South Korean exchange Upbit has added Morpho (MORPHO) and Euler (EUL) to its KRW market, providing a direct KRW trading gateway for these two Ethereum lending protocol tokens. The two assets were already tradable on Upbit's BTC and USDT markets; this addition of KRW trading pairs further shortens the fiat currency trading path for local users.
EUL launch date temporarily postponed
As per Upbit's schedule, MORPHO/KRW went live at 18:00 on July 25th, while EUL/KRW was originally scheduled to open at 12:00 on July 26th, but was subsequently rescheduled to 14:00 on the same day. The platform did not provide detailed reasons, only stating that the start time of trading might be delayed if liquidity was insufficient.
Upbit also imposed temporary restrictions on EUL during its initial listing period. Buy orders were restricted for approximately 5 minutes after the opening; at the same time, sell orders below 10% of the previous closing price were also restricted. For the next two hours, users could only submit limit orders. The announcement indicated a reference closing price of 0.00003019 BTC, equivalent to 2845 Korean Won.
EUL saw larger pre-market gains.
Before the official opening of the Korean won trading pair, the market reaction for EUL was even stronger. The article cites Binance data, stating that EUL once reached approximately $2.22, a 24-hour increase of about 74%, with a trading volume exceeding $200 million. CoinMarketCap also linked this surge in volume to the news of Upbit's listing.
This is not the first time EUL has experienced rapid fluctuations due to news about a Korean won trading pair. The report mentions that after Bithumb announced the listing of the EUL Korean won trading pair in September 2025, the token rose by over 30%. In July of the same year, EUL also experienced a surge after Coinbase included it in its asset roadmap.
MORPHO's trading volume increased simultaneously.
In contrast, MORPHO's price fluctuated less, but its trading volume also increased significantly. Reports indicate that MORPHO was trading at approximately $1.95 on July 26, a 24-hour increase of about 1.5%. CoinGecko data shows that its daily trading volume increased by over 400% compared to the previous day, and its market capitalization exceeded $1.2 billion.
The report also mentioned that Morpho has recently made continuous progress in product development and financing. In July, the project launched Midnight, a fixed-rate, fixed-term lending product on Base, and stated that its online deposits have exceeded $11 billion. In June, Morpho completed a $175 million financing round, with investors including Paradigm, a16z Crypto, and Ribbit Capital, valuing the project at approximately $2 billion.
Both lending protocols are based on Ethereum.
Both Morpho and Euler target on-chain lending scenarios, but their product structures differ. Morpho allows developers and asset managers to create custom lending markets and vaults, and set their own collateral, risk parameters, and interest rate models. Euler v2, on the other hand, adopts a modular vault design, supporting developers in building different lending markets.
Euler suffered an attack in 2023, with an early version losing approximately $197 million. The attackers subsequently returned most of the funds. Since then, the protocol has continued to expand around version v2. Reports indicate that by October 2025, the Euler protocol's total borrowings exceeded $2 billion, and deposits totaled approximately $4 billion.
Overall, Upbit's continued opening of trading in Korean Won for MORPHO and EUL has expanded direct access to these two types of DeFi lending tokens in the Korean market. However, EUL had already seen a significant price increase before the opening, and coupled with the opening restrictions set by the exchange, short-term volatility remains high.
