Upbit has added two major Ethereum-based lending tokens—Morpho (MORPHO) and Euler (EUL)—to its Korean won (KRW) market, giving Korean traders direct won-denominated access to both protocols.
What happened and when
- MORPHO/KRW began trading on July 25 at 18:00 KST. Deposits and withdrawals for MORPHO are supported only on the Ethereum network.
- EUL/KRW was scheduled to open on July 26 at 12:00 KST but Upbit pushed the start to 14:00 KST shortly beforehand, saying only that “the trading support start time for EUL will change.” Deposits and withdrawals for EUL are likewise limited to Ethereum.
Opening controls and liquidity caveats
Upbit said trading could be delayed if it had not secured sufficient liquidity and implemented temporary launch controls to limit extreme moves at market open:
- Buy orders will be blocked for about five minutes after trading begins.
- Sell orders priced more than 10% below the previous close will be restricted during that same brief period.
- For roughly two hours after launch, only limit orders will be allowed.
- Upbit set the reference previous close for EUL at 0.00003019 BTC (equal to 2,845 KRW).
Market reaction
Euler saw a much stronger immediate response. At the time of reporting, Binance data placed EUL at roughly $2.22—about a 74% 24-hour gain—with daily trading volume above $200 million. CoinMarketCap tied this surge to the Upbit listing, noting a sharp volume spike before the KRW market opened. The pattern mirrors past moves: EUL jumped more than 30% after Bithumb announced a KRW pair in September 2025 and also rose following Coinbase’s earlier asset roadmap listing in July 2025—illustrating how new exchange access can trigger rapid, short-term demand.
Morpho’s price reaction was more muted but still notable. On July 26 MORPHO traded near $1.95, up about 1.5% over 24 hours. CoinGecko put Morpho’s market cap above $1.2 billion and reported daily volume had climbed more than 400% from the previous day after the Upbit announcement.
Protocol backgrounds
- Morpho: Focused on on-chain lending infrastructure, Morpho lets developers and asset managers create lending markets and vaults with configurable collateral, risk settings and interest models. MORPHO is used for governance and network functions. Recent milestones include the July launch of “Midnight” on Base (fixed-rate, fixed-term lending) and a June funding round that raised $175 million from investors including Paradigm, a16z Crypto and Ribbit Capital—reportedly valuing Morpho at roughly $2 billion. The protocol also reported holding more than $11 billion in deposits after recent product launches.
- Euler: Euler v2 is built around modular vaults that users and developers can assemble for different lending markets. Tools such as the Euler Vault Kit and Ethereum Vault Connector help create and interlink vaults; EUL handles governance, rewards and fee mechanics. Euler rebuilt and relaunched after a 2023 exploit that drained about $197 million (most funds were later returned). By October 2025 the protocol reported over $2 billion in total borrowing and about $4 billion in deposits across networks where it now operates.
What this means for Korean traders
Upbit’s back-to-back MORPHO and EUL listings expand direct KRW trading options for two influential on-chain lending projects, but the sharp EUL move and Upbit’s opening restrictions underscore the potential for high volatility at new KRW market launches. Upbit reminded users to confirm they are using the Ethereum network and the correct token contract before sending funds—unsupported deposits may require lengthy return procedures.
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