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Upbit, one of South Korea's largest cryptocurrency exchanges, announced that it will support the digital asset Monad (MON) with three separate trading pairs.
Upbit Opens KRW, BTC, and USDT Trading Pairs for Monad (MON)
According to the announcement, MON will be listed on the KRW, BTC, and USDT markets. Transaction support will begin at 00:00 on November 25th. Deposits and withdrawals for MON will be available within three hours of the announcement.
Monad stands out as a Layer-1 blockchain project that supports transfers via its own Monad network. Upbit specifically warns users about network selection, stating that MON can only be deposited via the Monad network and that assets sent from other networks cannot be processed.
The exchange also reminded that all investments made before the reference price for MON appears on CoinMarketCap or before Upbit's official trading support begins will be subject to Travel Rule verification, with no limit on the amount. Upbit added that the listing time may be postponed if sufficient liquidity is not available.
Temporary trading restrictions will be in place at market opening. Buy orders will be suspended for the first five minutes after trading begins. Additionally, all order types except limit orders will be disabled for approximately two hours. The minimum sell price will be announced separately before trading begins.
The Monad project stands out with its technical structure, which targets high efficiency. With its BFT consensus mechanism, parallel transaction processing, and optimized database structure, Monad aims to reach a capacity of 10,000 transactions per second (TPS) and a block finalization time of less than one second. The MON token is used for transaction fees and staking activities on the network.
*This is not investment advice.