Upbit, which has an important place among global cryptocurrency 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 is listing Wormhole (W coin). This announcement has generated great interest for both cryptocurrency investors and users operating on the Solana network. Upbit will open Wormhole (W) for trading with KRW, BTC and USDT trading pairs on October 2, 2024. This development has increased confidence in the Solana ecosystem and has become a highly anticipated event among users. While the start of transaction support is set for 19:00 on October 2, deposit transactions will also be opened on the Solana network three hours before this time, i.e. at 16:00. Upbit announced that it has introduced certain trading restrictions in order to ensure user security and transaction smoothness regarding Wormhole (W) trading. These restrictions will be implemented to ensure that the trading volume increases regularly and price movement is balanced.
Beware of Upbit transactions
The first restriction is that no buy orders will be processed within the first five minutes after the transaction starts. This situation stands out as a precaution to prevent rapid price fluctuations. Similarly, a limit has been imposed 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.
Market and limit orders will be restricted for one hour from the start of trading. In other words, users will only be able to trade within certain limits during this period. These restrictions will contribute to the stable continuation of trading. In addition, prices will be determined based on data from CoinMarketCap and will ensure that 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 developers and users a more flexible use, especially by accelerating communication between blockchains.
The Wormhole token (W) is used for governance and staking purposes in this ecosystem. In other words, 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 provides a great 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 started trading on different platforms. Eigenlayer (EIGEN) was listed on the Thailand-based Bitkub exchange. This transaction started at 10:10:03 and became a notable event in the crypto world. On the same day, FWOG (FWOG) started to be listed on Crypto.com Exchange. FWOG’s transaction start was recorded as 08:15:22.
In addition, Osaka Protocol (OSAK) took its place on the AscendEX exchange in the morning hours and started trading. This transaction, which took place at 07:05:17, is important in terms of expanding Osaka Protocol’s presence in the crypto community. Another important listing of the day was AutoLayer (LAY3R) on Kucoin. AutoLayer, which was offered to Kucoin users at 05:35:18, was among the assets that attracted investors’ attention. Finally, the MEXC Global exchange also listed the digital asset FoFar (FOFAR). FOFAR was made available to users on the FOFAR/USDT trading pair at 15:00 UTC on October 2.
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