Ethereum News Today: Upbit's Giwa: Merging Ethereum Speed with Korean Heritage

South Korean crypto exchange Upbit has officially launched Giwa, an Ethereum layer-2 (L2) network, on testnet, according to a confirmation made during the Upbit D Conference 2025 on September 9 in Seoul. Giwa, short for Global Infrastructure for Web3 Access, is designed to offer one-second block times and a user-friendly experience, leveraging the Optimism Foundation’s OP Stack to inherit Ethereum’s security while enabling faster transaction settlements [3]. The exchange has not yet specified a timeline for the Giwa mainnet launch, but development tools are already integrated into the testnet, allowing the migration of Ethereum Virtual Machine-compatible smart contracts [3]. A block explorer for the Giwa Sepolia testnet is also operational, tracking activity on the network [3].

Giwa's design emphasizes flexibility and adaptability, allowing it to evolve alongside the Optimism Foundation’s open-source tech stack. This aligns with broader trends in the Ethereum ecosystem, where layer-2 networks are increasingly being used to scale transactions, reduce congestion, and lower gas fees on the mainnet [6]. The Giwa project appears to be in development for at least three weeks, with its GitHub account showing significant activity. Notably, over 4 million blocks have already been added to the Giwa Sepolia testnet, suggesting that the chain may have launched earlier than officially announced [3].

The name "Giwa" is derived from traditional curved roof tiles found in South Korean palaces, temples, and hanok houses, symbolizing heritage and protection. This cultural nod underscores Upbit's intent to position Giwa not only as a technical innovation but also as a platform with deep roots in the region [3]. With this move, Upbit joins a growing list of companies—such as Coinbase with Base and Binance with BNB Chain—launching their own blockchain platforms to support decentralized applications [3]. The launch of Giwa also places Upbit in direct competition with other major players in the crypto and blockchain space, particularly in the Asian market [1].

The South Korean crypto market remains a dominant force in the region, with Upbit capturing approximately 73% of the country's trading volume. CoinGecko data shows that the exchange has seen a 24-hour trading volume of $2.5 billion, placing it among the top 20 global exchanges [3]. According to the Chainalysis 2025 Global Adoption Index, South Korea recorded the second-largest on-ramp crypto volume between July 2024 and June 2025, totaling $1 trillion—second only to the U.S. at $4.2 trillion [3]. This positions Upbit’s launch of Giwa as a strategic move to further consolidate its market dominance and encourage the development of Asian-native decentralized financial applications [1].

The launch of Giwa also aligns with broader trends in the Ethereum ecosystem, where layer-2 networks are gaining traction due to their ability to reduce transaction costs and improve scalability. The success of other layer-2 platforms such as Arbitrum, Optimism, and Base has demonstrated the potential for these networks to attract developers and users, driving innovation and adoption [6]. With Giwa’s one-second block times and Ethereum security, the platform could further catalyze the growth of Web3 infrastructure in Asia. Additionally, the integration of flexible, open-source technologies allows Giwa to adapt to evolving market demands and technological advancements [3].

The timing of Giwa’s launch coincides with a period of heightened interest in blockchain technology in South Korea. Recent regulatory developments, such as the capping of crypto lending rates at 20% and the ban on leveraged loans, have prompted exchanges to explore alternative revenue streams and services [3]. Giwa’s launch could offer a new avenue for Upbit to expand its role beyond that of a traditional crypto exchange, fostering the development of a broader Web3 ecosystem. With South Korea’s growing influence in the global crypto market and its increasing adoption of digital assets, the launch of Giwa could represent a pivotal step in the country's digital financial evolution [3].

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] Upbit operator rumored to launch GIWA chain (https://cryptobriefing.com/upbit-launches-giwa-chain-blockchain-announcement/) [3] South Korean Crypto Exchange UpBit Launched Ethereum (https://cointelegraph.com/news/south-korea-crypto-exchange-ubit-launches-ethereum-l2) [4] Everything You Need to Know About the Ethereum Layer-2 (https://finance.yahoo.com/news/linea-everything-know-ethereum-layer-150103397.html) [5] MegaETH Introduces Yield Stablecoin It Says Will Fund (https://cointelegraph.com/news/ethereum-l2-megaeth-yield-bearing-stablecoin-fund) [6] Ethereum's Layer 2 Boom: Lower Gas, Higher Activity & Why (https://blog.mexc.com/ethereums-layer-2-boom-lower-gas-higher-activity-why-mexc-traders-should-care/)