Upbit lists Morpho and Euler DeFi tokens on Korean won market

South Korea’s leading cryptocurrency exchange Upbit added two decentralized finance lending tokens, Morpho (MORPHO) and Euler (EUL), to its Korean won (KRW) trading pairs. Morpho began trading on July 25 at 18:00 KST, while Euler’s launch was scheduled for July 26 but was delayed to 14:00 KST.

The listings prompted immediate price moves: Morpho rose about 4.8% on the announcement, and Euler surged roughly 74% in the 24 hours before its KRW launch, with trading volume exceeding $200 million. Upbit implemented temporary controls, blocking buy orders for five minutes after launch and restricting sell orders priced more than 10% below the prior close, while limiting orders to limit‑only for the first two hours.

Morpho, a modular lending protocol that recently raised $175 million and holds over $11 billion in deposits, launched a fixed‑rate lending feature on Base shortly before the listing. Euler, after a 2023 exploit, expanded to the HSK Chain and offers modular lending across multiple assets. The KRW pair provides Korean traders direct fiat exposure to these DeFi projects, a pattern that has historically generated short‑term spikes in demand and price.