Upbit Introduces GIWA, a New Ethereum Layer 2 Solution

Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, has announced the launch of GIWA, its own Ethereum Layer 2 network.

The announcement marks a major step in the company’s strategy to expand its blockchain footprint beyond exchanges.

GIWA is an acronym for Global Infrastructure for Web3 Access. The word also refers to traditional clay roof tiles in Korean architecture.

According to GIWA’s official website, the chain is built on Optimism’s OP Stack, a framework to scale Ethereum. The system promises block confirmation in one second, giving users a faster and smoother experience compared to traditional Ethereum transactions.

Moreover, GIWA’s codebase is built with Solidity, the programming language that powers Ethereum. This makes it easier for developers to port applications and reuse familiar tools. The compatibility reduces barriers and allows existing Ethereum-based tools and dApps to run on Giwa with minimal friction.

Currently, GIWA is running on testnet. Dunamu has not confirmed the exact launch date for its mainnet, but it expects to roll it out soon.

To complement the network, the company is also preparing the GIWA Wallet, a native digital wallet. This wallet will allow users to store, send, and interact with tokens and decentralized applications on the new chain.
Financial Utility and Stablecoin Push
At the Upbit D Conference (UDC) 2025, Dunamu CEO Oh Kyung-seok stated that GIWA will serve the financial sector. He also confirmed that the blockchain will support a local currency stablecoin, according to local outlet Bloomingbit.

His statement closely aligns with South Korea’s broader digital finance policy. President Lee Jae Myung supports the Korean won stablecoin as part of a national initiative and continues to call for a clear regulatory framework and an active market to safeguard the country’s currency sovereignty.

By linking government policy with Dunamu’s strategy, South Korea is creating the foundation for GIWA to play a central role in the nation’s stablecoin ecosystem.
The Strength of Upbit Exchange
Meanwhile, Upbit’s performance demonstrates the relevance of Dunamu’s blockchain initiatives. The exchange, while primarily serving South Korean investors, consistently ranks among the world’s largest trading platforms.

Data from CoinMarketCap shows Upbit processed about $2.25 billion in trades over the past 24 hours. This scale highlights the strength of its ecosystem and signals the potential impact of weaving GIWA into its services.