Upbit added a won market for Euler's EUL on July 26, 2026

Upbit added a Korean won market for Euler's EUL on July 26, 2026, one day after Morpho's won debut. EUL already traded on Upbit against Bitcoin. The token trades near $1.41, about 91 percent below its July 2025 high, and Euler Labs said in April that it would refocus the protocol on lending infrastructure.

Where it stands

Upbit posted its notice at 09:56 KST on July 26 and revised it at 11:48. The start moved from 12:00 to 14:00 KST. Deposits and withdrawals run only on Ethereum. Upbit applied its usual opening limits: buy orders blocked for about five minutes, sell orders more than 10 percent below the previous close blocked for the same period, and limit orders only for about two hours.

The notice also quotes EUL's previous close in Upbit's BTC market, so this was a new market for a token Korean traders could already buy. Crypto Briefing had reported on July 25 that Upbit would list Morpho and Euler in its won market. It put EUL in a $1 to $1.70 range around the announcement.

Since then the token has drifted. It traded near $1.32 on September 4. CoinGecko showed about $1.41 on October 7, down 4.9 percent over 24 hours, with a market cap of $33.98 million on 24.035 million circulating tokens. The all-time high is $15.81 from July 10, 2025, and the all-time low is $0.7197 from March 29, 2026.

The most active pair is EUL/USDT on Binance, with about $1.04 million of daily volume. EUL also trades on Kraken, Coinbase Exchange and KuCoin. Upbit's notice list shows no caution or delisting notice for EUL through October 6.

How Euler got here

Euler's first version lost roughly $197 million to a flash loan exploit in March 2023. After weeks of onchain negotiation the attacker returned essentially all of the funds. The team spent a year and a half rebuilding and shipped Euler v2 in September 2024, where anyone can deploy custom lending vaults and chain them together.

Growth followed. The Defiant reported TVL near $1.18 billion by mid 2025, and EUL reached its high that July. Euler's own review, published April 7, 2026, says deposits hit $4 billion within a year of v2. DefiLlama showed about $322 million of TVL on October 7.

The same review is blunt about what went wrong. It says the Plasma deployment, the protocol's largest chain, was effectively wiped out when Stream Finance defaulted in late 2025. It describes depositors as chasing incentives rather than staying, and it says the app was slow and unreliable.

Euler Labs also recommended setting protocol fees to zero for the foreseeable future and pausing the Fee Flow auction. It said it would reposition Euler as lending infrastructure, with curators running the products, and would sunset DAO-managed markets once a vote passes. The review says both co-founders left in early 2026. We did not find whether the DAO has voted on any of this.

What a won market changes

The won market is the tier where Korean retail flow trades, so it can move a thin, drawn-down token quickly. EUL's daily volume of about $2.76 million on October 7 is small beside that.

Listing candles often fade once the first week passes, as the exchange listings guide explains. The better test is whether the won pair still prints meaningful volume a month later. Upbit added two lending protocols to its won board in two days, Euler and Morpho. That looks like a category move, though its notices do not explain the choice.

What to watch:

• A DAO vote on Euler Labs' fee and market proposals.

• Upbit won-pair volume against the BTC and USDT pairs.

• Whether TVL stabilizes near the current $322 million.

Nothing here is trading advice.

Not financial advice Listings often spike and then fade once the first wave of buyers is done. Nothing here is a suggestion to buy this token. Check dates on the exchange's own announcement page before trading: schedules slip. Our listing reaction data shows how new listings have typically traded.