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Upbit Now Providing Support for Ethereum L2 Taiko: Everything You Need to Know
Exciting news in the world of cryptocurrency trading as Upbit, the South Korean giant, has just unveiled their plans to support the Ethereum L2 Taiko. This official statement was released by the firm today, June 5, causing a buzz in the industry. Taiko, newly launched on the Ethereum Mainnet with Vitalik Buterin leading the way, has caught the attention of many, especially with Upbit’s backing.
Of particular note is Upbit’s announcement of three new trading pairs for Taiko. Let’s dive into the details of this exciting development.
Upbit’s Exciting Offerings: BTC, USDT, & KRW Trading Pairs
To bolster the Ethereum L2 ecosystem, Upbit will be introducing three new trading pairs: Bitcoin (TAIKO/BTC), Tether(TAIKO/USDT), and South Korean Won (TAIKO/KRW). These diverse options will be available for trading after 22:00 Korean time (KST) (GMT+9) on June 5, providing Upbit users with a range of choices to engage with Taiko.
Upbit has laid out specific trading rules and restrictions with this listing. As per the firm, “All TAIKO deposits before the price is listed on Coinmarketcap or after trading support begins will require travel rule verification regardless of price.” Furthermore, buy limits and lowest sell limits will be in place after trading support commences to ensure a secure trading environment.
During the first five minutes of trading support, buy orders will be limited, and sell orders with a base price of -10% or less will face restrictions as well.
Another measure to maintain fairness is the restriction of market price and pre-orders for about an hour after trading support begins.
It’s vital for users to stick to TAIKO-Taiko and TAIKO-Ethereum networks for deposits and withdrawals to avoid any delays in the process. The L2 protocol, with Buterin’s guidance, has been gaining substantial momentum, painting an optimistic trajectory.
Taiko’s Growth on Mainnet Attracting Attention
A recent report from CoinGape Media highlighted Taiko’s appreciation towards Buterin during its launch on Ethereum Mainnet. With Vitalik proposing the first block on Ethereum, the protocol received an added boost.
Upbit’s decision to provide support aligns well with this positive trend, showcasing the platform’s commitment to expanding its user base and embracing the rapidly growing Taiko crypto.
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