Upbit Lists Somnia (SOMI): A High-Speed Blockchain Optimized for Social and Gaming

Upbit Announces SOMI Listing Across KRW, BTC, and USDT Markets

Upbit, one of South Korea’s leading cryptocurrency exchanges, has officially announced the listing of Somnia (SOMI) on its platform. Starting November 1, SOMI tokens will be available for trading across the KRW, BTC, and USDT markets. According to the exchange’s official update, trading activities will commence at 4:00 p.m. KST that same day.

Deposits and withdrawals will be activated within two hours after the announcement, utilizing Somnia’s proprietary mainnet for the transactions. In an effort to manage potential price volatility during the initial trading phase, Upbit will implement certain safeguards, including minimum sell-price restrictions based on CoinMarketCap data.

What Is Somnia? A Blockchain Built for Social Networks and Gaming

Somnia stands out as an EVM-compatible Layer 1 blockchain, specifically designed to cater to applications requiring scalability, speed, and high transactional throughput. It has carved a niche within blockchain ecosystems by targeting industries like social networking, gaming, and the metaverse—sectors where high-performance solutions are crucial.

Key Innovations Driving Somnia’s Performance

Somnia introduces groundbreaking technologies that significantly enhance the efficiency and speed of decentralized applications (dApps) running on its network. Notable innovations include:

• Multi-Stream Consensus Mechanism: By separating data generation from the consensus process, Somnia achieves superior efficiency and scalability.
• Sequential Execution With Accelerated Processing: Leveraging a proprietary EVM compiler and advanced parallel hardware-level processing ensures reduced execution times for complex operations.
• IceDB High-Speed Database Technology: This innovative database can process millions of transactions per second (TPS) while offering transaction finality in under one second.

The native SOMI token underpins the ecosystem by functioning as a multi-utility asset. SOMI enables staking, transaction fee payments, and serves as a governance tool within the network, effectively linking the blockchain’s operations with community participation.

Temporary Trading Restrictions for Stability

Upbit has announced several precautionary measures to ensure market stability during SOMI’s initial listing phase. These restrictions are designed to prevent extreme fluctuations and offer a smoother trading experience for buyers and sellers.

Key restrictions include:

• Limited Purchases Upon Launch: For the first five minutes of trading, purchase orders for SOMI will be disabled to limit sudden upward pressure on the price.
• Controlled Sell Price Drops: Sell orders cannot be executed at prices more than 10% below the asset’s previous-day closing price on CoinMarketCap (988.91 KRW as per Upbit's notice).
• Limit-Only Trading: Between the launch and the first two hours of trading, only limit orders will be allowed. This restriction aims to stabilize the order book and reduce speculative trades early on.

Upbit has emphasized its commitment to ensuring investor safety and responsible trading practices. The exchange advises users to exercise caution when trading highly volatile digital assets, citing risks related to speculative demand and evolving regulatory environments. To mitigate uncertainties, investors are encouraged to conduct thorough due diligence using official project websites and disclosure materials provided by Somnia.

Conclusion

The listing of Somnia (SOMI) on Upbit is a significant step for the high-performance blockchain as it broadens its exposure and accessibility in the digital asset market. With its groundbreaking technology and focus on social networking, gaming, and metaverse applications, Somnia stands as an innovative player in the blockchain space.

Investors can expect to benefit from the unique functionalities of the SOMI token, while the temporary trading restrictions set by Upbit aim to ensure an environment of stability and fairness. As always, users are reminded of the volatile nature of digital asset investments and the importance of thorough research when navigating the market.