We present a new overlay, called the {\em Deterministic Decentralized tree} ($D^2$-tree). The $D^2$-tree compares favourably to other overlays for the following reasons: (a) it provides matching and better complexities, which are deterministic for the supported operations; (b) the management of nodes (peers) and elements are completely decoupled from each other; and (c) an efficient deterministic load-balancing mechanism is presented for the uniform distribution of elements into nodes, while at the same time probabilistic optimal bounds are provided for the congestion of operations at the nodes. The load-balancing scheme of elements into nodes is deterministic and general enough to be applied to other hierarchical tree-based overlays. This load-balancing mechanism is based on an innovative lazy weight-balancing mechanism, which is interesting in its own right.