Upbit will list Morpho and Euler tokens in its KRW market on consecutive days, giving Korean retail investors direct fiat access to 2 modular DeFi lending protocols. Morpho's $11 billion in deposits and $175 million fundraise reflect growing demand for customizable lending infrastructure in Asia.
Upbit lists Morpho and Euler in KRW market on July 25 and 26, giving Korean traders direct fiat access to 2 DeFi lending protocols.
Morpho's active deposits have surpassed $11 billion, with roughly $4 billion in outstanding loans, according to protocol data. The protocol raised $175 million in June at a valuation above $2 billion. Euler, which suffered a major exploit in 2023 before rebuilding, trades between $1 and $1.70 per token.
Morpho's price rose 4.8% on the announcement. The token's market cap sits between $1 billion and $1.3 billion, ranking it among the 50 largest crypto assets. Euler expanded to HSK Chain on July 17, broadening its capacity to offer loans against tokenized assets.
Both protocols belong to a newer generation of modular lending platforms that let users customize lending markets, contrasting with legacy monolithic protocols such as Aave and Compound where governance committees set parameters for the entire protocol. Morpho's fixed-rate lending product, Morpho Midnight, launched on Base mainnet on July 22, giving institutional borrowers an alternative to DeFi's variable-rate structures.
KRW trading pairs on Upbit provide direct fiat on-ramp access to millions of Korean traders, historically producing sharp short-term volume spikes in the first weeks after listing. Buy orders on Morpho will be restricted for the first 5 minutes after listing, with only limit orders available for approximately 2 hours, per Upbit's announcement. The back-to-back scheduling shows Upbit sees sufficient demand to justify 2 DeFi lending tokens in rapid succession.
This article is for informational purposes only and does not constitute investment advice.
