Upbit Lists Four New Cryptocurrencies: ETHFI, RESOLV, INIT, SPK

South Korea's premier cryptocurrency exchange, Upbit, has introduced four new digital assets to its trading roster: EtherFi (ETHFI), Resolv (RESOLV), Initia (INIT), and Spark (SPK). These tokens will be available for trading in the BTC and USDT markets starting from 3 p.m. KST on the day of announcement. Users can initiate deposits and withdrawals approximately two hours after the official notification.

EtherFi (ETHFI): Revolutionizing Ethereum Staking with Non-Custodial Liquidity Protocols

EtherFi (ETHFI) is a non-custodial liquidity restaking protocol designed to operate on the Ethereum network. It enables users to stake Ethereum (ETH) and receive eETH, a liquid staking token, which can be actively used in decentralized finance (DeFi) platforms. The protocol integrates with EigenLayer’s restaking mechanism, thereby providing users with additional rewards for their participation. The ETHFI token plays a dual role, functioning as both a governance tool and a staking asset that supports ecosystem development and community-driven network decisions.

Resolv (RESOLV): A Decentralized Stablecoin Ecosystem for the Future

Resolv (RESOLV) is a next-generation DeFi protocol aimed at creating a decentralized, capital-efficient stablecoin ecosystem. Tackling some of the major challenges plaguing stablecoins—like over-collateralization and centralized risk—Resolv introduces a novel dual-tranche framework. This includes USR, the main stablecoin, and RLP, a risk absorption token. Resolv tokens are central to the ecosystem, serving governance and staking purposes to ensure the protocol’s sustainability and efficient operation over the long term.

Initia (INIT): Scalable Blockchain Infrastructure with Modular Design

Initia (INIT) represents a leap in blockchain technology as a modular Layer 1 blockchain developed using the Cosmos SDK. It supports EVM (Ethereum Virtual Machine) and MoveVM, enabling seamless deployment for developers. A key feature of Initia is its "Minisia" component, which allows developers to create highly customizable rollup chains. Its unified infrastructure provides a robust foundation for scalability, paving the way for innovation in blockchain development. The ecosystem is powered by the INIT token, which is utilized for governance and staking within the network, ensuring continuous community involvement and system upgrades.

Spark (SPK): Bridging Liquidity Across DeFi and Real-World Assets

Spark (SPK) is a cutting-edge DeFi infrastructure operating within the Sky Protocol ecosystem. By facilitating liquidity provisioning across decentralized finance (DeFi), centralized finance (CeFi), and real-world assets (RWA), Spark creates a highly versatile liquidity network. Stablecoin reserves serve as the backbone of this system, ensuring reliability and consistency. The SPK token is essential for ecosystem governance and staking, enabling participants to contribute to the network's growth and stability while maintaining decentralized oversight.

Temporary Trading Policies to Ensure Market Stability

To safeguard the trading environment amid the launch of these assets, Upbit will enforce specific temporary restrictions:

1. Buy Order Limits: Buying will be restricted for the first five minutes of trading to mitigate sudden market disruptions.

2. Sell Order Price Floor: Sellers will not be allowed to place orders below 90% of the previous day’s closing price on CoinMarketCap for the first five minutes of trading.

3. Order Type Restrictions: For two hours following the start of trading, the platform will accept only limit orders to control market activity and prevent excessive volatility.

These proactive measures reflect Upbit’s dedication to providing a secure, balanced trading environment. By implementing these restrictions, Upbit aims to minimize price volatility, protect traders from abrupt fluctuations, and maintain trust in its robust marketplace.