• 13 Dec 2022


    Deepwaters - Year End Report - 2022 Q4

    Deepwaters 2022 in summary!

  • Market & FTX 

    When FTX turned off deposits, we saw yet again the extent of nefarious and exploitative industry practices that are likely more widespread than was once believed. An audited, open source ruleset with decentralized validation means that this kind of abuse and exploitation would be quite literally impossible on Deepwaters. The deepwaters exchange could not possibly run a negative balance because our technology precludes anyone, including ourselves, from taking discretionary actions with other parties' funds on the platform. 

    After the fallout of FTX, Voyager, 3AC, and Genesis it's clear more than ever this industry needs Deepwaters.

    Product & Tech

    • Our public testnet went live on September 1st, 2022, and since then, over 100,000 unique wallets have interacted on this testnet. 

    • 3 million (mock) orders have been processed

    • We have Released new ‘Advanced Trading’ experience, complete with interactive orderbook and TradingView charts.

    • Round-trip trade times have been reduced to <20ms, and we hope to bring this below 10ms before launch.

    • We have released various improvements and new functions to the API, including websocket subscriptions.

    • On-chain endpoints (smart contracts) have been completed and are ready for audit.

    • Market orders have been added (currently in staging for QA).

    • Added ‘Markets’ screen for overview of all active Deepwaters markets (currently in staging for QA).

    • Working to complete:

      • REST API (alternative to GraphQL)

      • KYC / AML integration

      • Trading competition leading into launch

    • >60k lines of code written and deployed on testnet.

    • We have begun the process of integration and testing with Circle multi-chain USDC for cross-chain redemption and issuance.


    • We have raised >$2M in our most recent round, which has now resumed after the most recent market turbulence. 


    • We are now a team of 16 full-time.


    • This year (without spending a SINGLE DOLLAR on user acquisition/ads/growth marketing):

      • >60k Discord members (since sept 1st). 

      • >43k Twitter followers (since sept 1st).

      • Over 110k unique wallets have connected to testnet. 

      • More than 26k people have responded to user surveys.

      • >300k comments in our testnet channels. 

      • Almost 1.5m total visits to website and blogs (EXCLUDING testnet)

    • In the last 30 days:

      • 83,237 impressions on Twitter (321.9% increase over previous month).

      • 2,848 engagements on Twitter (212.6% increase over previous month).

      • @deepwaters tagged or mentioned in >70k tweets (266% increase over last month).

      • In comparison to projects listed on ICOdrops, Airdrops.io, and DappRadar - Deepwaters was the FASTEST GROWING UNRELEASED PROJECT IN THE ENTIRETY OF WEB3 last month.

    • Over 50k users have pre-registered for our token sale and platform access.


    • We’re working with our strategic and technical partners to promote contests/campaigns specifically designed to align with the interests of these communities. Including, but not limited to:

      • Wormhole

      • Avalanche

      • NEAR

      • Polygon

    • We’re also working with a number of other communities in DeFi whose users have a familiarity with DeFi trading and the obstacles traders face. These include:

      • Singularity (now Cascadia Foundation)

      • Droid (Australian Gulf Capital)

      • Airdrops Captain

      • CMSSAFair Crypto Foundation

    • In the near future, we will be running cross-promotional campaigns with:

      • Shuttlebay/FusionXYZ

      • NEAR Insider

      • BitDegree

      • The Chainsaw

    Legal and Compliance

    • WTR, LLC, a Marshall Islands entity, will operate as a DAO to govern the WTR token network.

    • A wholly-owned Czech subsidiary is in the final stages of being established. This is the entity from which the initial Deepwaters exchange will operate. 

    • We now have a positive legal opinion for WTR, enabling us to proceed with a launchpad sale, token listing, and market making partnerships for WTR.

    • In addition to the de facto auditing being built into the Deepwaters platform, and in light of recent market events, we are developing additional financial auditing plans to provide assurance of the fidelity of our asset management to both our users and the general public.


    • Edgeless Systems is an industry leader in building on Trusted Execution Environments and will be helping Deepwaters with integration and custody.

    • Harmony (ONE) is a current investor, and we have discussed milestone based grants post launch.

    • NEAR has provided a grant to incorporate Aurora, and ultimately RUST, in our roadmap. We are currently working with the NEAR technical teams.

    • Avalaunch will be serving the first public WTR token sale.

    • Wormhole has partnered with us to help enable ecosystem interoperability between 10+ blockchains on launch, bringing us one step closer to becoming the most composable platform available.

    • We have announced a partnership with CMSSA (Crypto Mining and Staking Sustainability Association), joined their association as a founding member, and will be working with other community members to promote a sustainable future in cryptocurrency.

    • RMIT, the largest technical university in Australia, will be using Deepwaters in their undergraduate curriculum to teach the fundamentals of token trading. We will also be collaborating on peer-reviewed academic research regarding loss due to PFOF and internalization on exchanges that will be published by the RMIT economics research team.

    Market Making

    • Our initial Market Maker incentive plan has been finalized, and the contract structure is complete.

    • We are in negotiations with Market Maker service providers to provide ample liquidity on our platform.

    • To facilitate connectivity to high frequency trading systems, we have deployed our GraphQL API and anticipate that our REST API will be completed by the end of the year.

    • We are engaged with approximately 60 trading institutions to utilize Deepwaters platform

    API Docs: https://docs.api.deepwaters.xyz/ Playground: https://testnet.api.deepwaters.xyz/ Testnet Stats:http://stats.deepwaters.xyz/

    How you can help

    • Help us close this round! Bear markets are a pain for everyone, but deepwaters is building, deploying, and growing. There is still opportunity to contribute to this round before we launch, and you guys are our favorites. We are seeking to raise an additional $1-3m for scaling and additional hires.

    • Give us feedback! - we’d love to hear your input and feedback on our product progress, website, blogs, or anything else! We’d love to learn more from you.


    Learn about Deepwaters: https://drive.google.com/file/d/1pBSIrTlp9H98QXKBtTzTYRgBbwzIbbdj/view?usp=share_link Discord: https://discord.gg/Deepwaters Twitter: https://twitter.com/deepwatersxyz Website: https://deepwaters.xyz/ Testnet: https://testnet.deepwaters.xyz/ Gitbook: https://deepwaters.gitbook.io/deepwaters-public/

    Sign up for our newsletter.