Joseph DeLong, the former chief technology officer of SushiSwap, is launching a decentralized exchange called Deepstate on Robinhood Chain next week. DeLong currently runs Colossus, a startup focused on stablecoin-linked payment cards. He described Deepstate as a side project that outgrew his nights and weekends.
From side project to next-week debut
Deepstate started as something DeLong tinkered with in his spare time. But the work snowballed, and now it's ready for a public rollout. The DEX will go live on Robinhood Chain, a blockchain ecosystem backed by the trading app Robinhood.
DeLong didn't share specific features of Deepstate beyond its basic function as a decentralized exchange. The platform will let users trade tokens directly from their wallets, without a central intermediary — the standard pitch for DEXs. What sets it apart, if anything, isn't yet public.
Robinhood Chain's expanding roster
Robinhood has been pushing its own chain as a venue for DeFi projects. Deepstate becomes the latest addition to that lineup. The chain aims to offer low fees and fast settlement, competing with other layer-1 and layer-2 networks that host DEXs.
DeLong's move is notable because he brings experience from SushiSwap, one of the earliest and most prominent DEXs on Ethereum. SushiSwap itself went through a turbulent start — including a controversial founder exit — but eventually became a fixture in DeFi. DeLong helped build its technical backbone before leaving for Colossus.
Colossus and the stablecoin card angle
DeLong's main project remains Colossus, which is building a stablecoin-based card product. That venture targets a different piece of crypto finance: making stablecoins spendable in the real world. Deepstate, by contrast, is purely on-chain trading infrastructure.
It's unclear how much time DeLong will dedicate to Deepstate going forward, given his day job at Colossus. He framed the DEX as something that grew beyond a hobby, but didn't say whether it would become his full-time focus.
The launch is set for next week. No exact date or time has been announced. Users will be able to access Deepstate through the Robinhood Chain network once it goes live.
