Upbit Extends Support To Ethereum L2 Taiko, Here’s All

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As a seasoned crypto investor with a deep understanding of the market dynamics and trends, I find Upbit’s announcement of supporting Ethereum L2 Taiko both intriguing and promising. The fact that Vitalik Buterin himself proposed the first block on Ethereum Mainnet has undoubtedly added to its popularity, and Upbit’s decision to offer three new trading pairs (TAIKO/BTC, TAIKO/USDT, and TAIKO/KRW) further broadens its reach.

Upbit, a prominent South Korean cryptocurrency trading platform, announced its intention to support Ethereum L2 (Layer 2) solution Taiko as of June 5, according to an official statement. Taiko, which was recently launched on the Ethereum Mainnet with Vitalik Buterin’s endorsement, has seen increased attention due to Upbit’s announcement.

Significantly, the South Korean cryptocurrency exchange revealed intentions to introduce three fresh trading pair options for Taiko. Let’s delve deeper into the details of this declaration.

Upbit To Offer Market Support In BTC, USDT, & KRW Trading Pairs

Starting from June 5, following Upbit’s commitment to Ethereum L2, three new trading pairs will be introduced: Bitcoin versus Taiko (TAIKO/BTC), Tether versus Taiko (TAIKO/USDT), and South Korean Won versus Taiko (TAIKO/KRW). These fresh pairings, accessible for trading after 10:00 PM GMT+9 (22:00 KST) on June 5, expand the possibilities for Upbit users to interact with the Taiko cryptocurrency.

Upbit has set forth some crucial guidelines and limitations concerning the listing process. According to the statement, any deposits of TAIKO made prior to the coin’s price being listed on Coinmarketcap, after deposit acceptance begins, or before Upbit enables TAIKO transactions, will be subjected to verification under the travel rule, irrespective of the price. Furthermore, buy and sell limits will be established by Upbit following the commencement of trading support, as per the announcement. These precautions aim to maintain a level playing field and ensure a safe trading experience for all users.

For approximately five minutes following the start of trading, buy orders are capped, as well as sell orders featuring a base price that is 10% or more in the red.

The company announced that market prices and pre-orders would be limited for approximately an hour following transaction support.

Additionally, Upbit strongly advised users to utilize only TAIKO-Taiko and TAIKO-Ethereum networks for transactions involving deposits and withdrawals. Employing alternative networks might complicate matters and result in delays. However, the L2 solution has garnered substantial attention with Ethereum co-founder Vitalik Buterin’s endorsement and the positive outlook on its potential benefits.

Taiko’s Mainnet Launch Magnetizing Support?

During the meantime, a new report from CoinGape Media revealed that Taiko thanked Buterin upon its debut on the Ethereum Mainnet. Notably, Buterin had initiated the first block on Ethereum, adding to the excitement and support for the protocol.

Upbit’s decision to expand its support aligns with the current trend in the cryptocurrency market, highlighting their intent to seize the opportunity and grow their user base by catering to this rapidly expanding segment.

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2024-06-05 14:45