Upbit rarely does themes, which is why this week stood out. One day after opening its Korean won market to Morpho, South Korea's largest exchange listed Euler's EUL in the KRW market on July 26, 2026, per Crypto Briefing, completing a back-to-back pair of DeFi lending listings announced in the same cycle. We cover the Morpho half of the story separately; this page is about the more improbable of the two tokens, because Euler should not, by the usual laws of crypto, still exist.
The resurrection Upbit is listing
In March 2023, Euler's first version was drained of roughly $197 million in a flash loan exploit, at the time one of the largest DeFi hacks on record. Protocols that lose nine figures generally die: users scatter, the token bleeds out, the team ships a postmortem and a farewell. Euler's ending was different. After weeks of onchain negotiation, and with the pressure of chain analysis and law enforcement interest mounting, the attacker returned essentially all of the funds, and depositors were made whole. The team then did something slower and rarer than a relaunch announcement: it spent a year and a half rebuilding, and shipped Euler v2 in September 2024 as a modular platform where anyone can deploy customized lending vaults and chain them together, the same permissionless-markets thesis Morpho runs, executed with different architecture.
The second act worked. Per The Defiant, protocol TVL climbed to about $1.18 billion by mid 2025, an expansion the publication credited with driving EUL to a new all-time high of $15.76 on July 10, 2025, per CoinGecko. The year since has been unkinder to the token than to the protocol: EUL trades around $1.67 as of the listing, per CoinGecko, roughly 93 percent below that peak, in the $1 to $1.70 band Crypto Briefing cited around the announcement, with daily volume near $87 million. A protocol with a billion-dollar balance sheet and a token down 93 percent is exactly the kind of divergence that either resolves upward or is telling you something about token value capture; we hold no view on which, and neither should a listing page.
v1 drained; funds later returned.
Modular, permissionless lending vaults.
TVL near $1.18B per The Defiant.
EUL at ~$1.67, one day after Morpho.
What a won pair changes, and what it does not
The KRW market is Upbit's main stage, the tier where domestic retail flow actually trades and where the documented Upbit effect on price and volume lives. For a token as far from its high as EUL, that cuts both ways. New Korean demand meeting a thin, drawn-down market can move price disproportionately, which is precisely why Upbit wraps KRW debuts in opening guardrails, and why announcement pops around these listings have a habit of round-tripping once the first week's tourists leave. Per our framework in the exchange listings guide, the durable question is never the debut candle; it is whether the pair still prints meaningful volume in a month.
The category signal interests us more than the single name. An exchange as retail-driven as Upbit choosing to promote two DeFi lending protocols into its won market on consecutive days is a statement about where it expects Korean appetite to go, and lending is the least meme-shaped corner of DeFi it could have picked. If the pair of listings builds real volume, expect the rest of the modular lending cohort to start showing up in Korean listing chatter, and expect us to track it here. If it does not, this week becomes a footnote in two tokens' histories. Either way, a protocol that gave back $197 million and rebuilt to a billion in TVL has earned the least sensational description we can give it: listed, at 18 percent of its former price, with the interesting part still ahead. Nothing here is trading advice.
Not financial advice Listings often spike and then bleed once the initial hype unwinds. Nothing here is a suggestion to buy this token. Verify dates on the exchange's own announcement page before trading: schedules slip.
