South Korea’s leading cryptocurrency exchange Upbit has integrated Ethena’s ENA token, enabling trading against the Korean won (KRW), Bitcoin (BTC), and Tether (USDT). This expansion facilitates direct access for Korean investors, with deposits and withdrawals exclusively supported on the Ethereum network.
The listing triggered immediate market momentum, driving a 19.27% price surge that elevated ENA from $0.327 to $0.390. This appreciation occurred despite significant selling pressure from ongoing token unlocks exceeding 210 million ENA during July, underscoring investor confidence in Ethena’s foundational technology.
Robust protocol growth reinforces this sentiment, with Ethena generating $290.2 million in cumulative revenue. The protocol achieved its first $100 million in revenue within just 251 days after launch, highlighting accelerated adoption and operational efficiency.
Upbit’s integration notably enhances ENA’s liquidity within a key Asian market while broadening accessibility to retail and institutional traders. The development is anticipated to increase trading volume and attract further institutional interest as the token strengthens its exchange presence.