South Korea-based global cryptocurrency exchange Upbit has announced support for a new digital asset. According to the announcement, Somnia (SOMI) will be listed with KRW, BTC, and USDT trading pairs.
Upbit Launches New Transaction Support for Somnia (SOMI)
Deposits for SOMI will open within 2 hours of the announcement, while transaction support will begin at 16:00 on October 1st.
The exchange warned investors to be careful with their network selection. SOMI can only be deposited and withdrawn via the Somnia network.
Transfers made via other networks will not be accepted, and refunds may take longer. Furthermore, transactions will only be processed through “self-wallet verified addresses.”
Upbit has also implemented some temporary restrictions for investor protection. Buy orders will be restricted for the first five minutes after trading begins, while sell orders 10% below the previous day’s closing price will not be allowed for the same period.
Additionally, only limit orders will be valid for 2 hours after the trade is opened.
The Somnia network is described as an EVM-compatible Layer-1 blockchain optimized for high-throughput applications.
The project stands out with its capacity for millions of transactions per second, sub-second finality, and parallel processing infrastructure. Somnia’s native token, SOMI, will be used for staking, gas payments, and governance mechanisms.
Experts say that SOMI’s Upbit listing will increase its market visibility and attract interest among Korean investors.
*This is not investment advice.
