Upbit announced the addition of KRW trading pairs for Morpho (MORPHO) and Euler (EUL) on its platform, enabling direct Korean won trading for the two Ethereum‑based decentralized lending tokens. The MORPHO/KRW pair became active at 6:00 p.m. KST on July 25, while the EUL/KRW market was scheduled for 12:00 p.m. KST on July 26 but was postponed to 2:00 p.m. KST after the exchange said sufficient liquidity had not yet been secured. Upbit said it would temporarily block buy orders for about five minutes after trading began and limit sell orders to less than 10 % below the previous close for roughly two hours, allowing only limit orders during that period. Prior to the listings, EUL rose about 74 % in the 24 hours before the scheduled launch, reaching roughly $2.22 per token with trading volume over $200 million according to Binance data, while MORPHO showed a modest price increase, trading near $1.95 and a 1.5 % rise with daily volume climbing more than 400 % to a market capitalization above $1 billion per CoinGecko. Both assets are only tradable on the Ethereum network for deposits and withdrawals. Morpho launched the Midnight product on Base in July and raised $175 million in June from investors including Paradigm and a16z Crypto, reporting more than $11 billion in deposits and a valuation near $2 billion. Euler rebuilt its platform after a 2023 exploit that drained about $197 million, reporting over $2 billion in total borrowing and $4 billion in deposits by October 2025. Upbit’s simultaneous listings give Korean traders new won‑denominated access to these protocols, though the rapid price movement and imposed trading controls highlight the volatility associated with the launches. Upbit advised users to verify the Ethereum network and token contract before sending funds, noting that unsupported deposits may require extended recovery processes.