- Upbit launches Ethereum Layer-2 Giwa on testnet to improve scalability and speed up transactions.
- Giwa leverages Optimism’s OP Stack to achieve one-second block times and near-instant transactions.
- South Korea’s Upbit strengthens its position with the launch of Giwa and its growing crypto influence.
South Korea’s largest cryptocurrency exchange, Upbit, has launched its Ethereum Layer-2 solution, Giwa, on testnet. The new initiative is designed to improve transaction speed and enhance user experience. Giwa, which stands for Global Infrastructure for Web3 Access, aims to provide fast and seamless Web3 interactions.
Giwa: Optimizing Ethereum’s Scalability
Notably, Giwa leverages the Optimism Foundation’s OP Stack to achieve one-second block times. This will enable near-instantaneous transactions, making Ethereum more scalable. Ethereum has long struggled with network congestion and high fees. By building on this Layer-2 solution, Upbit aims to ease these issues while inheriting Ethereum’s security to settle transactions.
The testnet, Giwa Sepolia, is already operational, allowing developers to migrate Ethereum Virtual Machine-compatible contracts. This offers a glimpse into the future of faster, more efficient Ethereum transactions. Despite the testnet’s success, Upbit has not yet announced a launch date for the mainnet.
A Growing Trend Among Exchanges
More so, Upbit is not the first exchange to launch its own Layer-2 blockchain. Coinbase launched Base in 2023, and Binance unveiled BNB Chain in 2019. These exchanges have followed a growing trend of developing infrastructure to support decentralized applications (dApps). Giwa’s launch further highlights the shift toward exchanges seeking more control over their blockchain networks.
Like Coinbase and Binance, Upbit is moving beyond its role as a crypto exchange. By launching Giwa, the exchange is positioning itself as a player in the broader blockchain ecosystem. This strategy allows Upbit to attract developers looking to build on its Layer-2 network, giving them the flexibility to create new applications.
Key Features of Giwa
Furthermore, the Giwa blockchain has been designed for flexibility. As the Optimism Foundation’s open-source tech stack continues to evolve, Giwa can be customized to meet future demands. Upbit’s focus on a one-second block time will enable it to deliver transactions in near real time. The blockchain also supports Ethereum-compatible contracts, making it easier for developers to transition from the Ethereum mainnet.
Upbit’s Giwa project has been in development for at least three weeks. The platform has already added more than 4 million blocks to its testnet. This progress signals a commitment to refining the blockchain’s speed and scalability.
South Korea’s Crypto Leadership
Meanwhile, Upbit accounts for approximately 73% of South Korea’s crypto trading volume. The exchange ranks as one of the largest globally, with a trading volume of $2.5 billion in the last 24 hours.
South Korea itself is a major crypto hub, ranking second in the 2025 Global Adoption Index by Chainalysis. The country’s crypto market reached $1 trillion in on-ramp volume between July 2024 and June 2025.
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