Upbit has broadened its Korean won market by listing two Ethereum-based decentralized lending tokens, Morpho (MORPHO) and Euler (EUL), allowing direct KRW trading for these DeFi projects.
MORPHO trading started on July 25 at 6:00 p.m. Korean Standard Time, with deposits and withdrawals limited to the Ethereum network. Euler's KRW pair was initially scheduled to launch at noon on July 26 but was delayed by two hours, beginning at 2:00 p.m. KST instead. The exchange did not provide a detailed explanation, though a notice mentioned that trading might be postponed if liquidity targets were not met.
Trading Restrictions and Market Reaction
After Euler trading began, Upbit temporarily blocked buy orders for the first five minutes and imposed restrictions on sell orders priced more than 10% below the previous close. For about two hours, only limit orders were accepted. The reference closing price was set at 0.00003019 BTC, equivalent to 2,845 won.
Euler's price surged sharply before the launch, climbing roughly 74% within 24 hours and seeing volume surpass $200 million on Binance, reflecting strong market anticipation. Morpho experienced a more modest price increase but also showed a notable uptick in trading volume.
These moves come after previous KRW listings for Euler led to rapid price jumps, such as a 30% rise following Bithumb's pairing announcement in September 2025. New listings consistently influence short-term demand, though price corrections can follow once initial enthusiasm fades.
