Upbit Unveils Giwa, Its ETH Layer-2 Blockchain
Upbit, South Korea’s leading cryptocurrency platform, has officially introduced Giwa, an ETH Layer-2 blockchain revealed during the Upbit D Conference 2025. The launch included Giwa Sepolia, a public testnet that has already gone live, with transactions visible through a dedicated block explorer. Giwa is built on Optimism’s OP Stack framework and is designed to process blocks in around one second while maintaining full ETH Virtual Machine compatibility. This structure allows developers to migrate or deploy decentralized applications with minimal adjustments, while users benefit from lower fees and quicker confirmations.
The unveiling followed months of speculation later than Upbit’s parent company, Dunamu, filed trademark applications for the Giwa name earlier this year. In the lead-up to the conference, a teaser countdown site went live, raising expectations about the company’s next move. The name Giwa is drawn from the curved roof tiles used in traditional Korean buildings, a symbol of resilience and cultural heritage, linking the project’s identity with local tradition.
Expansion into blockchain ecosystems
The launch of Giwa places Upbit among a growing number of platforms expanding beyond trading platforms into blockchain infrastructure. Coinbase has developed its Base network, and Binance operates BNB Chain. Both have leveraged proprietary blockchains to attract developers, consolidate user activity, and increase influence over the broader digital asset ecosystem. Upbit is now pursuing a similar path, positioning Giwa as a strategic extension of its platform.
The company has described Giwa as “Global Infrastructure for Web3 Access,” a phrase that underscores its ambition to provide a simplified entry point to Web3 services. By aligning with the OP Stack ecosystem, Giwa can integrate with other Optimism-powered chains, opening opportunities for liquidity sharing and project collaboration. In South Korea, where digital asset participation is widespread, Giwa could serve as a foundation for decentralized finance protocols, blockchain gaming, and social applications tailored to a highly active market.
Industry impact and challenges
The introduction of Giwa highlights a broader trend of platforms attempting to capture more of the blockchain value chain by operating their own networks. This strategy can accelerate adoption by leveraging large user bases, but it also raises concerns about liquidity fragmentation. With multiple platform-affiliated chains emerging, ensuring interoperability across ecosystems will be critical to long-term success.
Observers are now focused on how Giwa will approach governance, Block confirmer incentives, and regulatory compliance. South Korea has been tightening its oversight of digital asset platforms, and how Giwa fits into this evolving framework will play a significant role in determining its adoption. Questions remain about the degree of decentralization the network will pursue and how it will balance performance with compliance.
For Upbit, Giwa represents a shift from being a centralized platform to becoming an infrastructure provider for Web3. Its success will depend on attracting developers, securing liquidity, and diverseiating itself from established Layer-2 networks such as Base and Optimism. The testnet launch is an ahead milestone, but the broader challenge will be converting momentum into sustainable adoption. As the Layer-2 ecosystem continues to expand, Giwa’s trajectory will offer insight into how platforms viewk to shape the next phase of blockchain development.
