Upbit, a leading cryptocurrency exchange, has officially unveiled GIWA, its innovative Ethereum Layer 2 blockchain, at the 2025 Developer Conference. This strategic move positions Upbit as a key player not just in trading but also in blockchain infrastructure development, addressing Ethereum’s persistent challenges such as network congestion and high transaction fees.
What is GIWA?
GIWA is designed to enhance the functionality of Ethereum by providing faster and cheaper transactions. Through its Layer 2 technology, it processes transactions off-chain before finalizing them on the Ethereum mainnet, ensuring scalability and efficiency for decentralized applications (dApps). This breakthrough facilitates numerous use cases, from decentralized finance (DeFi) to gaming and beyond.
Features and Benefits
- Decentralized Finance: GIWA prioritizes DeFi applications such as lending, staking, and trading, empowering developers to build seamless financial ecosystems.
- Low Transaction Fees: By reducing costs significantly, developers and users can engage with the Ethereum network without prohibitive gas fees.
- Developer-Friendly Tools: Technical documentation provided during the launch supports features like swaps, bridges, and test coin issuance, encouraging early experimentation on the testnet.
- Future Enhancements: Upcoming releases will include a dedicated GIWA wallet, integrated swap services, and a GIWA ID system akin to Ethereum Name Service (ENS) domains.
Testnet Availability
GIWA’s testnet is already live, catering to 8,000 wallet addresses and attracting developers alongside early adopters eager to claim airdrops through its faucet portal. The testnet functions with Ethereum (ETH) as the gas token, eliminating the need for a native public token for now. This strategy maintains focus on ecosystem development rather than token speculation.
GIWA’s Vision
Upbit envisions GIWA as a long-term solution positioned to compete in the highly competitive Layer 2 space. By integrating exchange services with proprietary blockchain infrastructure, the company aims to build an ecosystem that bridges efficiency with Ethereum’s global reach.
How GIWA Stands Out
With transaction speeds significantly faster than Ethereum mainnet and tools designed for microtransactions and high-volume activities, GIWA attracts projects deterred by Ethereum’s fees and barriers. Its emphasis on functionality makes it ideal for dApps, gaming platforms, and financial systems on a global scale.
Why It Matters for the Crypto Community
GIWA reflects a broader trend of exchanges evolving into technology builders. Upbit’s strong foothold in Asia and its growing developer base mean the network is well-positioned to drive adoption following its eventual mainnet launch. Stay tuned as GIWA reshapes the blockchain landscape with its revolutionary approach.
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