Upbit will open a South Korean won trading market for Lighter’s LIT token at 13:00 KST on 24 August, giving customers their first opportunity to buy the asset directly with won on the exchange.
The LIT/KRW market will use the closing price from Upbit’s existing Bitcoin market as a reference for its initial trading restrictions. LIT’s previous BTC market closing price was listed as 0.00004500 BTC, equivalent to about 4,803 won, although Upbit stressed that this figure does not guarantee the token’s opening price in the new won market.
The exchange said the launch could be delayed if there is not enough liquidity after deposits and withdrawals are enabled.
Upbit will block buy orders for about five minutes after trading begins. Sell orders priced more than 10% below the previous closing price will also be restricted during that opening period.
For the first two hours, customers will be able to place only limit orders. Market orders and other conditional order types will be introduced once the initial controls have ended.
The measures are designed to limit disorderly trading in a new won market with little price history. They cannot, however, prevent sharp volatility or price differences between Upbit and overseas exchanges.
Upbit has advised customers to compare domestic and international prices before trading. South Korean won listings can attract concentrated retail activity when a token gains direct access to local currency liquidity.
Previous listings on the exchange have occasionally resulted in abrupt price movements. ORCA rose by more than 200% after its South Korean market listing, although that earlier performance offers no indication of how LIT will trade.
Upbit will support LIT deposits and withdrawals only through the Ethereum network. Customers who use another network could see their deposits rejected or face delays while funds are returned.
The exchange has identified the supported contract as:
`0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2`
Users have been told to check the address carefully before transferring funds.
South Korea’s Travel Rule requirements will also apply. Deposits sent from exchanges that are not included on Upbit’s approved virtual asset service provider list may not be credited. Returning unsupported deposits can take an extended period.
Transfers from personal wallets will be limited to addresses that have completed ownership verification. Upbit may also ask customers to provide information about the source of funds when large deposits have unclear origins.
These exchange requirements are separate from Lighter’s layer 2 trading system. While the protocol handles orders and position management through its Ethereum scaling environment, LIT is issued as an Ethereum token.
Lighter is an order-book-based decentralised exchange focused on perpetual futures. It processes trades through an Ethereum layer 2 and uses cryptographic proofs to verify order matching and liquidations.
Lighter also runs perpetual futures within the Robinhood Wallet ecosystem, although availability varies by jurisdiction. Users in several countries are unable to access the leveraged trading service.
LIT acts as Lighter’s infrastructure and utility token. According to Lighter’s official documentation, staking the token provides access to its Lighter Liquidity Pool, known as LLP.
Each staked LIT currently enables a user to deposit up to 10 USDC into the pool. Unstaking is subject to a three-day lock-up period.
Stakers may also qualify for benefits linked to trading and funding. Lighter says protocol trading fees are used to fund token purchases through daily time-weighted average price transactions. The pace of those purchases depends on revenue and internal allocation decisions.
The token launched with 25% of its supply distributed through a community airdrop. Half of the total supply was allocated to ecosystem programmes, with the remaining half assigned to the team and investors under lock-up and vesting arrangements.
The first restriction is expected to end about five minutes after trading starts, allowing standard buy orders and sell orders priced below the permitted threshold. Upbit will continue to accept only limit orders for approximately two hours.
Wider order functionality should become available afterward unless the exchange extends its controls. Upbit may also issue market warnings if price movements, deposits or trading volumes increase unusually quickly.
No independently verified market reaction was available before the scheduled opening. Traders will need to monitor the opening price, liquidity and differences between the LIT/KRW market and international LIT trading pairs once the market begins.
