TLDR
- Upbit’s parent company Dunamu launched Giwa, an Ethereum Layer-2 blockchain on testnet at the Upbit D Conference 2025 in Seoul
- Giwa uses Optimism’s OP Stack technology to achieve one-second block times while inheriting Ethereum’s security
- The project includes both Giwa Chain and Giwa Wallet, supporting multiple blockchains including Ethereum, Base, and Arbitrum
- Upbit handles 73% of South Korean crypto trading with $2.5 billion in 24-hour volume, making it the country’s largest exchange
- South Korea recorded $1 trillion in crypto on-ramp volume between July 2024 and June 2025, ranking second globally behind the US
Dunamu, the parent company of South Korea’s largest cryptocurrency exchange Upbit, has launched its Web3 infrastructure brand Giwa at the Upbit D Conference 2025 in Seoul. The announcement marks Upbit’s expansion beyond traditional exchange services into blockchain infrastructure.
UPBIT, the Crypto Exchange of Korea, has announced the launch of Layer 2.
Upbit Layer 2 is based on Ethereum and named GIWA.
The three exchanges, Binance, Coinbase, and Upbit, are expected to compete for the cryptocurrency ecosystem.
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— ā: Baekoė°±ķøš (@baeko_02) September 8, 2025
Giwa stands for Global Infrastructure for Web3 Access and includes two main components. The first is Giwa Chain, a Layer-2 blockchain built using Optimism’s OP Stack technology that achieves one-second block times while maintaining Ethereum’s security.
The second component is Giwa Wallet, a mobile application supporting digital asset storage and transfers across multiple chains. The wallet supports Ethereum, Base, Arbitrum, Avalanche, Polygon, and the native Giwa Chain.
Technical Infrastructure and Development
Giwa Chain leverages Optimistic Rollup technology to deliver near real-time transactions. The blockchain inherits Ethereum’s security while processing transactions faster through its one-second block time structure.
Development tools are already integrated into the testnet version called Giwa Sepolia. This enables developers to migrate Ethereum Virtual Machine-compatible contracts to the new platform.
The project’s GitHub account shows development has been active for at least three weeks. However, with over 4 million blocks already added to Giwa Sepolia, the chain may have been operational for a longer period.
A block explorer is currently tracking testnet activity. The platform was designed for flexibility, allowing customization as Optimism Foundation’s open-source technology continues to evolve.
Market Position and Trading Volume
Upbit dominates South Korean crypto trading with approximately 73% market share. The exchange recorded $2.5 billion in trading volume over the past 24 hours, ranking it 20th globally among cryptocurrency exchanges.
This high ranking comes despite Upbit’s operations being largely confined to the South Korean market. The exchange serves as the primary gateway for crypto trading in one of Asia’s most active digital asset markets.
South Korea’s Crypto Ecosystem Growth
The Chainalysis 2025 Global Adoption Index shows South Korea’s crypto market strength. The country recorded $1 trillion in on-ramp crypto volume between July 2024 and June 2025.
This volume places South Korea second globally, trailing only the United States at $4.2 trillion. The data demonstrates the country’s position as a leading crypto adoption market.
Dunamu positioned Giwa as a response to the dominance of U.S. and Singapore-based blockchain ecosystems. The company aims to attract more Korean developers to Web3 through local infrastructure.
The name Giwa derives from curved tiles found on Korean palace and temple roofs. These traditional tiles are made from baked clay and symbolize heritage and protection in Korean culture.
Giwa Wallet is currently available for demo use during the conference. Dunamu has not yet announced an official launch date for the wallet’s public release.
