Ethereum News Today: Dunamu Prepares to Challenge Ethereum with GIWA Blockchain Ambitions

Dunamu, the operator of South Korea's leading cryptocurrency exchange Upbit, has filed multiple trademark applications for a new blockchain project named "GIWA," according to emerging reports. The filings cover blockchain software, digital asset infrastructure, and crypto-related technologies, with stylized logos accompanying the name, suggesting the development of a branded blockchain platform or ecosystem. Although no public confirmation has been made by the company, industry observers speculate that Dunamu may be developing a layer 1 or layer 2 blockchain network to support digital assets, on-chain applications, or identity systems [1].

A website associated with the name GIWA is currently live and features a countdown, hinting at an imminent announcement likely tied to the Upbit Developer Conference (UDC 2025), scheduled for September 9 in Seoul at the Grand InterContinental Seoul Parnas. This timing has fueled speculation that the project will be officially unveiled during the event. The development comes as Dunamu seeks to expand its influence in the crypto space, positioning itself to compete with other major exchanges that have launched their own blockchain networks, such as Coinbase's Base and Binance's BNB Chain [3].

If launched, GIWA could enhance Upbit’s dominance in the regional crypto market and facilitate the development of decentralized financial applications tailored for both local and global audiences. With over 80% of daily crypto trading volume in South Korea already under its control, Upbit’s entry into blockchain infrastructure could further solidify its position as a regional market leader. Analysts suggest that the project may aim to build on Ethereum’s layer 2 framework, a strategy that aligns with broader trends in the industry and could potentially challenge existing platforms like Binance’s BNB Chain [2].

The potential launch of GIWA also aligns with broader global shifts in financial infrastructure and crypto adoption. Recent reports highlight increasing demand for Bitcoin in Asian markets, particularly as geopolitical tensions and de-dollarization efforts continue to reshape the global financial landscape. China’s increased gold reserves and the decline in allocations to U.S. Treasuries indicate a shift in investment priorities, which could further accelerate the adoption of cryptocurrencies. These trends are reflected in on-chain data, including the rising Korean Premium Index for Bitcoin, which has increased by 130% since July, signaling heightened regional demand [2].

In the broader context of blockchain development, Ethereum has experienced a decline in network activity and revenue, despite hitting record price levels in August 2025. Ethereum revenue dropped by approximately 44% in August compared to the previous month, even as the price of ETH reached all-time highs. This decline has sparked debate over Ethereum’s financial fundamentals, with critics questioning the sustainability of its economic model. The drop in network fees and revenue is largely attributed to the Dencun upgrade in March 2024, which significantly reduced transaction costs for layer 2 networks, thereby lowering Ethereum’s overall fee revenue [4].

Despite the challenges, Ethereum continues to attract institutional interest, with firms exploring staking opportunities to generate yield. Advocacy groups and public relations firms are also working to position Ethereum as a core component of the future financial system, emphasizing its potential for institutional adoption. The growing interest in Ethereum’s yield-bearing features is expected to drive further innovation and investment in the ecosystem, even as the network navigates a period of declining network activity and revenue [5].

Source:

[1] Upbit Launches GIWA Chain Blockchain Announcement (https://cryptobriefing.com/upbit-launches-giwa-chain-blockchain-announcement/)

[2] Upbit Rumored to Launch GIWA Layer-2 Chain on Ethereum (https://finance.yahoo.com/news/upbit-rumored-launch-giwa-layer-210610619.html)

[3] Upbit Parent Files 'GIWA' Trademarks Amid Rumors of New (https://www.coindesk.com/web3/2025/09/08/upbit-parent-files-giwa-trademarks-amid-rumors-of-new-blockchain-launch)

[4] Why is Ethereum price failing to break $4.5K? (https://cointelegraph.com/news/why-is-ethereum-price-failing-to-break-4-5k)

[5] Ethereum Revenue Drops 44% in August Amid ETH All-Time High (https://cointelegraph.com/news/ethereum-revenue-drops-44-percent-august-all-time-high)