentralized exchanges built on Ethereum and similar networks that rely on automated market makers (AMMs), Deepstate will use an order book mechanism. This means buyers and sellers will be matched directly at specified prices, a model closer to traditional stock exchanges. Order books often deliver tighter spreads and more exact pricing but require a critical number of active traders to keep order books solid rather than sparse.
DeLong, who left SushiSwap in late 2021, has been busy with Colossus, a venture aiming to replace Visa and Mastercard with stablecoin-based payments that settle instantly using cryptographic techniques. His work here secured $500,000 in early funding and valued the startup at $10 million. Deepstate, however, remains under wraps regarding its token support, fee structure, or liquidity plans.
For traders, Deepstate’s arrival on Robinhood Chain could mark a shift toward more sophisticated on-chain trading options, complementing the network’s growing tokenized stock market. It’ll be interesting to see which trading pairs launch first, how liquidity providers respond in an order book setting, and whether Robinhood Chain maintains its rapid user growth or slows down.
This material is informational and not financial advice.
