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Upbit Parent Dunamu Unveils 'GIWA', an Ethereum Layer 2 Built on OP Stack

Upbit's GIWA network leverages Ethereum's security and speed while forgoing a native token to comply with South Korean regulations, marking a key move in the country's blockchain infrastructure space.

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Summary

Upbit, South Korea's largest cryptocurrency exchange, launched GIWA, an Ethereum Layer-2 network built on the Optimism OP Stack. The network offers one-second block times and EVM compatibility while using ETH for gas fees instead of a native token, in compliance with South Korean regulations. Additionally, a developer sandbox and wallet supporting larger EVM-compatible networks were introduced. GIWA's launch underscores Upbit's ambition to expand into blockchain infrastructure and challenge local competitors like Kakao.

Terms & Concepts
  • Layer 2 Network: A secondary protocol built on top of a main blockchain (Layer 1) like Ethereum to improve scalability and transaction speeds while leveraging the main chain's security.
  • OP Stack: An open-source, standardized development stack for building optimistic rollups, allowing developers to create their own customizable Layer 2 chains on Ethereum.
  • Gas Fees: The transaction fees required to execute operations on a blockchain network. On GIWA, these fees will be paid in ETH rather than a native network token.