Upbit launches GIWA, an Ethereum Layer 2 blockchain with fast transactions, EVM support, and a multi-chain wallet for Web3.
South Korea’s biggest crypto exchange, Upbit, has launched a new blockchain called GIWA. This new platform is constructed as a Layer 2 solution on top of Ethereum and is based on the technology of the OP Stack. This means it can process transactions faster whilst maintaining Ethereum’s security.
GIWA Chain Built on Optimistic Rollup for Scalability
First of all, GIWA has a mission to make Web3 easy for everyone. Many people are still struggling with Web3’s difficulty of use. GIWA wants to change that. It provides one-second block times, which means that transactions are almost real-time. Also, it is 100% compatible with the Ethereum Virtual Machine (EVM). Therefore, it is easy for developers to migrate their existing contracts and tools to GIWA.
Additionally, Upbit has introduced a new product called the Giwa Wallet. This is a mobile app that assists users in managing their digital assets. The wallet supports many blockchains. These include Ethereum, Base, Arbitrum, Avalanche, Polygon, and of course, the Giwa Chain.
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In addition, GIWA is based on Optimistic Rollup technology. This enables the platform to handle a greater number of transactions at a lower cost. It also helps to avoid congestion problems that Ethereum is often subject to.
Currently, the GIWA test network is known as Giwa Sepolia. Developers can already use it to test their applications. Many development tools are in place already. This helps projects migrate from Ethereum faster.
Interestingly, in the project’s GitHub account, you can see that development has been going on for at least 3 weeks. However, the number of blocks already created means it may have been running even longer. Already more than 4 million blocks have been added to the testnet.
GIWA Launch Aligns with Upbit’s Web3 Expansion Strategy
Meanwhile, some experts think that Dunamu, the company that operates Upbit, may be planning more. They can be working on their own Layer 1 or other Layer 2 blockchain. This could help support not only digital assets, but also identity systems and on-chain applications. However, Dunamu hasn’t been able to confirm this yet.
This announcement comes on the eve of UDC 2025, Upbit’s annual blockchain conference. It will be held on September 9 in Seoul at the Grand InterContinental Seoul Parnas. The GIWA launch is coming so soon that more information may be released at the event.
Furthermore, CEO Oh Seok-jin said some strong words about South Korea’s role in the digital economy. He said Korea can compete in the world arena not only in Asia. He also noted that crypto is not merely a trend or a bubble. According to him, crypto is a part of financial evolution.
He also noted that the combined value of digital assets globally now exceeds the value of both KOSPI and KOSDAQ, which are Korea’s two main stock markets.
Another important point he made was on stablecoins. In countries such as Mexico and Argentina, a greater number of people are using dollar-pegged stablecoins to send money and make payments. This is real-world use, not mere speculation.
In conclusion, Upbit’s launch of GIWA is a significant move forward for South Korea’s Web3. With fast block times, wide support, and a new wallet, GIWA could prove to be a key platform for developers and users alike.
