Upbit, which has an important place among global crypto asset exchanges, announced that a new crypto asset, Wormhole (W coin), will be traded on the platform. Other cryptocurrency exchanges have also announced various listings.
W coin enters the South Korean stock exchange
Upbit lists Wormhole (W coin). This announcement aroused great interest for both cryptocurrency investors and users operating on the Solana network. Upbit will open Wormhole (W) for trading on October 2, 2024 with trading pairs KRW, BTC, and USDT. This development increased trust in the Solana ecosystem and became a highly anticipated event among users. While the start of transaction support is determined as 19:00 on October 2, deposit transactions will be opened on the Solana network three hours before this time, that is, at 16:00. Upbit announced that it has introduced certain trading restrictions to ensure user safety and transaction smoothness regarding Wormhole (W) trading. These restrictions will be implemented to ensure that transaction volume increases regularly and price movement is balanced.
Be careful with Upbit transactions
The first restriction is that no buy orders will be processed within the first five minutes after the transaction begins. This stands out as a measure to prevent rapid fluctuation in prices. Likewise, there is a limit on sell orders within the first five minutes. Accordingly, no sell order that is 10% below the previous day’s closing price will be processed. This practice aims to prevent selling pressure from causing sudden price drops.
For one hour from the start of trading, market and limit orders will be restricted. This means that users will be able to trade only within certain limits during this period. These restrictions will contribute to the stable continuation of trade. Additionally, prices will be determined based on data from CoinMarketCap, ensuring the market operates with accurate pricing.
What is Wormhole (W coin)?
Wormhole stands out as a message passing protocol designed specifically for the purpose of connecting different blockchains. This protocol uses a system called Guardian Network to manage off-chain message transmission and verification processes. This feature offers more flexible use to developers and users, especially by accelerating inter-blockchain communication.
Wormhole token (W) is used for governance and staking purposes in this ecosystem. That is, W token holders can contribute to the development of the protocol and earn rewards through staking. In addition, Wormhole Connect, another innovation offered by Wormhole, is defined as a widget that can be used for decentralized exchanges (DEXs) and web applications. Thanks to this widget, developers can integrate Wormhole’s functionality directly into their own applications, which is a huge advantage for DEX users.
What are the important listings on other platforms?
This week, there were important listings in the cryptocurrency world not only on Upbit but also on other exchanges. On October 2, 2024, several important crypto assets began trading on different platforms. Eigenlayer (EIGEN) was listed on the Thailand-based Bitkub exchange. This transaction started at 10:10:03 and became a remarkable event in the crypto world. On the same day, FWOG (FWOG) started to be listed on Crypto.com Exchange. The start of trading of FWOG was recorded as 08:15:22.
However, Osaka Protocol (OSAK) took its place on the AscendEX exchange in the morning and started trading. This transaction, which took place at 07:05:17, is important for Osaka Protocol to expand its presence in the crypto community. Another important listing of the day was on Kucoin for AutoLayer (LAY3R). AutoLayer, which was offered to Kucoin users at 05:35:18, was among the assets that attracted the attention of investors. Finally, MEXC Global exchange also listed the digital asset called FoFar (FOFAR). FOFAR became available to users in the FOFAR/USDT trading pair on October 2 at 15:00 UTC.
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