Upbit Introduces KRW Trading Pairs for Morpho and Euler DeFi Tokens

New Additions to Upbit’s KRW Market

Upbit has expanded its Korean won (KRW) market by introducing two significant decentralized finance (DeFi) tokens: Morpho (MORPHO) and Euler (EUL). This move allows traders in Korea to engage in direct KRW trading for these Ethereum-based lending projects.

Trading Launch Times and Adjustments

The trading for MORPHO/KRW commenced on July 25 at 6:00 p.m. KST, while EUL/KRW was initially scheduled for July 26 at 12:00 p.m. KST. However, Upbit postponed the launch of EUL to 2:00 p.m. KST, two hours later than originally planned, citing liquidity concerns as the possible reason for the delay.

Price Movements and Market Reactions

Before its trading debut, EUL experienced a significant market reaction, surging approximately 74% to about $2.22, with over $200 million in trading volume observed within 24 hours prior to the listing. This strong interest followed a trend where previous KRW listings have positively impacted EUL’s price.

In contrast, MORPHO opened with a modest increase, trading around $1.95 on July 26, reflecting a rise of about 1.5% over 24 hours. Its trading volume saw an increase of more than 400% from the previous day, highlighting the excitement surrounding its KRW pair listing.

Trading Controls on Launch

In anticipation of high volatility, Upbit implemented temporary controls at the start of EUL trading. This included a brief window where buy orders were blocked for around five minutes after trading began, alongside restrictions preventing sell orders below 10% of the previous closing price. Users were limited to placing only limit orders during this period.

Morpho and Euler Protocols Explained

Both Morpho and Euler are modular lending protocols on the Ethereum blockchain, each with unique functionalities. Morpho enables developers to create customized lending markets and supports governance across its ecosystem. Conversely, Euler offers a versatile vault system which allows users to design various lending markets, supporting both governance and fee-related functions.

Euler has made strides in the market after recovering from a major exploit in 2023, which had drained around $197 million. The protocol undertook significant updates after this incident, reporting over $4 billion in deposits by late 2025.

Implications for Traders

With these listings, Upbit provides Korean traders with new opportunities in the KRW market, but the swift rise in EUL’s price and the implemented trading controls signify a period of potential volatility. Upbit cautioned users to verify network compatibility and the correct token addresses to avoid unsupported deposits.