What to know:
- Upbit adds MORPHO and EUL won pairs, expanding direct access for local Korean traders.
- EUL/KRW trading starts two hours late as Upbit applies strict order controls at launch.
- Both tokens support Ethereum transfers only, while unsupported deposits may face delays.
Upbit expanded its Korean won market with trading pairs for Morpho and Euler. The listings give local users direct KRW access to two Ethereum-based decentralized lending projects. Support now extends beyond the existing BTC and USDT markets for both tokens.
The exchange changed Euler’s launch schedule shortly before trading on July 26. EUL/KRW trading was first set to open at 12:00 noon KST. Upbit later moved the scheduled start to 2:00 KST, creating a two-hour delay for the won pair.
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How Upbit Managed EUL’s Delayed KRW Launch
The notice gave no reason for the change. In the notice, it is stated that it may start later if the exchange does not have enough liquidity. An EUL/KRW market page was already available, but the users had to wait until the new starting time was announced.
Deposits and withdrawals for the MORPHO and EUL were limited to the Ethereum blockchain. The restriction applied to both newly added KRW trading pairs. Upbit requested its customers to verify the network and contract address before making any deposit.
Order restrictions were introduced temporarily after the start of the Euler token trading. The buying orders were suspended for 5 minutes following the opening of the market. Selling orders, which were priced 10% below the previous close level, were restricted at the same time.
The initial launch conditions only allowed limit orders for around two hours. EUL had a reference close of 0.00003019 BTC, or 2,845 won at Upbit per the coin’s listing notice. Those conditions were valid from the new opening on July 26.
What Followed Upbit’s EUL and MORPHO Listings
EUL showed the stronger response following the announcement. At the time of writing, the token is trading at $2.39, having gained about 63% in the past 24 hours.
CoinMarketCap data shows that the volume exceeded $300 million and attributes the increase to the Upbit listing, which occurred prior to the KRW market opening.
The launch conditions for Morpho’s KRW pair were somewhat more relaxed. It became tradable just one day before the launch of Euler’s token.
Upbit listed MORPHO/KRW at 6:00 KST on July 25 and supported only Ethereum deposits. There was a smaller price movement, but the volume of the coin increased significantly.
The KRW listing came after a series of announcements regarding updates and product launches that Morpho made recently.
In July, the protocol launched the Midnight product on Base for fixed-rate and fixed-term lending. Morpho claimed to have more than $11 billion worth of total deposits in the network.
Why Upbit Users Must Verify Deposits
The Morpho protocol enables developers and asset managers to design their own lending markets and vaults. The builder chooses collateral type, interest model, and risks for each product individually. MORPHO is used for governance and other purposes on the lending protocol.
Euler v2 relies on the modular vaults for lending markets. Euler has its own Euler Vault Kit that helps to create vaults for various needs. The Ethereum Vault Connector enables linking positions in compatible vaults, while EUL handles governance, rewards, and fees.
The back-to-back listings give Korean traders the ability to trade two on-chain lending protocols in won denominations.
Users must confirm the Ethereum network and verify each token’s contract address before making a deposit. Unsupported deposits may require a lengthy return process, according to the exchange’s guidance.
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