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Upbit Partners With Optimism Foundation on GIWA Chain Ethereum Layer 2

According to the Optimism Foundation, Upbit is developing GIWA Chain as a dedicated Ethereum Layer 2 using the OP Stack under a Self-Managed deployment model.

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Fact Check
All core elements of the claim are directly confirmed by the Optimism Foundation's own official blog post ('Upbit Announces Planned Partnership with The Optimism Foundation on GIWA Chain'), which is the primary originating source. It confirms: (1) Upbit (operated by Dunamu) is South Korea's largest crypto exchange; (2) GIWA Chain is an Ethereum Layer 2 built on the OP Stack; (3) the testnet is live; (4) mainnet is planned for a later release; (5) the Optimism Foundation is the supporting partner. The Block's independent reporting corroborates every detail, and PANewsLab and social media posts provide further consistent corroboration. There are no conflicting signals. The only minor nuance is that the Optimism blog frames this as a 'planned partnership' via MOU rather than a fully executed agreement, but the testnet launch is confirmed as already live, which aligns with the claim.
Summary

South Korea’s Upbit has partnered with the Optimism Foundation to develop GIWA Chain, a dedicated Ethereum Layer 2 blockchain built with the OP Stack. According to the announcement, the network will operate under the Self-Managed tier. The new report confirms the partnership and technical framework but does not add launch timing, token, governance, or broader operational details beyond the project’s Ethereum-based Layer 2 design.

Terms & Concepts
  • Ethereum Layer 2: A blockchain scaling network built on top of Ethereum to improve throughput and reduce costs while relying on Ethereum for underlying security.
  • OP Stack: An open-source software framework from Optimism used to build Layer 2 chains and related blockchain infrastructure.