Quick Breakdown
- Upbit has launched Giwa, an Ethereum layer-2 testnet with one-second block times.
- The blockchain supports EVM compatibility and is built on Optimism’s OP Stack.
- South Korea remains a global crypto powerhouse, with Upbit leading its domestic market.
South Korea’s Largest Exchange Steps Into Blockchain Development
Upbit, South Korea’s dominant crypto trading platform, has announced the launch of its own Ethereum layer-2 network, Giwa, now live on testnet. The exchange revealed the development at the Upbit D Conference 2025, underscoring its ambition to evolve beyond trading services and position itself as a key Web3 infrastructure provider.
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— Upbit Korea (@Official_Upbit) September 9, 2025
Built on OP Stack With One-Second Blocks
According to project documentation, Giwa, short for Global Infrastructure for Web3 Access, is built on the Optimism Foundation’s OP Stack, enabling one-second block times while settling securely on Ethereum. The testnet, dubbed Giwa Sepolia, already supports Ethereum Virtual Machine (EVM)-compatible contracts and includes a functioning block explorer to track activity.
Developers can migrate contracts seamlessly, while the network’s open-source foundation ensures flexibility for future upgrades as Optimism’s tech stack evolves.
Inspiration From Korean Heritage
The name Giwa draws inspiration from traditional curved roof tiles found on Korean palaces and temples, symbolizing heritage and protection. Activity on its GitHub suggests work has been ongoing for several weeks, though the more than four million blocks already added hint that the chain may have been live earlier.
Part of a Growing Trend Among Exchanges
Upbit now joins a list of exchanges turning into blockchain builders. Coinbase launched its layer-2 Base in 2023, while Binance created BNB Chain in 2019. Beyond exchanges, major firms including Google, Stripe, and Sony Group have also launched or announced plans to roll out blockchain networks in 2025.
South Korea’s Crypto Market Remains Dominant
With around 73% of South Korea’s crypto trading volume, Upbit processed $2.5 billion in the past 24 hours, ranking 20th globally, according to CoinGecko. South Korea’s influence extends beyond trading; the Chainalysis 2025 Global Adoption Index ranked the country second worldwide in crypto on-ramp volume at $1 trillion over the past year, trailing only the United States.
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