Upbit to list Ether.fi, Resolv, Initia, and Spark
Leading South Korean crypto exchange Upbit will list four new altcoins, namely Ether.fi, Resolv, Initia, and Spark.
- Upbit to list ETHFI, RESOLV, INIT, and SPK for BTC and USDT trading pairs at 3:00 p.m. KST today.
- RESOLV, INIT, and SPK recorded the most notable gains.
According to a Sep. 19 announcement, the four altcoins ETHFI, RESOLV, INIT, and SPK will be tradable against Tether (USDT) and Bitcoin (BTC), and trading is expected to go live at 3:00 p.m. Korea Standard Time (6 am UTC) today, with deposits and withdrawals already open.
Only KYC-verified users would be allowed to initiate deposits, and in the case of large deposits, the exchange would require the sender to provide documentation verifying the source of funds.
For ETHFI, RESOLV, and SPK, deposits and withdrawals will be supported on the Ethereum network, while INIT transactions must be conducted via the Initia network.
To ensure a stable launch for these tokens, Upbit said it would place some temporary trading restrictions, which include blocking buy orders for about five minutes after trading begins, while sell orders priced more than 10% below the previous day’s closing price will be restricted during the same period. (See below.)
After the initial 5-minute window ends, traders will only be able to place limit orders for the first two hours.
RESOLV price rallies on Upbit listing news
As South Korea’s largest cryptocurrency exchange, Upbit listings are often both preceded and followed by notable price swings, often towards the upside.
Among the four set for listing today, Resolv (RESOLV) held the highest gains at press time, up over 6% in the past 24 hours, followed by Initia (INIT) with 4.75% gains, and Spark (SPK) with gains of roughly 2.5%. Ether.fi (ETHFI), which initially entered a brief rally after the news surfaced, was the only altcoin in the red with modest losses of 0.37%.
However, there have been multiple instances where, in the hours following a spot listing, tokens have given up early gains as speculative momentum fades and initial hype subsides.
Upbit launches Ethereum Layer 2
The fresh batch of listings comes just days after the exchange unveiled GIWA Chain, an Ethereum layer-2 network built on the Optimism OP Stack. With GIWA, Upbit expects to foray into blockchain infrastructure and has claimed that the network would feature one-second block times alongside EVM compatibility.
