EUL jumps 74% after Upbit won listing, exchange flags liquidity

Upbit added Morpho (MORPHO) and Euler (EUL) to its Korean won market this week, offering direct KRW trading for two Ethereum-based decentralized lending tokens. The exchange delayed Euler's launch by two hours shortly before trading, a move that signaled caution around liquidity.

MORPHO/KRW opened July 25 at 6:00 p.m. KST. Upbit planned EUL/KRW for July 26 at 12:00 p.m. KST, then pushed the start to 2:00 p.m. The notice said the start time "will change" without a detailed explanation. The platform may delay trading when it has not secured enough liquidity, the exchange said. Upbit had already created the EUL/KRW market page, users had to follow the revised schedule.

Upbit placed temporary controls on both launches. Buy orders are blocked for about five minutes after trading begins. Sell orders priced more than 10% below the previous closing price are restricted during that window. For roughly two hours, only limit orders are allowed. Upbit set the reference close at 0.00003019 BTC, equal to 2,845 won in its notice.

EUL recorded the stronger market response. Binance data placed the token near $2.22 on July 26, up about 74% over 24 hours, with trading volume above $200 million. CoinMarketCap linked the move to the Upbit listing and reported a sharp rise in volume before the KRW market opened.

The reaction follows earlier Korean won listing effects. EUL rose more than 30% after Bithumb announced a KRW pair in September 2025, crypto.news reported. The token also gained after Coinbase added it to its asset roadmap in July 2025. New exchange access can quickly change short-term demand, gains can reverse when initial activity slows.

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 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, with the transaction reportedly valuing the project at about $2 billion.

Morpho and Euler both provide infrastructure for onchain lending. 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. 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. Euler expanded through v2 and later launched on networks including Sonic, crypto.news reported. 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. 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. Unsupported deposits may require a long return process.