South Korea’s largest crypto exchange Upbit has announced the launch of its own Ethereum Layer 2 network, Giwa, currently live on testnet. Built on Optimism’s OP Stack, Giwa is designed to deliver faster, cheaper, and more scalable transactions, positioning Upbit and its parent company Dunamu as serious players in the Ethereum ecosystem.
What is Giwa?
The name Giwa carries a dual meaning:
- An acronym for “Global Infrastructure for Web3 Access”
- A reference to traditional Korean clay roof tiles, symbolizing strength and heritage
According to its official website, Giwa Chain seeks to lower the barriers to Web3 adoption by creating a simple, fun, and accessible blockchain infrastructure.
Technical Highlights
- Built on Optimism’s OP Stack → Giwa leverages Ethereum’s security while offering Layer 2 scalability.
- Ultra-fast performance → 1-second block time for near-instant transactions.
- Developer-friendly → Written in Solidity, meaning Ethereum devs can build seamlessly with existing tools.
- Native wallet → Dunamu is preparing to launch Giwa Wallet, optimized for the new chain.
Stablecoin Integration
One of the most ambitious aspects of Giwa is its support for a local currency-pegged stablecoin, currently under development.
South Korea has been actively working on national stablecoin initiatives, with President Lee Jae Myung pushing for a strong regulatory framework. By backing a Korean won stablecoin directly on Giwa, Upbit could play a crucial role in strengthening currency sovereignty while expanding use cases for digital finance.
Why It Matters
Ethereum Layer 2 networks have become some of the fastest-growing infrastructures in crypto. By launching Giwa, Upbit is:
- Entering the Layer 2 race alongside Arbitrum, Optimism, zkSync, and Base
- Positioning itself not just as an exchange, but as a blockchain infrastructure provider
- Supporting South Korea’s vision for stablecoins and Web3 adoption
With $2.25 billion in daily trading volume, Upbit is already among the world’s largest exchanges despite being restricted to local investors. The launch of Giwa could amplify its global presence.
What’s Next for Giwa?
Currently, Giwa is running on testnet, but Dunamu has confirmed that mainnet launch is on the horizon. Alongside this, the company will continue developing the Giwa Wallet and exploring financial applications of the blockchain.
At the Upbit D Conference (UDC) 2025, CEO Oh Kyung-seok described Giwa as a blockchain designed to bring real utility to the financial sector, making it a cornerstone of Upbit’s long-term strategy.
Key Takeaways
- Upbit launches Giwa, an Ethereum Layer 2 chain, on testnet
- Optimism OP Stack-based with 1-second block times
- Supports a Korean won stablecoin project to strengthen financial sovereignty
- Giwa Wallet will provide direct user access to the network
- Positions Upbit as a global Layer 2 player, beyond its exchange business
