GIWA Rises: How Upbit's L2 Platform Is Rewriting Korea's Crypto Legacy

Dunamu, the parent company of South Korea’s largest cryptocurrency exchange Upbit, launched its Ethereum Layer 2 blockchain platform GIWA, marking a significant expansion beyond its traditional role as a trading venue. The platform, launched at the Upbit Developer Conference 2025, is designed to provide a secure, scalable, and developer-friendly infrastructure for Web3 applications. GIWA operates on an Optimistic Rollup architecture, offering one-second block times and leveraging Ethereum’s security while aiming to reduce transaction costs and improve speed for end users [1].

The launch of GIWA challenges initial predictions that the platform would be limited to a regional Layer 2 solution for Korean investors. Instead, Dunamu positioned GIWA as a global infrastructure initiative, targeting both Korean and international blockchain developers. By integrating a multichain approach that supports Ethereum, Base, Optimism, Arbitrum, Polygon, and Avalanche, GIWA emphasizes interoperability over isolation, signaling a shift from a local-first strategy to a broader, global vision [1].

GIWA’s development has been in progress for several weeks, with testnet activity revealing over 4 million blocks added under the Giwa Sepolia testnet. The platform’s design is built for flexibility, allowing developers to customize applications as the Optimism Foundation’s open-source stack evolves. Although a specific date for the mainnet launch has not been disclosed, development tools are already embedded in the testnet, facilitating the migration of Ethereum Virtual Machine-compatible smart contracts [2].

The strategic name “GIWA,” derived from traditional Korean curved roof tiles, reflects Dunamu’s intent to blend cultural heritage with technological innovation. Unlike many blockchain projects that adopt abstract or technical names, GIWA embraces a culturally grounded identity, symbolizing both protection and continuity. This branding aligns with South Korea’s growing reputation as a leader in digital innovation, while also resonating with local pride in traditional craftsmanship [1].

GIWA’s launch comes at a time when South Korea is emerging as a key player in the global crypto ecosystem. According to recent data from Chainalysis, South Korea recorded the second-largest on-ramp crypto volume between July 2024 and June 2025, trailing only the United States. Upbit, which holds a 73% market share of South Korean crypto trading, has also experienced a surge in demand for Bitcoin and stablecoins amid rising geopolitical tensions and a global shift away from U.S. dollar dominance [3].

The platform is expected to support a range of decentralized finance (DeFi) services, including staking pools, stablecoin operations, reward programs, and real-world asset (RWA) tokenization. By prioritizing developer tools and ecosystem growth over token-centric models, GIWA diverges from many existing blockchain projects and aligns with successful tokenless models such as Coinbase’s Base and Binance’s BNB Chain [1]. The launch of GIWA may also intensify competition in the global Layer 2 market, with Upbit now directly competing with Coinbase and Binance for blockchain dominance and developer adoption.

Source:

[1] Upbit'in Ana Şirketi GIWA Blockchain'i Tanıttı: Küresel ... (https://tr.beincrypto.com/dunamu-giwa-blockchaini-kuresel-hedeflerle-tanitti/)

[2] South Korean crypto exchange Upbit launches Ethereum L2 (https://cointelegraph.com/news/south-korea-crypto-exchange-ubit-launches-ethereum-l2)

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