Ethereum News Today: Giwa Unveiled: Upbit Builds Blockchain for a New Web3 Era

South Korea’s leading cryptocurrency exchange Upbit has taken a significant step toward expanding its role beyond trading, with the launch of Giwa, an Ethereum-based Layer 2 blockchain network on testnet. This move was confirmed by Upbit during the Upbit D Conference 2025 held in Seoul on Monday. Giwa, which stands for Global Infrastructure for Web3 Access, is designed to facilitate one-second block times and enhance the user experience by leveraging the Optimism Foundation’s OP Stack, while inheriting Ethereum’s security features [2].

Giwa aims to serve as a foundational infrastructure for decentralized finance (DeFi) applications and digital assets. According to the project documentation, the network is optimized for flexibility and can evolve alongside the Optimism Foundation’s open-source tech stack. The testnet, known as Giwa Sepolia, has already seen over 4 million blocks added, with a one-second block time rate suggesting that the chain may have been operational for some time before its public announcement [2]. Development tools and a block explorer for tracking testnet activity are already available, indicating a strong technical foundation for future development and integration.

Upbit’s parent company, Dunamu, had previously filed trademark applications for the GIWA name, covering blockchain software and digital asset infrastructure. While the company has not made any public statements confirming the trademark filings, these steps suggest a strategic approach to branding and ecosystem development [1]. The launch of Giwa places Upbit in direct competition with other major crypto platforms such as Binance’s BNB Chain and Coinbase’s Base Network, both of which are also building their own layer-2 solutions to support developers and end-users [2].

The broader market context suggests growing demand for fast and secure blockchain infrastructure. In South Korea, where Upbit dominates over 73% of the crypto trading volume, the launch of Giwa is expected to further solidify its position in the market. CoinGecko data indicates that Upbit has recorded a 24-hour trading volume of $2.5 billion, despite being primarily limited to local investors. Meanwhile, Chainalysis reported that South Korea ranked second in on-ramp crypto volume between July 2024 and June 2025 at $1 trillion, behind only the United States [2].

Giwa’s potential impact extends beyond South Korea. The project is part of a larger trend of blockchain expansion by major financial institutions, including Google, Stripe, and Sony Group, which are also exploring or launching their own chains in 2025 [2]. Dunamu CEO Oh Kyung-seok highlighted during the Upbit D Conference that Giwa will support a local currency-pegged stablecoin project, aligning with South Korea’s national initiative to promote the use of stablecoins and strengthen currency sovereignty [3].

The testnet phase is a critical milestone for Giwa, as it allows developers to test smart contracts and transaction processes before the mainnet launch. Dunamu has already begun preparing a native wallet system for the network, named Giwa Wallet, which is expected to enhance user accessibility and security [3]. The company has not yet announced a specific timeline for the mainnet launch, but the rapid development of the testnet indicates progress toward a broader rollout.

Source:

[1] Upbit operator rumored to launch GIWA chain (https://cryptobriefing.com/upbit-launches-giwa-chain-blockchain-announcement/)

[2] South Korean Crypto Exchange UpBit Launched Ethereum ... (https://cointelegraph.com/news/south-korea-crypto-exchange-ubit-launches-ethereum-l2)

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