Upbit has expanded its Korean won market with listings for Morpho and Euler, adding direct KRW trading for two Ethereum-based decentralized lending tokens. The move gives local users won-denominated access to assets that were already available on the exchange through BTC and USDT pairs, but Euler’s launch came with a last-minute delay and temporary trading restrictions.
KRW listings added
Upbit opened MORPHO/KRW on July 25 at 6:00 p.m. KST. The exchange then scheduled EUL/KRW for July 26, but changed that timetable shortly before launch, pushing the start of trading from 12:00 p.m. to 2:00 p.m. KST.
For both tokens, deposits and withdrawals were limited to the Ethereum network. The listings extend direct won-market access for two projects tied to decentralized lending infrastructure on Ethereum.
Euler launch pushed back
According to the source report, Upbit delayed the start of EUL trading after adding the KRW pair, with liquidity concerns cited as a possible reason for the two-hour postponement. The exchange also applied opening controls once trading began.
Buy orders were blocked for about five minutes at launch. Sell orders priced more than 10% below the previous close were restricted, and for roughly two hours users were limited to placing limit orders only. Those measures pointed to elevated caution around the market opening.
Price moves before trading
Euler saw the sharper pre-launch reaction. Binance data cited in the report showed EUL trading near $2.22 ahead of the KRW opening, up about 74% over 24 hours, while trading volume exceeded $200 million. CoinMarketCap data linked the move to the Upbit listing and a jump in activity before won-market trading started.
The report noted that earlier KRW listings have at times produced similar rapid price moves, although those gains can reverse once the initial burst of activity fades.
Morpho posted a more modest rise. On July 26, MORPHO traded near $1.95, up about 1.5% over 24 hours. Its market capitalization was reported above $1.2 billion, while daily trading volume was up more than 400% from the previous day.
Two lending-focused DeFi projects
The newly listed assets are tied to separate lending protocol designs. Morpho provides lending markets and vaults with configurable collateral, risk settings, and interest-rate models. Euler v2 uses modular vaults to support a range of lending markets, and its token is used for governance, rewards, and fees. The report also noted that Euler has expanded to networks including Sonic after a prior exploit.
The listings add another pair of DeFi assets to Upbit’s won market, but the contrast between MORPHO’s relatively muted move and EUL’s sharp rise highlights how differently new KRW pairs can trade at launch. In Euler’s case, the delayed opening and temporary order limits underscored the volatility surrounding the debut.
Source: crypto.news