Upbit Adds Zora (ZORA) Cryptocurrency Across Multiple Markets

Upbit, a prominent digital asset exchange in South Korea, announced on October 17 the listing of Zora (ZORA), a new cryptocurrency. Starting at 1:30 p.m. local time, Zora will be available for trading in key markets including KRW, BTC, and USDT. This strategic move further enriches Upbit’s diverse asset offerings, cementing its standing in the cryptocurrency sector.

Deposits and withdrawals of Zora will function solely on the Base network. The deposit and withdrawal feature will activate within 90 minutes of Upbit’s announcement. To ensure user clarity and safeguard transactions, Upbit highlighted the importance of using the verified contract address (0x1111111111166b7fe7bd91427724b487980afc69) when facilitating Zora deposits.

Measures to Mitigate Initial Price Volatility

Given the susceptibility of new cryptocurrencies to high price fluctuations immediately after listing, Upbit has implemented protective measures. The exchange will impose a temporary buy-order restriction within the first five minutes after trading begins. During this period, sell orders falling below 90% of the previous day’s closing price on CoinMarketCap will be prohibited. Furthermore, for the first two hours of availability, traders will only be able to place limit orders, reducing abrupt market movements and promoting controlled trading.

The Role of Zora in the Web3 Ecosystem

Zora (ZORA) emerges as a pioneering cryptocurrency within the Web3 landscape, according to Upbit. Built on the Base chain, Zora functions as a social Web3 platform designed to empower users in content creation and tokenization. Through its innovative infrastructure, platform users can create profiles, share content, and issue bespoke tokens like "Creator Coins" and "Content Coins." These unique tokens are tradeable within Zora's ecosystem, with automated liquidity pools established on Uniswap v4 to facilitate seamless transactions.

Central to the ecosystem is the Zora token itself, which serves multiple purposes. It is used in liquidity pair formations, transaction fees, and awarding rewards to users. The token's integration into these core functions underscores its significance in sustaining the platform’s decentralized financial ecosystem.

Key Information for Depositors

Upbit has urged its users to exercise caution when depositing Zora tokens. Specifically, all deposits must be executed via the Base network, and users should confirm the official smart contract address to ensure secure transactions. The exchange’s emphasis on deposit accuracy reflects its commitment to investor protection and operational transparency.

Zora Pricing and Market Updates

As of 11:15 a.m. on October 17, Zora’s price was recorded at approximately 133.53 KRW, according to real-time data from CoinMarketCap. This initial valuation underscores the token’s market potential and positions it as a noteworthy addition to Upbit’s trading platforms.

The launch of Zora represents not only an expansion of Upbit’s cryptocurrency offerings but also a step forward in fostering innovation within the Web3 space. With robust trading infrastructure, investor safeguards, and an increasingly diverse digital ecosystem, Upbit continues to reinforce its leadership presence in the cryptocurrency sphere.