Upbit Adds Morpho and Euler to KRW Market Amid Volatility

The MORPHO/KRW pair launched on July 25 at 6:00 p.m. KST, followed by the EUL/KRW pair on July 26. While the MORPHO debut proceeded as planned, Upbit shifted the EUL trading start time from 12:00 p.m. to 2:00 p.m. KST. To manage the anticipated volatility, the exchange implemented temporary safeguards, including a five-minute block on buy orders and restrictions on sell orders priced more than 10% below the reference closing price of 2,845 won.

Market response favored Euler, which saw a 74% price surge leading up to the listing, with trading volumes exceeding $200 million. Morpho experienced more moderate price movement, though its daily trading volume spiked by over 400%. Both tokens were previously available on Upbit via BTC and USDT pairs, but these new listings mark a significant shift toward local currency liquidity.

These protocols represent distinct approaches to decentralized lending. Morpho recently secured $175 million in funding, valuing the project at approximately $2 billion, and currently reports over $11 billion in deposits. Euler, meanwhile, has been rebuilding its infrastructure following a 2023 exploit. Since launching its v2 modular vault system, the protocol has reached roughly $4 billion in deposits. Upbit continues to restrict deposits and withdrawals for both assets exclusively to the Ethereum network.