On September 9, 2025, at the Upbit D Conference (UDC) 2025 in Seoul, Dunamu—the parent company of South Korea’s largest cryptocurrency exchange, Upbit—officially announced the launch of GIWA Chain, an Ethereum Layer 2 (L2) blockchain built on the Optimism (OP) Stack.
This move marks Upbit’s expansion beyond traditional exchange services into blockchain infrastructure, aiming to make Web3 more accessible, faster, and cost-effective for users in South Korea and beyond.
GIWA stands for “Global Infrastructure for Web3 Access,” and the name also draws from traditional Korean clay roof tiles (giwa), symbolizing heritage and protection.
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Key Features of GIWA
GIWA is designed to address common Ethereum pain points like high fees and slow transactions while leveraging Ethereum’s security through optimistic rollups. The testnet is already operational, with developers able to add the network to wallets like MetaMask or Rabby using these details:
Network Name: Giwa Network
RPC URL: https://sepolia.giwa.io/rpc
Chain ID: 91342
Currency Symbol: ETH
Block Explorer: https://sepolia-explorer.giwa.io
Faucet for Test Tokens: https://faucet.giwa.io
Users and developers can request test ETH, send tokens between wallets (addresses visible on the explorer), and deploy smart contracts to interact with the network. Upbit, which handles about 73% of South Korea’s crypto trading volume (around $2.5 billion in the last 24 hours as of September 9), has been preparing for this launch for weeks.
Trademark filings for “GIWA” were made on August 8, 2025, by Dunamu, and a countdown timer appeared on the project website. Dunamu has raised $143.26 million in funding and operates additional platforms like Stockplus and U-Stockplus.
This launch follows a trend among major exchanges building their own chains: Coinbase’s Base (also on OP Stack), Binance’s BNB Chain, and OKX’s offerings. In South Korea, where crypto adoption is high ($1 trillion in on-ramps from July 2024 to June 2025, per Chainalysis).
GIWA positions Upbit to foster innovation, potentially integrating exchange liquidity directly on-chain and attracting global builders. However, it raises concerns about centralization, as it starts with operator-controlled sequencing, which could influence transaction ordering and MEV (maximal extractable value).
Regulatorily, Upbit operates under strict Korean oversight, and the project aligns with government policies on stablecoins and digital finance. CEO Oh Kyung-seok emphasized GIWA’s role in the financial sector during the conference.
The announcement has generated buzz on X (formerly Twitter), with developers and airdrop hunters sharing guides to interact with the testnet for potential future rewards (though no airdrop is confirmed). Posts highlight its OP Stack foundation and EVM compatibility as strengths for quick adoption.
Early sentiment is positive, viewing it as a boost for Ethereum L2 growth in Asia, though some note it’s a “latecomer” compared to established L2s like Arbitrum or Optimism. This development could solidify Upbit’s dominance in Korea’s crypto ecosystem while contributing to Ethereum’s scaling efforts.
By offering a wallet, stablecoin (pending regulations), and developer tools, Upbit creates a closed-loop ecosystem, reducing reliance on external chains and enhancing user experience with faster, cheaper transactions.
GIWA’s use of OP Stack contributes to Ethereum’s scaling efforts by offloading transactions to an optimistic rollup, reducing mainnet congestion and fees. Its 1-second block time and EVM compatibility make it a developer-friendly option.
The public Giwa Sepolia testnet, complete with a faucet, block explorer, and RPC endpoint, lowers barriers for developers to build dApps, especially in South Korea. This could foster local Web3 innovation, particularly in finance and DeFi.
GIWA’s single-sequencer model, controlled by the operator, raises concerns about transaction censorship or manipulation (e.g., MEV). This could deter some DeFi purists who prioritize decentralization.
Competing with established L2s and overcoming initial centralization concerns may limit early traction. As a new chain, GIWA must prove its stability and security, especially during the testnet-to-mainnet transition.