Ethereum News Today: Giwa's Clay-Tile Vision Aims to Tile the Web3 World

Upbit, South Korea’s largest cryptocurrency exchange, has officially launched the Giwa testnet, a Layer-2 blockchain built on Ethereum’s Optimism OP Stack. The initiative, announced by Upbit’s parent company Dunamu, aims to enhance scalability and transaction speed while fostering innovation in the digital finance ecosystem. Giwa is designed with a 1-second block time and full EVM compatibility, enabling developers to utilize existing Ethereum tools for building decentralized applications (dApps) without additional learning curves [2].

The name Giwa is an acronym for "Global Infrastructure for Web3 Access" and draws cultural inspiration from traditional Korean clay roof tiles, symbolizing the project's ambition to make Web3 more accessible to a global audience. Dunamu stated that the testnet is currently active, with plans to launch the mainnet in the near future. The company is also developing a native wallet system, Giwa Wallet, to facilitate user interaction with the network [2].

Giwa’s launch positions Upbit to compete directly with other major Layer-2 platforms such as Binance’s BNB Chain and Coinbase’s Base Network, as the battle for dominance in the global crypto market intensifies. Upbit, which dominates over 80% of daily crypto trading volume in South Korea, aims to expand its influence through Giwa by supporting the development of Asian-native decentralized financial applications. This move aligns with the broader strategy to strengthen Korea’s position in the global crypto landscape and to provide localized solutions for regional and international markets [1].

The project also supports a local currency-pegged stablecoin initiative under development, reflecting South Korea’s national effort to establish a robust regulatory framework and active market for won-based stablecoins. This initiative, led by South Korean President Lee Jae Myung, is part of a larger push to enhance currency sovereignty and promote the adoption of digital assets in financial services [2]. Giwa’s infrastructure is expected to serve as a foundational layer for such stablecoin projects and other digital finance use cases.

Dunamu CEO Oh Kyung-seok highlighted the utility of Giwa during his speech at the Upbit D Conference (UDC) 2025, emphasizing the platform’s potential to streamline financial transactions and improve user accessibility to blockchain services. The company has filed trademark applications for the GIWA name, covering blockchain software, digital asset infrastructure, and related technologies. These filings suggest the development of a branded ecosystem around the Giwa platform [1].

The launch of Giwa is occurring amid a broader surge in Asia’s demand for cryptocurrencies. On-chain data indicates a growing interest in Bitcoin on Korean exchanges, with the Korean Premium Index showing a 130% increase since mid-July, suggesting strong local demand relative to global markets. This trend is further supported by the global shift away from U.S. dollar dependency, as central banks increasingly diversify their reserves into gold and other non-dollar assets [1]. With the anticipated launch of the Giwa mainnet and the broader adoption of local stablecoins, the Asian crypto market is expected to see further expansion in the fourth quarter of 2025 [1].

Source:

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

[2] Crypto exchange Upbit launches Ethereum Layer 2 chain (https://www.theblock.co/post/369947/upbit-launches-giwa-testnet)

[3] GIWA Chain is built on OP Stack and positioned as (https://m.odaily.news/en/newsflash/447178)