The South Korean cryptocurrency exchange Upbit has made a groundbreaking move with the launch of its new Ethereum layer-2 blockchain, Giwa. Designed to enhance speed and user experience, this development marks a significant step in the global Web3 infrastructure evolution.
What Is Giwa and Why Does It Matter?
Unveiled at the Upbit D Conference 2025, Giwa—which stands for Global Infrastructure for Web3 Access—operates as an Ethereum layer-2 testnet. Leveraging the Optimism Foundation’s OP Stack, Giwa achieves remarkable one-second block times while maintaining Ethereum’s reliable security protocols for transaction settlement.
The primary aim of Giwa is to make Web3 technology accessible, fast, and enjoyable for everyone. Its documentation reveals a flexible and customizable architecture capable of adapting to evolving open-source technologies in the Optimism ecosystem.
Giwa’s Key Innovations
One of Giwa’s standout features is its compatibility with Ethereum Virtual Machine (EVM) contracts. Developers can easily migrate their projects to Giwa’s testnet (Giwa Sepolia) using built-in tools, making it an attractive option for dApp development.
Additionally, a fully functional block explorer is already live, tracking transaction activities on the chain. With over 4 million blocks reportedly added to Giwa Sepolia in just a few weeks, the blockchain promises near-instant transaction speeds thanks to its one-second block time.
Exploring the South Korean Crypto Market
South Korea’s crypto landscape is thriving, as evidenced by Chainalysis’ 2025 Global Adoption Index, which shows the country ranks as the second-largest market for crypto on-ramp volume globally. Upbit holds a commanding 73% of South Korea’s crypto market share, processing over $2.5 billion in daily trades, according to CoinGecko.
Though currently focused primarily on the South Korean market, the introduction of Giwa signals Upbit’s potential ambitions to expand its influence in the global Web3 ecosystem, much like other exchanges such as Coinbase (with its Base layer-2) and Binance (via BNB Chain).
The Inspiration Behind Giwa
The term “Giwa” draws from the curved tile roofs typical of South Korea’s historic palaces, temples, and hanok houses, symbolizing heritage and protection. This nod to tradition aligns with Upbit’s vision of merging cutting-edge technology with cultural significance.
Competing with Giants in the Web3 Space
Upbit isn’t the only player making waves in blockchain innovation. Giants like Google, Stripe, and Sony have also announced plans to delve into blockchain development by 2025. By launching Giwa, Upbit reinforces its position as a market leader while contributing to the Web3 revolution.
The Future of Web3 Integration
As Web3 continues to grow, the demand for faster and more secure blockchain solutions has become critical. Giwa could significantly impact how developers build decentralized applications in South Korea and beyond. Its fast block processing and Ethereum compatibility make it a strong contender in the layer-2 space.
Looking for tools to start experimenting with blockchain development? Developers can begin exploring Giwa’s functionalities on the Upbit official platform. Be part of the future—whether you’re building the next big dApp or simply want to understand Web3 better.
