Upbit Launches LIT/KRW Market for Lighter With Temporary Order Restrictions

• The LIT/KRW pair trading will be launched by Upbit on August 24, with some provisional rules regulating initial trading and liquidity.
• Ethereum will be the sole network allowed for LIT deposit/withdrawals on Upbit.

The Upbit platform will be listing a Korean won market for the LIT token from the Lighter project at 1:00 p.m. KST on August 24. The token is currently available for exchange against Bitcoin, which will serve as a basis for pricing. According to Upbit, the LIT/BTC closing price was 0.00004500 BTC, which equals about 4,803 Korean won. However, this number is merely a trading guide and has nothing to do with the initial price of LIT.

Trading and Transfer Restrictions at Upbit

Buy orders for LIT/KRW on Upbit will be halted for 5 minutes, and sell orders will be restricted if the price falls more than 10% below the reference price. The exchange will allow only limit orders during the first two hours after the announcement and enable market orders afterward. Upbit may delay trading when there is not enough liquidity and suggests checking prices on the local and foreign markets. Upbit will allow LIT deposits and withdrawals only through the Ethereum network. South Korean Travel Rule restrictions apply for deposits and withdrawals, and private wallets must prove ownership. Upbit may request the source of funds for substantial deposits.

How Does LIT Connect Staking With Lighter’s Liquidity Pool?

Lighter runs a decentralized perpetual futures exchange on the order-book system with the use of cryptographic proofs. LIT is a utility token for Lighter, whereas staking grants access to the Liquidity Pool of Lighter. For now, each staked LIT allows users to deposit up to 10 USDC, with a three-day lock-up period. Stakers can get trading and funding benefits. Lighter gave 25% of LIT to community airdrops and 50% to the Lighter ecosystem.

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