Upbit Expands KRW Market with Morpho and Euler Listings

Upbit, a major South Korean cryptocurrency exchange, has expanded its KRW (Korean won) market by listing two prominent DeFi tokens: Morpho (MORPHO) and Euler (EUL). This move grants traders direct access to these Ethereum-based decentralized lending projects in Korea. EUL's trading launch was initially scheduled for 12:00 p.m. KST on July 26, but Upbit delayed it by two hours to 2:00 p.m. due to liquidity concerns.

Euler recorded a significant price surge before the listing, increasing by about 74% over 24 hours with trading volume exceeding $200 million. In contrast, Morpho's KRW pair opened on July 25 at 6:00 p.m. KST and showed a smaller price move but increased trading volume.

The listings also come as Upbit placed temporary controls on the launch of EUL, including blocking buy orders for five minutes after trading begins and restricting sell orders priced more than 10% below the previous closing price. For roughly two hours, users may only place limit orders. This volatility highlights the importance of caution when entering new markets.