On August 24, at 1 p.m., the Korea Exchange Upbit will open the Korean dollar trading market for Lighter coin LIT. As the LIT adds KRW transaction pairs, Korean users can buy and sell the coin directly in the Korean Won. At the same time, the Platform published the initial listing limits, filling requirements and reference price arrangements.
Just two hours before the start of the drive.
According to the Upbit bulletin, the LIT/KRW is about five minutes before the opening and the payment will be restricted. In the same time period, the sales orders below the previous closing reference price of 10 per cent or more will be limited.
In addition, for the first two hours after the start of the transaction, the platform will only open the limit list. The market and other list types will be gradually restored after the end of the restrictions. According to Upbit, such arrangements are mainly used in the early stages of the New Korean Won market line to reduce the risk of unusual fluctuations when price records are inadequate.
It was previously traded at the Bitcoin market in Upbit. The platform gave the last BTC market closing reference price of 0.00004500 BTC, which was contracted to 4803 won. The price is used for order control only at the start-up stage and does not represent the actual opening price.
Upbit may also delay the start-up of the transaction if there is insufficient liquidity after opening.
Only support the use of the Taifung network
Upbit indicates that LIT is only supported by the Taifung network and must use the contractual address specified by the platform. If users transfer through other networks, the related assets may not be properly accounted for and the processing of refunds may be longer.
- Supported contract address 0x232ce3bd40fcd6f80ff3d55a522d03f25df784ee2
The bulletin also mentions that Korean travel rules apply equally to LIT. A platform transfer from a list of Upbit compliant virtual asset service providers may not be recorded in the accounts.
In the case of a transfer of a person ' s wallet, the address must first be certified. The Platform may also require additional information on sources of funding from users in the event of large and unclear contributions.
LIT for pledge and fluid pool access
Lighter is a decentrized trading platform based on orderbooks, where the main business is a permanent contract transaction. The agreement handles orders and warehouse management in an ETA 2 environment and certifies the blending and liquidation process by encrypted certification.
LIT is the infrastructure and the functional token of the agreement. According to the project information, the user pledge LIT will be eligible to enter Lighter Liquidity Pool (LLP) and will have an interest in some of the platform costs.
At present, a maximum of 10 USDCs can be deposited in LLP for each LIT. The release of the pledge is subject to a three-day lock period.
When the LIT goes online, 25% of the coin supply is distributed through community airdrops. Half of the remaining supply is for ecological incentives, while the other half is allocated to teams and investors, with locking and attribution arrangements.
The opening of the LIT/KRW will focus on real opening prices, market liquidity in the Korean Won and price differentials between the Upbit and overseas trading markets. The creation of new Korean won transactions on Korean local exchanges tends to attract more concentrated bulk traffic.