Upbit Lists Morpho and Euler Tokens Amid Growing Asian DeFi Demand

Korean cryptocurrency exchange Upbit is expanding its DeFi lending offerings by listing two new tokens in its KRW market. Starting July 25, users will be able to trade Morpho (MORPHO) and Euler (EUL), both of which are part of a newer generation of modular lending protocols.

Morpho has seen significant growth recently, with its active deposits surpassing $11 billion and outstanding loans reaching around $4 billion. The protocol also raised $175 million in June, pushing its valuation above $2 billion. In addition to the Upbit listing, Morpho launched a fixed-rate lending feature called Morpho Midnight on July 22.

Euler has faced challenges in the past, including a major exploit in 2023, but it has since rebuilt and expanded its modular lending infrastructure to new chains. The protocol deployed on HSK Chain on July 17, further broadening its capacity for offering loans against tokenized assets.

The listing of both tokens on consecutive days suggests that Upbit sees sufficient demand to justify rapid succession, rather than spacing them out to avoid cannibalizing attention. As a result, investors can expect increased liquidity and potentially meaningful volume in the first few weeks after listing.