Upbit to list Morpho and Euler tokens in KRW market, signaling DeFi lending’s growing appeal in Asia

South Korea’s dominant crypto exchange is rolling out the welcome mat for DeFi lending. Upbit will list Morpho (MORPHO) in its KRW trading market on July 25 at 18:00 KST, with Euler (EUL) following one day later on July 26. The announcement alone was enough to nudge Morpho’s price up 4.8%. Why these two protocols, and why now Morpho and Euler both belong to a newer generation of lending protocols that take a modular approach, essentially letting users and developers customize lending markets rather than relying on one-size-fits-all pools. This contrasts with legacy monolithic platforms like Aave and Compound, where governance committees set parameters for the entire protocol. Modular lending flips that model, giving market creators more granular control over collateral types, interest rate curves, and risk parameters. Morpho has been on a tear lately. The protocol raised $175 million in June, pushing its valuation north of $2 billion. Its active deposits now surpass $11 billion, with roughly $4 billion in outstanding loans. Just days before the Upbit listing, on July 22, Morpho launched a fixed-rate lending feature called Morpho Midnight on the Base mainnet. Fixed-rate lending has ...