South Korea’s dominant crypto exchange just added nine fresh trading pairs, and the market reactions are already telling a familiar story: some tokens pop, others drop, and everyone scrambles to figure out which side they’re on.

Upbit began listing PEAQ, LIT, KMNO, MORPHO, GRAM, LDO, PAXG, OSMO, and AMP on June 19, rolling them out in staggered intervals starting at 15:00 KST. Each token received BTC and USDT trading pairs, with one exception: AMP was listed exclusively against USDT.

Staggered launch, mixed results

The rollout was methodical. PEAQ and LIT went live first at 15:00, followed by KMNO and MORPHO at 16:00. GRAM, LDO, and PAXG opened at 18:00, with OSMO and AMP closing out the schedule at 19:00.

PEAQ was the clear early winner, posting an intraday gain of roughly 21.9%. Not everyone got the same treatment. GRAM, which is the rebranded version of Toncoin (TON) following a name change effective June 15, declined about 2.75%. LIT slipped by approximately 1.68%.

The tokens: a quick primer

PEAQ is a decentralized physical infrastructure network, or DePIN, token built for machine economies. LIT, the native token of Litentry, focuses on decentralized identity aggregation. KMNO powers Kamino Finance, a DeFi protocol on Solana. MORPHO is the governance token of Morpho, a lending protocol optimizer that sits on top of existing DeFi lending platforms like Aave and Compound.

GRAM, as mentioned, is the newly rebranded TON. The rebrand took effect just four days before the Upbit listing, making this the token’s first major exchange debut under its new identity. LDO is Lido DAO’s governance token, one of the most well-known liquid staking protocols in crypto.

PAXG is Paxos Gold, a tokenized representation of physical gold, backed one-to-one by London Good Delivery gold bars. OSMO is the native token of Osmosis, a decentralized exchange in the Cosmos ecosystem. AMP is the collateral token for the Flexa payments network.

Samsung, Dunamu, and the bigger picture

These listings don’t exist in a vacuum. They arrive alongside a significant corporate development: Samsung affiliates recently concluded a $408 million acquisition of a 4% stake in Dunamu, Upbit’s parent company. That deal puts Dunamu’s implied valuation at roughly $10.2 billion based on that 4% stake.

Previous listings, including SPX6900 in a recent batch, prompted considerable volume increases on the exchange.