South Korea’s largest cryptocurrency exchange, Upbit, has unveiled GIWA, a newly launched Layer 2 blockchain built on Ethereum. This innovative platform leverages OP Stack technology, which allows for rapid transaction processing while ensuring the robust security associated with Ethereum.
GIWA aims to simplify the Web3 experience, addressing the common challenges users face with this evolving landscape. Featuring one-second block times, GIWA enables transactions to occur almost in real time. The platform is fully compatible with Ethereum Virtual Machine (EVM), making it an appealing option for developers looking to migrate existing smart contracts and tools to this new blockchain seamlessly.
In tandem with GIWA, Upbit has introduced the Giwa Wallet, a mobile application designed to help users manage their digital assets effortlessly. The wallet offers multi-chain support, accommodating various blockchains such as Ethereum, Base, Arbitrum, Avalanche, Polygon, and of course, the GIWA Chain.
Employing Optimistic Rollup technology, GIWA enhances scalability by reducing costs and alleviating congestion issues often experienced on Ethereum. The test network, known as Giwa Sepolia, is currently operational, allowing developers to test applications and utilize an array of tools that facilitate swift migration from Ethereum.
Notably, development on GIWA has been active for at least three weeks, with the testnet already surpassing 4 million blocks. This suggests substantial progress and readiness for broader utilization.
Industry insiders speculate that Dunamu, the parent company of Upbit, may have further aspirations beyond GIWA, potentially working on a Layer 1 blockchain or additional Layer 2 solutions. Such expansions could support a wider array of services, including digital identities and on-chain applications, though no official confirmation from Dunamu has been provided regarding these plans.
The launch of GIWA comes just ahead of Upbit’s annual blockchain conference, UDC 2025, set to take place on September 9 in Seoul. This timing suggests that further details and insights about GIWA and subsequent projects may be revealed during the event.
CEO Oh Seok-jin emphasized South Korea’s growing influence in the global digital economy, asserting that the country can compete on both local and international stages. He also highlighted the significance of cryptocurrency as more than just a speculative trend, insisting it is integral to the evolution of finance.
He further pointed out that the total value of digital assets worldwide has now surpassed that of Korea’s main stock markets, KOSPI and KOSDAQ. On the topic of stablecoins, Oh noted their increasing real-world utility, particularly in countries like Mexico and Argentina, where they are being used for payments rather than mere speculation.
The introduction of GIWA represents a significant advancement for South Korea in the realm of Web3, promising fast transaction capabilities, comprehensive support for developers, and a user-friendly wallet for managing digital assets.
