Upbit has added Morpho ($MORPHO) and Euler ($EUL) to its Korean won market, expanding direct KRW trading access in South Korea for two Ethereum-based decentralized lending projects.

The $MORPHO/KRW market opened on July 25 at 6:00 p.m. KST. Upbit initially planned to open $EUL/KRW trading on July 26 at 12:00 p.m. KST, but revised the schedule shortly before launch and moved the start time to 2:00 p.m. KST. In its notice, the exchange said, “The trading support start time for $EUL will change.”

Deposits and withdrawals for both assets are limited to the Ethereum network. The KRW additions also expand access beyond the $BTC and $USDT pairs already available for both tokens on Upbit, meaning Korean users can trade the assets directly against won rather than routing through crypto-denominated markets.

오일러( $EUL ) KRW 마켓 거래지원 안내 ✅ 지원 마켓 : KRW 마켓 📅 거래지원 개시 시점: 2026-07-26 12:00 KST 예정 🔗 공지 바로가기: # $EUL @eulerfinance pic.twitter.com/SmbdUiIhkY — Upbit Korea (@Official_Upbit) July 26, 2026

Upbit delays $EUL trading after adding KRW pair

Upbit did not provide a detailed explanation for the two-hour delay. Its notice said trading may begin later than scheduled if the exchange has not secured sufficient liquidity. Although Upbit had already created the $EUL/KRW market page, users were required to follow the revised 2:00 p.m. KST opening time.

The exchange also imposed temporary controls for the start of trading. Upbit said it would block buy orders for about five minutes after trading begins. During the same period, it would restrict sell orders priced more than 10% below the previous closing price. For roughly two hours after launch, users would be allowed to place limit orders only. Such opening controls are relevant for newly listed markets because order books can be thin at launch and early orders may set the first traded prices.

Upbit set the reference closing price at 0.00003019 $BTC, equal to 2,845 won, according to its notice.

$EUL rises before scheduled Upbit launch

$EUL showed the larger market move ahead of the KRW market opening. 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 connected the move to the Upbit listing and reported a sharp increase in volume before the KRW market opened.

The reaction followed earlier cases in which Korean won listings coincided with rapid 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 showed that new exchange access can quickly alter short-term demand, although gains can reverse when initial activity slows.

Morpho gains another Korean won liquidity route

Morpho’s KRW pair opened one day earlier. Upbit scheduled $MORPHO/KRW trading for 6:00 p.m. KST on July 25 and limited deposits and withdrawals to Ethereum. Market trackers recorded a smaller price move than $EUL, while also showing 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 Upbit already offers in its $BTC and $USDT markets.

The new KRW access 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, in a transaction reportedly valuing the project at about $2 billion.

Upbit lists two modular Ethereum lending protocols

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 vault creation, while the Ethereum Vault Connector can link positions across compatible vaults. $EUL is used for 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 while adding local fiat liquidity routes for assets previously available on the exchange only through $BTC and $USDT pairs. The rapid $EUL price move and Upbit’s opening controls also marked heightened trading conditions around the launch. Upbit advised users to confirm the Ethereum network and token contract before sending funds, noting that unsupported deposits may require a long return process.