Upbit has added Morpho (MORPHO) and Euler (EUL) to its Korean won market, expanding direct KRW trading for two Ethereum-based decentralized lending projects in Korea.
MORPHO/KRW opened on July 25 at 6:00 p.m. KST, while Upbit planned EUL/KRW for July 26.
However, Upbit changed Euler’s launch timetable shortly before trading. The exchange moved the start from 12:00 p.m. to 2:00 p.m. KST on July 26. The notice said, “The trading support start time for EUL will change.” Deposits and withdrawals for both assets remain limited to the Ethereum network. The listings also broaden access beyond existing BTC and USDT pairs already available for both assets on Upbit.
Upbit did not give a detailed reason for the two-hour delay. Its notice said trading may start later when the exchange has not secured enough liquidity. The platform had already created the EUL/KRW market page, but users still had to follow the revised 2:00 p.m. KST start time.
The exchange also placed temporary controls on the launch. Upbit will block buy orders for about five minutes after trading begins. During the same period, it will restrict sell orders priced more than 10% below the previous closing price. For roughly two hours, users may place limit orders only. Upbit set the reference close at 0.00003019 BTC, equal to 2,845 won in its notice.
EUL recorded the stronger market response. At the time of writing, Binance data placed the token near $2.22, up about 74% over 24 hours, with trading volume above $200 million. CoinMarketCap data also linked the move to the Upbit listing and reported a sharp rise in volume before the KRW market opened.
The reaction follows earlier cases in which Korean won listings drove fast changes in EUL trading. As crypto.news reported in September 2025, EUL rose more than 30% after Bithumb announced a KRW pair. The token had also gained after Coinbase added it to its asset roadmap in July 2025. Those earlier moves show that new exchange access can quickly change short-term demand, although gains can reverse when initial activity slows.
Morpho’s KRW pair opened a day earlier. Upbit scheduled MORPHO/KRW trading for 6:00 p.m. KST on July 25 and supported deposits and withdrawals through Ethereum only. Market trackers recorded a smaller price move than EUL, but they also showed a sharp increase in MORPHO trading volume after the announcement.
MORPHO traded near $1.95 on July 26, up about 1.5% over 24 hours. CoinGecko placed its market value above $1.2 billion and reported that daily volume had increased by more than 400% from the previous day. The listing adds a direct won pair for a token that Upbit already offers in its BTC and USDT markets.
The new KRW access also follows a series of Morpho product and funding updates.Morpho launched Midnight on Base in July, offering fixed-rate and fixed-term lending. The network said it held more than $11 billion in deposits. In June, Morpho raised $175 million from investors including Paradigm, a16z Crypto and Ribbit Capital, with the transaction reportedly valuing the project at about $2 billion.
Morpho and Euler both provide infrastructure for onchain lending, but they use different systems. Morpho lets developers and asset managers create lending markets and vaults with selected collateral, risk settings and interest models. MORPHO supports governance and other functions across the network.
Euler v2 uses modular vaults that users and developers can build for different lending markets. Its Euler Vault Kit supports the creation of vaults, while the Ethereum Vault Connector can link positions across compatible vaults. EUL serves governance, rewards and fee-related functions within the protocol.
Euler rebuilt its platform after a 2023 exploit drained about $197 million from its earlier version. The attacker later returned most of the funds. As crypto.news previously reported, Euler expanded through v2 and later launched on networks including Sonic. The protocol reported more than $2 billion in total borrowing and about $4 billion in deposits by October 2025.
Upbit’s back-to-back MORPHO and EUL listings give Korean traders new won-denominated access to two lending protocols. However, the fast EUL price rise and the exchange’s opening controls point to high volatility around the launch. Upbit advised users to confirm the Ethereum network and token contract before sending funds, because unsupported deposits may require a long return process.
