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Upbit Plans Launch of New Blockchain Named 'GIWA'

Upbit Plans Launch of New Blockchain Named 'GIWA'

Upbit introduces GIWA, an Ethereum Layer-2 network using the Optimism OP Stack, focusing on scalability and enhanced transaction speeds for DeFi services.

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Fact Check
The statement is corroborated by multiple, independent crypto news sources in different languages (Chinese and Turkish), including Odaily, PANews, ChainCatcher, and Coin Mühendisi Haber. These sources consistently report that the South Korean exchange Upbit will launch a new blockchain named 'GIWA'. The reported timeline aligns with a major Upbit conference scheduled for September 2025, which adds contextual support to the claim.
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Summary

Upbit, South Korea’s largest crypto exchange, launched GIWA, an Ethereum Layer-2 network built on Optimism’s OP Stack. The network features one-second block times, scalability through Optimistic Rollups, and EVM compatibility. Upbit also unveiled a GIWA wallet and developer tools. The exchange aims to encourage Korean developers to engage with Web3 while expanding its blockchain infrastructure. The network is already live on Sepolia testnet, with official launch details revealed at the Upbit D Conference in Seoul.

Terms & Concepts
  • Ethereum Layer 2: A secondary framework built on Ethereum to improve transaction speeds and scalability by processing transactions off the main chain.
  • GIWA: An Ethereum Layer 2 blockchain developed by Upbit using the OP Stack, targeting one-second block times and supporting scalability, privacy, and Web3 services.
  • Optimistic Rollups: A Layer 2 scaling technique for Ethereum that bundles multiple transactions into batches and assumes validity, only running fraud proofs when challenged.