South Korea’s largest crypto exchange, Upbit, has opened direct South Korean Won (KRW) trading pairs for two Ethereum-based lending projects: Morpho (MORPHO) and Euler (EUL). This move expands access for local traders while triggering sharply contrasting market reactions. Binance data shows EUL’s price surged 74% in 24 hours to $2.22, with trading volume exceeding $200 million. On the other hand, the MORPHO token stood at $1.95 on July 26, reflecting just a 1.5% gain over the same period. Despite the sluggish price action, CoinGecko data showed MORPHO’s daily trading volume soared more than 400%, with its market cap holding steady above $1.2 billion.
The two listings were scheduled a day apart. The MORPHO/KRW pair opened first on July 25 at 18:00 KST. For EUL/KRW, Upbit pushed back the launch on July 26 from 12:00 to 14:00 KST. This two-hour delay was implemented after the exchange determined that accumulated liquidity was insufficient to commence trading. To curb risks during the initial rollout, Upbit enforced strict restrictions. The exchange blocked buy orders for the first five minutes. Sell orders priced more than 10% below the reference closing price - set at 0.00003019 BTC or equivalent to 2,845 KRW - were also rejected during the same window. Additionally, trading was restricted exclusively to limit orders for the first two hours.
Why Did EUL React More Strongly?
EUL’s price rally mirrors its historical pattern in the Korean market. In September 2025, the token surged over 30% right after Bithumb announced a KRW trading pair. Two months earlier in July 2025, EUL also ticked upward when Coinbase added it to its asset roadmap listing. In terms of functionality, the EUL token offers dual appeal for holders. Unlike MORPHO, which primarily supports network governance rights, EUL’s utility includes reward mechanisms and access to features tied to protocol fee structures.
Two Distinct Infrastructure Approaches
Behind the diverging price performance, both projects offer distinct lending architectures. Euler operates on its second version (v2), leveraging a modular vault design to construct various types of lending markets. The protocol utilizes a component called the Ethereum Vault Connector, which connects user positions across diverse compatible vaults.
Meanwhile, Morpho takes a base-layer approach. The protocol serves as an onchain lending infrastructure that allows developers and asset managers to deploy their own markets and vaults. Through Morpho, market creators can design collateral types, set risk parameters, and structure interest rate models free from centralized constraints. Despite their differing systems, both are subject to technical rules set by Upbit: all token deposits and withdrawals must be processed via the Ethereum mainnet.
The entry of these two tokens into the KRW market demonstrates that Korean retail capital remains a potent catalyst for DeFi projects. However, for traders looking to profit from listing volatility, Upbit issued a fundamental reminder. Users must verify the network and match token contract addresses prior to transferring funds. Rushing into a green rally and sending funds to the wrong address means losing capital forever.
Sourced from crypto.news.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
