Abyss

Abyss is a live Sui trading and liquidity interface built on DeepBook. Its measured vaults convert deposits into shares of DeepBook margin-pool assets; the broader product also advertises market-making vaults and margin trading. The 2026-08-16 survey measured about $0.29M entirely on Sui. Because every vault, order, loan and exit settles on a chain with an active rejected Ketju verdict, the version-1 rejected-chain dossier remains decisive before margin, market-making, authority or liquidity quality.

Review triggers: events that reopen the verdict
• The Sui chain verdict changes
• Deploys meaningful liquidity on a chain the registry approves

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-16.

The research file

Mechanism and product-scope applicability

Abyss describes separate margin and market-making vaults for liquidity providers alongside spot and margin trading. The current survey adapter obtains Abyss vault summaries, resolves each Sui vault and DeepBook margin-pool object, and converts margin-pool shares into underlying assets using on-chain supply data. This record covers the measured vault perimeter; it does not treat a trader-directed spot order as the same investment claim.

Control and loss boundary

DeepBook supplies the order-book and margin primitives, while Abyss supplies the user-facing vault and strategy layer. Sui and DeepBook materials confirm on-chain margin pools and leveraged trading. Exact vault managers, upgrade and emergency authorities, borrower concentration, oracle and liquidation loss allocation, market-making limits, audits, incidents and proposed-size exits remain protocol-level work if the chain gate ever clears.

Current observation and lifecycle

The DefiLlama API read on 2026-08-16 classified Abyss as Yield and reported approximately $0.29M entirely on Sui. Abyss’s live site presents the product as Sui-native and powered by DeepBook, the live adapter reads current vault and margin-pool objects, and a 2026 Sui Foundation article identifies Abyss in the launch of DeepBook margin lending pools. These sources support an active product rather than a stale legacy record.

Why the chain dossier decides

Every measured vault share, margin loan, liquidation, order and withdrawal depends on Sui execution and DeepBook objects. The shared version-1 rejected-chain dossier therefore controls before choosing between lending, leveraged or market-making subproducts. Reopen only if the Sui verdict changes or Abyss establishes a separately accounted product with meaningful liquidity on an approved chain; then perform product-specific control, audit, incident and stressed-exit review.

Class rule

The rejected chain class is outside the approved structures, so every protocol in it is not approved until the rule changes. The rule is about the structure, not an adverse finding about this protocol, and it is not a client instruction. The events that would reopen it are listed with the memo.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Abyss — current protocol and vault overview · primary · accessed 2026-08-16
  Supports: Sui, DeepBook, margin vaults, market-making vaults, spot and margin trading
• Sui — DeepBook spot and margin primitives · primary · accessed 2026-08-16
  Supports: DeepBook margin, lending pools, Abyss integration, Sui
• DeepBook — current builder ecosystem · primary · accessed 2026-08-16
  Supports: Abyss, DeepBook stack, Sui shared liquidity
• MystenLabs — DeepBook V3 source repository · primary · accessed 2026-08-16
  Supports: Sui CLOB, pool vaults, governance, on-chain implementation
• DefiLlama adapter — Abyss vault and margin-pool accounting · secondary · accessed 2026-08-16
  Supports: vault summary, Sui objects, DeepBook margin pools, share conversion
• DefiLlama — Abyss survey record · secondary · accessed 2026-08-16
  Supports: current TVL, Sui-only perimeter, Yield category

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.