Upbit will add a South Korean won trading market for Lighter's LIT token at 1:00 pm KST on Aug. 24, giving the perpetual futures protocol's infrastructure token direct access to Korea's retail crypto market.
Listing Details
The LIT/KRW listing will allow Upbit customers to purchase the token directly with won. LIT was already available through Upbit's Bitcoin market, which provided the reference price used to establish the new market's opening restrictions. Upbit listed LIT's previous BTC market closing price as 0.00004500 BTC, equivalent to approximately 4,803 won.
Deposits and withdrawals are supported only through Ethereum using Upbit's specified LIT contract address. The exchange warned that trading could be postponed if it fails to secure sufficient liquidity after deposits and withdrawals become available.
Early Trading Restrictions
Upbit will block buy orders for approximately five minutes after LIT/KRW trading begins. Sell orders priced more than 10% below the previous closing price will also be restricted during that period. Only limit orders will be accepted for the first two hours, with market orders and other conditional order types becoming available after the initial restriction ends.
The controls are designed to reduce disorderly trading when a new won market opens with limited price history. South Korean listings can attract concentrated retail activity, and previous Upbit additions have occasionally produced abrupt market moves. ORCA rose more than 200% following its South Korean market listing, though that does not establish how LIT will trade.
What Lighter Does
Lighter operates an order book-based decentralized exchange focused on perpetual futures. The protocol processes trading through an Ethereum layer 2 while using cryptographic proofs to verify order matching and liquidations. LIT is the protocol's infrastructure and utility token.
Staking LIT provides access to Lighter's Liquidity Pool. Each staked LIT currently allows a user to deposit up to 10 USDC into the pool. Unstaking is subject to a three-day lockup period. Stakers may also qualify for trading and funding-related benefits. The token launched with 25% of its supply distributed through a community airdrop, with half allocated to ecosystem programs and half to the team and investors under lockup and vesting terms.
Travel Rule Requirements Apply
South Korea's Travel Rule requirements apply to LIT deposits. Deposits from exchanges not on Upbit's approved virtual asset service provider list may not be credited. Transfers from personal wallets are limited to addresses that have completed ownership verification. Upbit may also request information about the source of funds for large deposits with unclear origins.
