Upbit Lists DeFi Lending Tokens MORPHO and EUL in KRW Market
The South Korean cryptocurrency exchange Upbit is expanding its DeFi lending offerings by listing Morpho (MORPHO) and Euler (EUL) tokens in its KRW market. The listings, scheduled for July 25 and July 26 respectively, are expected to bring new capital and liquidity to these assets. Morpho's price has already seen a 4.8% increase following the announcement.
Morpho is a modular lending protocol that allows users to customize lending markets, giving them more granular control over collateral types, interest rate curves, and risk parameters. The protocol recently raised $175 million in June, pushing its valuation above $2 billion, and has seen its active deposits surpass $11 billion with $4 billion in outstanding loans.
Euler is another modular lending protocol that has rebuilt since a major exploit in 2023. It has expanded to new chains and deployed on HSK Chain just days before the Upbit listing announcement. Its token, EUL, was trading in the $1 to $1.70 range at the time of the announcement.
The listings on Upbit are expected to bring increased liquidity and attract institutional borrowers who have historically avoided DeFi's variable-rate structures. The fixed-rate lending launch by Morpho adds a fundamental catalyst that could further drive adoption.