Giwa Unveiled: Upbit Reimagines Web3 with Speed and Heritage

Upbit, South Korea’s largest cryptocurrency exchange by trading volume, has launched Giwa, an Ethereum layer-2 blockchain on testnet, marking a strategic expansion beyond its traditional role as an exchange. The announcement was made during the Upbit D Conference 2025, where the company detailed how the new blockchain aims to optimize user experience through one-second block times and near-real-time transactions. According to the documentation, the platform intends to make Web3 infrastructure accessible and engaging for a broader audience.

Giwa, derived from a Korean architectural symbol representing heritage and protection, leverages the Optimism Foundation’s open-source OP Stack to inherit Ethereum’s security while enabling faster transaction processing. The platform is designed for flexibility, allowing developers to adapt to evolving blockchain technologies. Giwa’s testnet, known as Giwa Sepolia, is already operational, featuring a block explorer and development tools for Ethereum Virtual Machine-compatible smart contracts.

The initiative places Upbit among other major crypto players expanding their blockchain offerings. Competitors like Coinbase and Binance have already launched their layer-2 solutions—Base and BNB Chain, respectively—providing developers with platforms for decentralized application development. Additionally, companies such as Google, Stripe, and Sony Group have either launched or expressed plans to launch their own blockchains in 2025, signaling a broader industry trend toward infrastructure diversification.

Upbit’s dominance in the South Korean crypto market is underscored by recent data, with the exchange accounting for approximately 73% of local trading volume. According to CoinGecko, it ranked 20th globally in 24-hour trading volume, recording $2.5 billion in activity. Despite its limited geographic reach, Upbit’s market share highlights its influence in one of the world’s most active crypto markets. Meanwhile, South Korea’s 2025 Global Adoption Index reported by Chainalysis showed the country recorded the second-highest on-ramp crypto volume between July 2024 and June 2025, trailing only the United States.

The development of Giwa has been underway for at least three weeks, as evidenced by the Upbit GitHub account. However, with over 4 million blocks added to the Giwa Sepolia testnet, it is suggested that the chain may have launched earlier than officially announced. This accelerated progress reflects the exchange’s readiness to contribute to the broader Ethereum ecosystem and possibly attract developers seeking high-performance infrastructure options.