Upbit, South Korea's top crypto exchange, is expanding its DeFi lending offerings by listing two modular lending protocol tokens, Morpho (MORPHO) and Euler (EUL), in its Korean won (KRW) market. Morpho's token will be available for trading starting July 25 at 18:00 KST, with Euler following on July 26.
Morpho’s price surged nearly 5% immediately after the announcement, signaling growing enthusiasm among traders. Both Morpho and Euler represent a new style of lending platforms that allow users and developers more customization of lending terms, moving away from older, all-in-one lending pools like those seen on platforms such as Aave or Compound. This modular approach empowers market creators to adjust collateral options, interest rates, and risk levels on a more granular scale.
Morpho has recently seen significant growth: after raising $175 million in June, its valuation pushed past $2 billion, with active deposits exceeding $11 billion and roughly $4 billion loaned out. Just days before the Upbit listing, Morpho introduced 'Morpho Midnight,' a fixed-rate lending feature on the Base mainnet a long-awaited capability in decentralized finance.
Euler, despite a major exploit setback in 2023, has rebuilt and expanded its modular lending infrastructure to new blockchains, such as its July 17 deployment on HSK Chain, enabling loans against tokenized assets. At the time of the Upbit announcement, Euler’s token was trading between $1 and $1.70.
Getting KRW trading pairs on Upbit is a big deal for these tokens because it opens the door to millions of Korean traders who can now buy and sell using fiat currency. This usually triggers sharp price movements due to fresh capital inflows. Upbit’s decision to list Morpho and Euler on consecutive days highlights strong anticipated demand for DeFi lending tokens in the region.
With Morpho’s deposits at $11 billion, there’s clear appetite for more flexible credit infrastructure. The KRW listings are expected to boost liquidity and trading volume for MORPHO and EUL, especially in the initial weeks after their introduction.
On the markets, Morpho’s token capitalized on the announcement with a 4.8% price bump, reflecting immediate investor interest.
