Deepstate is a decentralized finance (DeFi) protocol that operates an on-chain central limit order book (CLOB) market designed for tokenized equities and real-world assets (RWAs). Built on Robinhood Chain, the protocol supports spot and limit-order trading for assets such as tokenized Nvidia (NVDA) paired against USDG. Unlike automated market maker (AMM) pools, Deepstate utilizes price-time-priority execution, allowing market makers to place native bids and asks directly on-chain. The protocol incorporates a governance and incentive mechanism where active liquidity providers receive protocol tokens, which can be staked into a governance vault to participate in protocol parameter adjustments and fee distribution.