Ethereum News Today: South Korea's Crypto Powerhouse Builds Web3 Highway with One-Second Blocks

Upbit, South Korea's largest crypto exchange by trading volume, has announced the launch of Giwa, an Ethereum Layer 2 network on testnet, designed to provide faster transactions with a one-second block time and optimize the user experience. This initiative marks a strategic expansion for Upbit beyond its core role as a centralized crypto exchange and into blockchain infrastructure development [1]. Giwa, short for Global Infrastructure for Web3 Access, is built using the Optimism Foundation’s OP Stack, a modular framework that combines scalability with Ethereum's security properties. The chain’s block time is significantly faster than the average Ethereum block time, enabling near-real-time transactions [2].

Giwa’s testnet, known as Giwa Sepolia, is already operational and has processed over 4 million blocks, suggesting that the network may have been active for several weeks prior to its formal announcement. The testnet includes a block explorer and development tools for Ethereum Virtual Machine-compatible smart contracts, facilitating the migration of existing dApps to Giwa [2]. Additionally, Upbit is developing a native wallet system called Giwa Wallet, which is expected to enhance user accessibility and ease of interaction with the network.

A key focus of Giwa is supporting a local currency-pegged stablecoin project under development in South Korea, aligning with the country’s broader initiative to establish a regulatory framework and active market for such stablecoins. This effort aims to strengthen South Korea’s currency sovereignty and support the national digital economy [1]. The country’s President, Lee Jae Myung, has been actively promoting policies that foster local stablecoin adoption, creating a regulatory environment conducive to innovation in this space.

Upbit has long been a dominant force in the global crypto market. Despite its services being limited to South Korean investors, the exchange processed $2.25 billion in transactions over the past 24 hours, according to data from CoinMarketCap [1]. The launch of Giwa underscores Upbit’s ambition to extend its influence into blockchain infrastructure, a trend also seen among other major exchanges such as Coinbase and Binance, which have similarly launched their own Layer 2 solutions [2].

The Giwa network’s development reflects South Korea’s broader position as a leading crypto market in 2025. The Chainalysis 2025 Global Adoption Index reported that South Korea ranked second in on-ramp crypto volume between July 2024 and June 2025, with $1 trillion in transactions—second only to the United States. Upbit’s role in this ecosystem remains central, accounting for approximately 73% of South Korean crypto trading and maintaining one of the highest trading volumes globally [2]. The company’s CEO, Oh Kyung-seok, emphasized that Giwa is intended to serve as a blockchain with utility for the financial sector, further reinforcing Upbit’s strategic positioning in the evolving crypto landscape [1].

Source:

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

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