Introduction of ENS on Upbit
South Korean cryptocurrency exchange Upbit has taken a significant step by integrating the Ethereum Name Service (ENS) into its platform. This latest addition allows Upbit users to buy ENS tokens using their local currency, Korean Won (KRW). Starting from approximately 18:30 Korean time, users can begin purchasing ENS tokens, marking a notable expansion in Upbit’s cryptocurrency offerings.
Known for holding the largest market share in the South Korean crypto market, Upbit has introduced specific guidelines to ensure a seamless trading experience. These include initial buy order restrictions and limitations on sell orders priced significantly below the previous day’s closing price, aiming to enhance market stability and security.
ENS Token Listing and Trading Rules
Upbit has set out detailed regulations for the new listing of ENS tokens to maintain a fair and secure trading environment. For the first five minutes after trading begins, buy orders will be restricted, and sell orders priced more than 10% below the previous day’s closing price will face similar restrictions. Additionally, market price orders and pre-orders will be limited to about an hour post-listing.
The previous day’s closing price for ENS has been set at 0.00047124 BTC, which is equivalent to 37,951 KRW. Upbit supports deposits and withdrawals of ENS exclusively on the Ethereum network, and the exchange has implemented a “travel rule” to scrutinize deposits from virtual asset operators not listed on Upbit. These protocols are designed to ensure compliance with regulatory standards and enhance the security of transactions.
Impact and Future of ENS on Upbit
The inclusion of the Ethereum Name Service on Upbit is expected to significantly boost the adoption and use of ENS names. Beyond trading ENS tokens, users can now purchase unique ENS names like “bob. eth,” which can be mapped to various identifiers, including addresses, content hashes, and metadata. These ENS names function similarly to non-fungible tokens (NFTs) due to their uniqueness and ownership properties within the Ethereum ecosystem.
Since its launch in 2017 by Nick Johnson and Alex Van de Sande of the Ethereum Foundation, ENS has seen substantial adoption, with crypto exchanges playing a pivotal role. Upbit’s large user base of 8 million, as reported by Statista, is likely to drive further adoption and integration of ENS, facilitating easier and more intuitive interactions within decentralized applications (dApps) and blockchain networks. The service’s ability to convert complex Ethereum addresses into simple, human-readable identifiers will significantly enhance the user experience in the decentralized ecosystem.
