Upbit, the leading cryptocurrency exchange in South Korea, has officially unveiled GIWA, an innovative Ethereum Layer 2 blockchain aimed at enhancing the Web3 experience for everyday users. GIWA, which stands for Global Infrastructure for Web3 Access, operates on the OP Stack, an open-source framework overseen by the Optimism Foundation. This new blockchain promises to deliver one-second block times and near-real-time transactions, making it an appealing choice for both developers and users.
The launch of GIWA marks a significant step for Upbit’s parent company, Dunamu, which had previously hinted at this development through multiple trademark applications and the addition of a countdown clock leading up to the Upbit Developer Conference (UDC). The anticipation surrounding the launch suggests that Upbit is expanding its role beyond merely functioning as a crypto exchange.
Similar to initiatives taken by other major platforms—such as Coinbase’s Base, OKX’s OKChain, and Binance’s BNB Chain—Upbit is positioning GIWA to foster greater control over its ecosystem and to encourage rapid innovation within the Web3 space. The company envisions simplifying UI and UX for South Korean users, aiming to create an accessible environment for those interested in Web3 applications by leveraging GIWA’s fast, cost-effective blockchain solutions that integrate seamlessly with existing Ethereum developer tools.
GIWA’s architecture addresses some of the key challenges associated with the Ethereum network, specifically the slow transaction times and high gas fees that typically plague users during peak demand periods. Rather than replacing Ethereum, GIWA functions as a Layer 2 solution, allowing for transactions to be conducted within its own system while still utilizing Ethereum’s secure infrastructure for final record-keeping. This dual-system approach enables users to sidestep Ethereum’s inefficiencies while benefiting from its robust security protocols.
Moreover, GIWA ensures full compatibility with Ethereum’s ecosystem, including the Ethereum Virtual Machine (EVM), which allows developers using Solidity—the standard programming language for Ethereum—to effortlessly migrate their smart contracts to GIWA without requiring significant changes. This feature is likely to attract developers seeking improved transaction speeds and reduced costs without the need for a complete redevelopment process.
In addition to these functionalities, GIWA incorporates a unique identity verification system termed GIWA ID, which operates as a Soulbound Token (SBT). This special kind of token is not transferable, meaning once issued, it cannot be sold or traded. The GIWA ID system locks users’ identities to their original wallets, reducing the risk of identity theft and misuse. In cases where users encounter verification issues, GIWA allows a 90-day grace period for resolving such problems before any revocation takes place.
While GIWA is still in its developmental phase, the team has released a public testnet available through chainId 91342, allowing developers to experiment with and test their applications in a live environment. This testnet provides an opportunity for developers to connect, deploy contracts, and track transactions similarly to the main network, paving the way for further innovation.
As GIWA continues to evolve, the expectation is that it will gain traction among traders and developers alike, potentially facilitating the launch of new tokens and applications that could invigorate South Korea’s Web3 landscape.
