South Korea-based digital asset exchange Upbit announced new transaction support for Meteora (MET2), one of the prominent projects of the Solana ecosystem.
Upbit Launches Trading Support for Meteora (MET2) on KRW, BTC, and USDT Markets
MET2 will reach a broad investor base by being listed on KRW, BTC, and USDT pairs. According to Upbit, deposits and withdrawals for MET2 will be activated within two hours of the announcement. Spot trading support will launch at 5:00 PM on November 18th.
Upbit warned users to verify that they are trading on the Solana network before depositing MET2. Transfers made from other networks are not supported, and refunds for such erroneous transfers can take a long time. Furthermore, the symbol for MET2 was specifically chosen as MET2 to avoid confusion with Metronome (MET), which has previously discontinued trading support.
Various trading restrictions will also be implemented with the listing. Buy orders will be limited for the first five minutes after trading opens, and sell orders will not be allowed for 10% below the previous closing price for the same period. Furthermore, only limit orders will be allowed for approximately two hours. Upbit advised users to carefully monitor the price limits, which are determined based on CoinMarketCap data.
Meteora stands out as a DeFi infrastructure offering innovative liquidity solutions using DLMM and DAMM mechanisms on Solana. The MET2 token serves as a reward for initial liquidity providers and can be used for staking and management within the ecosystem in the future.
*This is not investment advice.
