South Korea’s second-largest cryptocurrency exchange, Bithumb, announced today that it will be listing Euler (EUL) on its spot trading platform. 

The announcement comes as the Euler network continues to gain traction in the decentralized finance (DeFi) space, attracting attention from major exchanges and achieving record levels of total value locked (TVL).

Bithumb Listing Triggers Double-Digit Rally For EUL 

Euler is a decentralized finance (DeFi) protocol on the Ethereum (ETH) network that lets users lend, borrow, and trade crypto assets. Its governance token, EUL, is used for voting and ecosystem incentives.

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According to the announcement on Bithumb’s official website, EUL will be available to trade against the Korean Won (KRW). The exchange notified its users that trading will begin at 5:00 PM Korean Standard Time (KST).

The exchange confirmed that EUL will be supported only on the Ethereum network. The reference price for the listing has been set at 12,930 KRW. 

“In compliance with the Travel Rule, deposits and withdrawals are supported only through virtual asset service providers (VASPs) exchanges supported by Bithumb. If assets are deposited through an exchange not included in the list of supported external exchanges, the deposit will not be processed, and it may take a long time to return the unprocessed deposit,” Bithumb added.

Euler’s listing adds another altcoin option for South Korean investors at a time when domestic exchanges are competing to diversify their offerings. Meanwhile, as observed with many altcoins, EUL also saw a price jump after the announcement.

Market data showed the price surged nearly 44% from $9.6 to $13.8. As of press time, it has stabilized at $12.7, reflecting a 31.55% gain. 

The price pump also positioned EUL as the top gainer among the top 300 cryptocurrencies on CoinGecko. Furthermore, the trading volume rose 251% to $8.5 million. HTX accounted for the majority of this activity.

The listing is another milestone for EUL and came nearly a month after the leading US-based exchange, Coinbase, also added trading support for the altcoin.

Besides the price, the network itself has seen substantial growth. Data from DefiLama revealed that Euler’s TVL reached a new all-time high (ATH) of $1.52 billion today. This represents a nearly 15-fold increase since the beginning of 2025.

Financial metrics further highlight Euler’s momentum. Token Terminal data indicated that the protocol’s revenue and fees have grown over 500%in 2025, reflecting strong user adoption. With strong network growth, rising financial metrics, and increasing exchange support, EUL continues to attract attention as one of the more dynamic altcoins in 2025.

Significant movements in the Maker (MKR) token market have drawn attention as two large whale addresses accumulated a total of 22,753 MKR through the FalconX platform. According to monitoring by on-chain analytics firm Lookonchain, wallet 0xb2c7 received 14,000 MKR, valued at approximately $24.25 million, in a transaction that occurred just six hours prior to the latest report. Separately, wallet 0xc23…4D649 added to its holdings by withdrawing 2,979 MKR valued at $5.22 million from FalconX. This wallet has been gradually building its position over the past two months, accumulating a total of 8,753 MKR at an average price of $1,948 per token. The total value of the MKR holdings for this address is now over $10.34 million, though the position shows an unrealized loss of $1.421 million due to a decline in the token’s market price below the average entry level [1][2].

The continued accumulation by these whale addresses suggests a strategic long-term approach to MKR, despite the current negative unrealized gains. Analysts, including on-chain watcher @ai_9684xtpa, have noted that such movements often serve as indicators of potential market shifts. In this instance, the repeated purchases by the same address after a month-long pause reflect a level of confidence in Maker’s underlying fundamentals and its role in the decentralized finance (DeFi) ecosystem. The address has shown persistence in acquiring MKR despite market fluctuations, indicating a belief in the token’s potential for a future rebound [2][3].

On-chain activity has also sparked increased trading volumes on key pairs such as MKR/USDT and MKR/ETH. Historical price action suggests that whale accumulation is often followed by price corrections or rebounds within a few weeks. For example, similar patterns in the past have seen price surges of 15-20% following large whale purchases. Traders are closely watching key resistance levels near $2,000 and support levels around $1,800, as these areas could determine the next phase of MKR’s price movement. The current unrealized loss also highlights the risks associated with holding positions in volatile assets, with analysts recommending the use of stop-loss orders below recent lows around $1,700 [2][3].

The broader market environment has also played a role in the recent MKR movements. The token’s performance is closely tied to Ethereum’s ecosystem, and any developments in Ethereum’s upgrades or regulatory environment could influence MKR’s trajectory. Furthermore, the increased interest in DeFi protocols like MakerDAO suggests that institutional investors are beginning to view the space with renewed optimism. This is reflected in the growing inflow of capital into DeFi-related assets and the increasing adoption of stablecoin integrations. The current market activity aligns with broader trends in the crypto space, where institutional-grade strategies are increasingly being applied to altcoins with strong on-chain fundamentals [2][4].

