CoinGecko data showed GRVT up 23.3% in 24 hours ahead of its GRVT Upbit spot markets opening, with the token briefly trading near $0.3235 on volume above $164 million before the three new books went live at 17:00 Korea Standard Time (KST) on Wednesday.
Upbit will run GRVT/KRW, GRVT/BTC and GRVT/USDT pairs. The Korean won pairing gives South Korean customers a direct route into GRVT without first converting to Bitcoin or a stablecoin.
Early restrictions and deposit requirements
Upbit is applying its standard staged-listing controls. Buy orders face a five-minute block from the open, and sell orders priced more than 10% below the previous closing price face the same initial restriction. Only limit orders are accepted for approximately two hours after trading begins.
The exchange cited a previous closing price of 374.05 KRW and 0.2622 USDT, with reference prices of 385.68 KRW and 0.2632 USDT at 13:30 KST. These are reference figures, not guaranteed execution prices.
Upbit will accept deposits exclusively through Ethereum, using the contract address 0xAD29F2723fcdBcF665F210F25E06f97477e417cF for verification. Deposits over unsupported networks may require a lengthy return process. The exchange also reminded users that GRVT is distinct from Gravity, which trades under the ticker G.
South Korea’s travel rule applies. Deposits from providers outside Upbit’s approved virtual asset service provider list may go uncredited, and transfers from personal wallets require completed ownership verification. Large deposits with unclear origins can trigger source-of-funds requests.
Upbit warned that the scheduled opening “may be delayed” if deposits do not provide sufficient liquidity at launch.
GRVT Upbit spot markets: what the token actually is
Grvt describes itself as a self-custodial trading and asset management platform running on a dedicated Layer 2 built with ZKsync technology. It combines perpetual futures, spot trading and yield products around a single account balance.
According to the GRVT project’s official token introduction, the fixed supply of 1,000,000,000 tokens carries an explicit no-inflation commitment. The project describes GRVT as a “core coordination mechanism” designed to route capital efficiency benefits back to users, framing it as “an exchange designed to pay you.” The token is intended for fee benefits, product access and other platform services.
The project also outlines planned direct integrations with Aave, Morpho, Pendle and Ethena, as well as major stablecoin issuers. It cites Ethereum’s DeFi TVL across 58-plus protocols at more than $166 billion, with stablecoin supply above $200 billion, as the addressable surface it wants to make accessible from a single balance.
Circulating supply and valuation at listing
At the time of the pre-listing snapshot, CoinGecko placed the circulating supply at 110 million tokens, giving a market cap near $37 million and a fully diluted valuation near $323 million against the one-billion maximum. Coinbase India’s price page reports a slightly higher circulating figure of 114,312,328 tokens; CoinGecko’s count of 110 million is the figure used in Upbit’s listing context, though the two sources differ by roughly 4 million tokens.
A later CoinGecko snapshot shows the pre-listing move has since reversed sharply. The token was tracking at $0.1822 with 24-hour volume of approximately $12.5 million, a market cap near $20.8 million and a fully diluted valuation of around $182 million. Volume collapsed from the $164 million seen in the hours before the scheduled open.
GRVT was already listed on OKX, Bitget, Bybit and Bithumb before Wednesday’s addition. The pre-listing spike therefore reflects repositioning across existing order books rather than net-new price discovery through Upbit alone.
Upbit applied similar staged controls to its recent CFX listing across KRW, BTC and USDT markets on 31 July, and to HOME against KRW and USDT on 4 August. The GRVT launch follows that pattern, with the exchange using Upbit‘s standard liquidity-gating approach to manage opening volatility.
The key variable now is whether Korean won demand sustains a premium over international prices once the two-hour limit-order restriction lifts and market orders re-enter the book.
