Upbit takes a step into the future: launching its own Ethereum L2
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The largest cryptocurrency exchange in South Korea, Upbit, is stepping beyond the usual boundaries of a trading platform — the company announced the launch of its own second-level blockchain based on Ethereum. The project is named Giwa and is already functioning in a test network, opening a new chapter in the development of Web3 infrastructure.
According to internal documentation translated from Korean, the key goal of the project is to make Web3 technologies simple, intuitive, and engaging for the widest possible audience. Giwa is being developed as a flexible platform: as the open stack from Optimism evolves, its functionality can be adapted to new tasks and use cases.
An interesting fact: despite the fact that the GIWA repository on GitHub appeared only a few weeks ago, the test network has already recorded over 4 million blocks. Given the generation speed — one block per second — it can be assumed that internal testing started significantly earlier than the official announcement.
This success reflects a broader trend. According to a recent report from Chainalysis — 2025 Global Adoption Index, published last week, South Korea ranked second in the world in terms of cryptocurrency transaction volume from July 2024 to June 2025. The total turnover reached $1 trillion, second only to the USA with their $4.2 trillion.
Thus, the launch of Giwa is not just a technical update, but a strategic move that could strengthen Upbit's position as one of the key architects of the future decentralized internet.
What is Giwa and why is it needed?
Giwa — short for Global Infrastructure for Web3 Access — is a scalable solution built on the OP Stack from the Optimism Foundation. Thanks to this architecture, the network is capable of generating blocks every second, providing almost instant transactions while fully inheriting the security of the main network Ethereum.According to internal documentation translated from Korean, the key goal of the project is to make Web3 technologies simple, intuitive, and engaging for the widest possible audience. Giwa is being developed as a flexible platform: as the open stack from Optimism evolves, its functionality can be adapted to new tasks and use cases.
Who else is building their own blockchains?
Upbit joins the ranks of major players who have long ceased to be just exchanges. For example:- Coinbase launched the L2 network Base in August 2023;
- Binance introduced BNB Chain back in 2019, which has since become the foundation for thousands of dApps.
The test network is already in operation
Although the launch date of the main Giwa network remains unknown, the Giwa Sepolia test environment is already available for developers. It includes tools for migrating contracts compatible with the Ethereum Virtual Machine (EVM), as well as a full-fledged block explorer tracking all operations in the testnet.An interesting fact: despite the fact that the GIWA repository on GitHub appeared only a few weeks ago, the test network has already recorded over 4 million blocks. Given the generation speed — one block per second — it can be assumed that internal testing started significantly earlier than the official announcement.
Symbolism in details: why Giwa?
The project's name is inspired by traditional Korean culture. Giwa is a curved tile that covers the roofs of temples, palaces, and hanok houses. Made from fired clay, it has symbolized protection, durability, and connection to heritage for centuries. The choice of such a name emphasizes Upbit's desire to create not just a technology, but a sustainable and culturally significant ecosystem.South Korea — one of the leaders in crypto adoption
Upbit dominates the domestic market: according to CoinGecko, it accounts for about 73% of the total cryptocurrency trading volume in South Korea. In the last 24 hours, the trading volume reached $2.5 billion, allowing the exchange to rank 20th in the global ranking.This success reflects a broader trend. According to a recent report from Chainalysis — 2025 Global Adoption Index, published last week, South Korea ranked second in the world in terms of cryptocurrency transaction volume from July 2024 to June 2025. The total turnover reached $1 trillion, second only to the USA with their $4.2 trillion.
Thus, the launch of Giwa is not just a technical update, but a strategic move that could strengthen Upbit's position as one of the key architects of the future decentralized internet.