From a trading strategy perspective, on-chain data and price trends suggest that the accumulation activity by these large holders could serve as a bullish catalyst in the short to medium term. Volume-weighted average price (VWAP) indicators, particularly during Asian trading hours when these transactions are observed, could provide useful insights into potential price inflection points. Traders are advised to monitor real-time on-chain metrics and integrate them with traditional technical analysis tools to optimize entry and exit points. While the floating losses indicate current pressure, the long-term accumulation strategy points to a belief in MKR’s long-term value proposition, especially within the evolving DeFi landscape [2][3].

Source:

[1] Two whale addresses hoarded 22753 MKR through FalconX (https://www.chaincatcher.com/en/article/2203493)

[2] MKR Whale 0xc23…4D649 withdraws … (https://blockchain.news/flashnews/mkr-whale-0xc23-4d649-withdraws-2-979-mkr-from-falconx-with-10-34m-position-and-1-42m-unrealized-loss)

[3] An address increased its MKR holdings again after a … (https://www.bitget.com/news/detail/12560604949558)

[4] A certain whale has increased its holdings by 2979 MKR … (https://www.chaincatcher.com/en/article/2203135)

Arbitrum has launched the DeFi Renaissance Incentive Program (DRIP), a $40 million initiative designed to stimulate leveraged looping and boost liquidity in its decentralized finance (DeFi) ecosystem. The program, managed by Entropy Advisors and powered by Merkl, spans four seasons, each focusing on a different DeFi vertical. Season One, titled “Loop Smarter on Arbitrum,” began on September 3, 2025, and is set to conclude on January 20, 2026. It allocates up to 24 million ARB tokens (valued at $12 million at the current exchange rate) to incentivize users to engage in leveraged looping strategies on Arbitrum One’s lending markets. This represents a 30% portion of the total 80 million ARB allocated across the entire program.

Under DRIP, users can earn rewards by borrowing against yield-bearing ETH and stable assets on participating lending platforms. For instance, a participant might deposit syrupUSDC and borrow USDC, which is then swapped for more syrupUSDC, repeating the cycle to maximize ARB rewards. The program’s performance-based model ensures that rewards are distributed proportionally to the time-weighted average borrow amounts. Each epoch, lasting two weeks, concludes with a reward distribution based on the total ETH or USDC borrowed during that period. In select markets, rewards are also provided for supplying ETH or USDC, encouraging both liquidity provision and active borrowing.

The phased rollout of Season One includes a discovery phase, where only 15% of the budget is allocated over the first two epochs. This is followed by a performance-based phase, where incentives are dynamically allocated to markets that demonstrate greater efficiency and innovation. By the third phase, the majority of the season’s budget will be deployed. This structure aims to optimize liquidity distribution and encourage competition among lending platforms while minimizing initial risks for participants.

Arbitrum’s DRIP program follows a broader strategy to enhance its position as the leading Ethereum Layer 2 blockchain for DeFi. The initiative is part of a series of efforts by the ArbitrumDAO to address the challenges posed by rival platforms like Coinbase’s Base, which currently holds $6.8 billion in DeFi investor funds compared to Arbitrum’s $4.5 billion. Despite these pressures, Arbitrum remains the largest Layer 2 by total blockchain funds, according to L2Beat, due to the inclusion of natively minted and externally bridged assets. The DRIP program, alongside the recently launched $14 million Arbitrum Audit Program, is intended to strengthen Arbitrum’s security, liquidity, and overall appeal to developers and users.

While the incentives are significant, the program carries inherent risks. Leveraged strategies such as looping expose users to potential liquidation if asset prices or interest rates fluctuate, and ARB rewards do not offset any financial losses incurred. Additionally, the increased supply of ARB tokens—already down 80% from its 2024 peak—could exacerbate inflationary pressures and further depress token value. This creates a strategic gamble for Arbitrum: while the program may generate sticky liquidity and recurring revenue, it also risks undermining token price stability.

The DRIP program is governed by the ArbitrumDAO and managed by Entropy Advisors, with no direct control from the Arbitrum Foundation or Merkl over program parameters or asset allocations. This community-driven approach aligns with the broader DeFi ethos of decentralization and user empowerment. By rewarding specific, high-impact DeFi activities rather than general participation, DRIP aims to drive targeted growth in Arbitrum’s ecosystem. As the program progresses, ongoing performance data and adjustments to future epoch allocations will be available through the DRIP dashboard, providing transparency and adaptability in response to market dynamics.

Source:

[1] Introducing DRIP: The DeFi Renaissance Incentive Program on Arbitrum (https://blog.arbitrum.io/introducing-drip-the-defi-renaissance-incentive-program-on-arbitrum/)

[2] Arbitrum floats $40m token incentive reward for DeFi users (https://finance.yahoo.com/news/arbitrum-floats-40m-token-incentive-164131830.html)

[3] Arbitrum’s DRIP program: A major initiative for DeFi growth (https://www.cryptopolitan.com/arbitrum-allocates-40m-defi-growth/)