Upbit recently expanded its Korean won (KRW) trading options by adding Morpho and Euler, two Ethereum-based decentralized lending tokens, as new KRW trading pairs. This move gives Korean users direct access to these projects without needing to trade through BTC or USDT pairs, simplifying the process of entering these markets.
The Euler token (EUL) launch on Upbit faced a slight hiccup. Originally scheduled for noon KST on July 26, the KRW trading start was delayed by two hours, beginning only at 2:00 PM. The exchange didn’t provide a clear explanation but hinted liquidity constraints might have been the cause. During this time, the EUL/KRW market page was live but users had to wait for the official trading commencement.
Deposits for both tokens are limited to Ethereum's blockchain, and Upbit reminded traders to double-check network details before sending funds. After Euler’s market opened, buying orders were temporarily paused for five minutes, and selling orders priced 10% below the prior closing were restricted to stabilize early trading activity. Initially, only limit orders were allowed for about two hours, with the reference close price for EUL around 2,845 won (0.00003019 BTC).
Following the listing, Euler’s token price surged sharply. It gained roughly 63% within 24 hours, trading near $2.39 at the time of reporting. Trading volume surpassed $300 million, data credited to the Upbit listing that happened before the KRW market opened.
Morpho’s KRW pair became tradable a day earlier, on July 25 at 6:00 AM KST, with Ethereum deposits supported. Although Morpho’s price movement was modest, trading volumes rose notably. This listing came on the heels of Morpho’s recent product developments, including the launch of Midnight on Base, a fixed-rate and fixed-term lending protocol. Morpho has over $11 billion in total deposits across its network.
