Upbit, the largest cryptocurrency exchange by trading volume in South Korea, has officially unveiled its Ethereum Layer 2 network called GIWA. Built on Optimism’s OP Stack, this initiative showcases Upbit’s ambition to elevate blockchain infrastructure while staying competitive in the global financial ecosystem.
What is GIWA?
GIWA is an Ethereum Layer 2 network designed to address scalability and privacy challenges in blockchain systems. Utilizing the Optimistic Rollups technology, GIWA aims to enhance transaction speed and cost efficiency for decentralized applications (dApps). It comes with exciting features, including a dedicated mobile wallet for cryptocurrency assets, NFTs, and various decentralized applications.
According to Rei Nam, Chief Technology Officer at Lambda256, the blockchain technology arm of Dunamu (Upbit’s parent company), GIWA provides a platform for both domestic and global developers to build innovative systems within the Web3 ecosystem. Nam stated, “From its earliest stages, GIWA was built with the vision of enabling new services and inspiring innovative ideas.”
A Step Toward Decentralization
GIWA’s phased decentralization roadmap is a key focus of the platform. While it initially starts with a single sequencer under Upbit’s control, this approach is expected to evolve toward greater decentralization over time. Analysts note that, similar to platforms like Coinbase’s Base, GIWA could face questions regarding centralization in its early stages. However, its strategic design with scalability, security, and interoperability at the forefront makes it a promising addition to the Layer 2 ecosystem.
Why GIWA Matters for South Korea
South Korea has been largely sidelined in global blockchain advancements compared to the U.S. and Singapore. GIWA could mark a turning point by empowering domestic developers and fostering their integration into the global Web3 market. Dunamu’s CEO, Oh Kyung-seok, emphasized the importance of this initiative during the recent Upbit Developer Conference, stating that South Korea “can aggressively compete in the global financial infrastructure race.”
Innovation Meets Utility
Beyond its technical capabilities, GIWA offers practical solutions for users. The platform supports stablecoins and aims to simplify access to key blockchain features, including transactions, digital asset management, and NFT trading. As global blockchain development evolves, GIWA positions itself as a vital enabler of financial and infrastructure innovation.
Explore GIWA While Preparing for the Web3 Future
If you’re looking to actively explore blockchain technology, consider products that complement GIWA’s offerings. For example, the Ledger Nano X hardware wallet is an excellent tool to secure your crypto assets while interacting with Ethereum Layer 2 networks like GIWA. It ensures the safety of your funds while providing compatibility with decentralized platforms.
GIWA’s testnet is now live, offering developers a preview of its potential. This move underscores Upbit’s dedication to leveraging its large user base and liquidity to drive innovation and remain competitive in the global crypto space. As GIWA continues to evolve, it’s set to become a pivotal platform for blockchain utility in South Korea and beyond.
