Upbit confirmed its Ethereum Layer 2 network GIWA, built on Optimism’s OP Stack, aiming to boost scalability and financial infrastructure innovation amid Korea’s cautious but growing blockchain adoption.
Upbit, South Korea’s largest crypto exchange, confirmed the launch of its Ethereum Layer 2 network GIWA, which is now live on Sepolia testnet. GIWA targets one-second block times using Optimism’s OP Stack and includes plans for a dedicated GIWA Wallet supporting assets, NFTs, and dApps. Dunamu CEO Oh Kyung-seok said digital assets are an evolution, not a bubble, highlighting South Korea’s ambition to compete in global financial infrastructure. The project features a phased decentralization roadmap, stablecoin initiatives tied to pending regulations, and raises concerns over centralization due to its single-operator sequencer, similar to Coinbase’s Base. Analysts note Upbit’s move may diversify revenue streams after past ventures like NFTs and overseas exchanges struggled, leveraging its strong liquidity and user base.