Upbit Expands Beyond Trading With Giwa
Upbit, South Korea’s largest crypto exchange by trading volume, has officially launched Giwa, an Ethereum layer-2 blockchain. The announcement came during the Upbit D Conference 2025, signaling the exchange’s ambitions to move beyond traditional exchange services.
Giwa, short for Global Infrastructure for Web3 Access, leverages Ethereum’s security while promising faster transaction finality. The project represents a major shift for Upbit, aligning with the broader industry trend of exchanges building their own chains. Developers and investors alike are watching closely to see how Giwa evolves.
Giwa Built on OP Stack for Speed and Security
According to Giwa’s documentation, the network is based on the Optimism Foundation’s OP Stack. This open-source framework enables Giwa to settle transactions on Ethereum while delivering block times of just one second. Such speed is designed to provide a smoother, near real-time user experience.
Ethereum Virtual Machine (EVM) compatibility ensures that existing decentralized applications (dApps) can migrate with minimal friction. By combining Ethereum’s security with Optimism’s scalability, Giwa positions itself as a strong competitor in the growing L2 ecosystem.
Exchange Chains Set a New Industry Trend
Upbit joins other major exchanges in launching its own blockchain, following Coinbase’s Base and Binance’s BNB Chain. These chains allow exchanges to expand into infrastructure, enabling developers to build directly on their platforms. For users, this creates new ecosystems of dApps tied to familiar exchanges, making adoption easier.
Beyond trading fees, exchanges can now capture value through network activity and developer engagement. Giwa’s success will depend on how well it differentiates itself from these already established chains.
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Giwa Sepolia Testnet Already Active
Giwa’s testnet, Giwa Sepolia, is live with over 4 million blocks already produced. The one-second block time suggests that the network has been operational for weeks before the public announcement. Developers can already deploy EVM-compatible contracts on the testnet and track activity through a dedicated block explorer.
This early start provides developers with an opportunity to experiment before the eventual mainnet launch. The integration of tools and migration pathways signals that Upbit is serious about onboarding builders quickly.
Symbolism Behind the Name Giwa
The name “Giwa” draws inspiration from Korea’s traditional curved roof tiles, often seen on palaces and temples. These clay tiles symbolize protection, heritage, and resilience—values Upbit likely hopes to reflect in its new blockchain.
By choosing a culturally significant name, the exchange ties its technological ambitions to national identity. This branding choice could help Giwa resonate with South Korean users and developers. It also emphasizes the blend of tradition and innovation in the country’s growing crypto landscape.
South Korea’s Crypto Market Remains a Powerhouse
South Korea continues to be one of the most influential crypto markets worldwide. Upbit alone accounts for around 73% of the country’s trading volume, making it the clear market leader. According to CoinGecko, Upbit posted $2.5 billion in daily volume recently, ranking it 20th globally despite focusing mostly on domestic users.
The Chainalysis 2025 Global Adoption Index also ranked South Korea second worldwide in on-ramp crypto volume, trailing only the United States. Such momentum provides fertile ground for Giwa’s adoption.
What Giwa Means for Ethereum and Web3
If Giwa succeeds, it could become a major on-ramp for South Korean users into Ethereum’s broader ecosystem. By offering faster transactions and simplified developer tools, it lowers barriers to Web3 participation. Giwa could also help accelerate the integration of DeFi, NFTs, and tokenized assets into mainstream South Korean finance.
For Ethereum, another exchange-backed L2 represents further decentralization of access and scalability solutions. In the long run, Giwa may not just be an Upbit experiment but a foundational piece of Web3 infrastructure.
