The former SushiSwap CTO plans an order book-style exchange on Robinhood’s Arbitrum-based network as the new chain posts strong early trading and user activity.
Joseph DeLong said he plans to launch a decentralized exchange called Deepstate on Robinhood Chain next week, adding another venue to the fast-growing trading ecosystem on Robinhood’s Arbitrum-based network. DeLong, the former SushiSwap CTO and founder of stablecoin card startup Colossus, said the order book-style project began as a side effort before expanding beyond nights and weekends. Robinhood Chain launched on July 1, 2026, and logged $3.1 billion in DEX volume in its first week, along with more than 65,000 active users, $13 million in onchain tokenized stock trading, roughly $300 million in stablecoin flows and more than 17 million transactions shortly after launch. Deepstate would enter a market that has so far been dominated by automated market maker venues, while offering a structure that matches buyers and sellers directly at specific prices. Order book exchanges are generally more familiar to professional traders because they pair bids and offers directly rather than routing trades through liquidity pools, though they depend on sustained participation to avoid thin books and wider execution gaps. No details on Deepstate’s supported assets, fees or liquidity setup had been publicly disclosed as of July 24, 2026. Investors are likely to watch which trading pairs launch first, how liquidity develops without established market makers, and whether Robinhood Chain’s early growth can be sustained.