Ethereum News Today: Asia’s Crypto Powerhouse Upbit Bets Big on Ethereum’s Layer-2 Revolution

Korean cryptocurrency exchange Upbit is preparing to launch GIWA, a Layer-2 blockchain built on Ethereum, according to recent online reports and trademark filings. While an official announcement has not yet been made, Upbit’s parent company, Dunamu, has submitted trademark applications for the name GIWA, suggesting active development of the project [2]. The rumored GIWA website is already live and features a countdown, potentially indicating an imminent announcement around the time of the Upbit Developer Conference (UDC) on September 9, 2025 [3]. This move positions Upbit to enter the growing market of Layer-2 solutions, competing with platforms such as Binance’s BNB Chain and Coinbase’s Base Network [1].

GIWA’s potential launch marks a strategic shift for Upbit, which already dominates the Korean cryptocurrency market, controlling over 80% of daily trading volume [1]. By launching its own Layer-2 chain, Upbit aims to expand its influence beyond Korea and into the broader Asian market, facilitating the development of Asian-native decentralized financial (DeFi) applications for both regional and global use [1]. The project could also support the exchange’s broader vision of integrating blockchain technology into everyday financial services, enhancing transaction efficiency and reducing costs [3].

The development of GIWA is taking place against a backdrop of increasing demand for cryptocurrencies in Asia, particularly in Korea and China. Recent on-chain data from CryptoQuant reveals a 130% increase in the Korean Premium Index for Bitcoin (BTC), rising from -2.05 on July 14 to 0.61 by September 8, 2025 [1]. This trend reflects heightened demand for cryptocurrencies in the region, with traders seeking alternatives amid escalating U.S.-China trade tensions and a global shift away from U.S. dollar dominance. In parallel, China’s 10th consecutive month of gold acquisitions highlights a broader de-dollarization trend, which has been linked to increased adoption of stablecoins and alternative asset classes [1].

The geopolitical and macroeconomic dynamics in the region are influencing crypto adoption and market behavior. With the Trump-led U.S. administration implementing a series of crypto-friendly policies in 2025, institutional investors and retail traders alike are exploring decentralized alternatives to traditional financial systems. Meanwhile, South Korea’s strong crypto infrastructure and regulatory environment continue to attract both domestic and international investors, further solidifying the country’s role as a key player in the global crypto ecosystem [1].

Experts suggest that the combination of GIWA’s launch and the ongoing de-dollarization trends could drive additional capital into the crypto markets, particularly in Q4 2025. As Asian institutions and individual investors seek higher returns and diversification, the availability of scalable, low-cost Layer-2 solutions like GIWA may accelerate the adoption of blockchain-based financial services [1]. This development aligns with broader global efforts to expand the use of decentralized technologies, with multiple projects—ranging from DeFi protocols to cross-border payment platforms—leveraging Ethereum’s infrastructure to enhance financial inclusion and efficiency.

Source: [1] Upbit Rumored to Launch GIWA Layer-2 Chain on Ethereum Amid Asian Crypto Surge (https://cryptorank.io/news/feed/89234-upbit-rumored-to-launch-giwa-layer-2-chain-on-ethereum-amid-asian-crypto-surge) [2] Upbit Parent Files 'GIWA' Trademarks Amid Rumors of New Blockchain Launch (https://www.coindesk.com/web3/2025/09/08/upbit-parent-files-giwa-trademarks-amid-rumors-of-new-blockchain-launch) [3] Upbit Rumored to Launch GIWA Layer-2 Chain ... (https://finance.yahoo.com/news/upbit-rumored-launch-giwa-layer-210610619.html)