Why is Upbit Increasing Coin Listings So Much? The Reality Revealed by Halved Trading Volume

▲ Upbit's trading volume collapsed, is it trying to survive with new coins?

Upbit is accelerating its 'listing drive' once again. However, there is a growing perception in the market that this is not merely an ecosystem expansion strategy, but rather a desperate measure to compensate for declining trading volumes and poor performance. With Bitcoin (BTC) and major cryptocurrencies trading sideways without direction, and domestic investor funds shifting to the stock market, new listings are virtually acting as the exchange's last growth engine.

Since June, Upbit has aggressively expanded support for new trading pairs, including Solstice (SLX), OriginTrail (TRAC), IRIS (IRYS), SuperForm (UP), Venice Token (VVV), and Pharos (PROS). In fact, based on Upbit's announcements, new listing notices have been virtually continuous every week over the past two months. Given the structure where short-term trading volume and volatility surge immediately after a new listing, it is the most immediate card for the exchange to revitalize a stagnant market atmosphere.

The problem is that Dunamu, which operates Upbit, is already directly affected by the market slowdown. Dunamu's consolidated revenue for the first quarter of this year was 234.6 billion won, a 55% decrease from 516.2 billion won in the same period last year. Operating profit plummeted by 78% from 396.3 billion won to 88 billion won. Net profit also decreased by 78% to 69.5 billion won. Dunamu directly cited the global economic slowdown and reduced cryptocurrency trading volume as reasons for its deteriorating performance.

The impact on the exchange's business structure is even more direct. Over 97% of Dunamu's revenue comes from transaction fees, meaning a decrease in trading volume directly leads to a decline in performance. In fact, Upbit's transaction fee revenue in the first quarter of this year was approximately 228.6 billion won, a 55% decrease compared to the previous year. The monthly trading volume of the top 5 domestic exchanges also effectively halved, from approximately 168 trillion won in July last year to around 82 trillion won recently.

The market environment is also not favorable. As expectations for U.S. interest rate cuts recede and geopolitical risks expand, the stock market, centered on AI and semiconductors, continues its strong performance. Upbit's average daily trading volume has decreased by over 45% compared to the second half of last year. With the meme coin and altcoin craze, which once attracted a flood of domestic investor funds, rapidly cooling down, analyses suggest that the exchange's growth formula itself is faltering.

Paradoxically, however, institutional interest in Dunamu remains strong. Hana Bank recently decided to invest approximately 1 trillion won to acquire a 6.55% stake in Dunamu, and the market is focusing on the potential for next-generation business expansion, including stablecoins, real-world asset tokenization (RWA), AI-based digital asset services, and digital asset treasury (DAT, a cryptocurrency financial strategy company).

Ultimately, Upbit's aggressive expansion of new listings is seen not merely as adding coins but as a response to structural problems such as declining trading volumes and deteriorating fee revenues. Many point out that if the market does not recover, it will be difficult to reverse the exchange's growth trajectory solely through new listings. Whether the exchange will repeat short-term liquidity strategies relying on listing effects, or connect new growth engines like stablecoins, real-world asset tokenization, and AI-based services to actual profits, is emerging as Dunamu's key challenge for the future.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*