Revolutionary Upbit Ethereum L2: South Korean Giant Unveils Giwa Blockchain

The landscape of **crypto exchange innovation** is constantly evolving, and a significant development has just emerged from East Asia. South Korea’s largest cryptocurrency exchange, Upbit, has officially launched Giwa, its groundbreaking **Upbit Ethereum L2** solution, on testnet. This move marks a pivotal moment, positioning Upbit beyond its traditional exchange role and into the realm of blockchain infrastructure providers. Users and developers are eagerly anticipating the impact of this new **Giwa blockchain**.

Upbit’s Strategic Leap into Ethereum Layer 2

Upbit, a dominant force in the **South Korean crypto** market, announced the Giwa testnet launch at the Upbit D Conference 2025. This initiative represents a strategic expansion for the exchange. Giwa, an acronym for Global Infrastructure for Web3 Access, aims to deliver an optimized user experience. It leverages the Optimism Foundation’s robust OP Stack. This powerful combination allows Giwa to achieve remarkable one-second block times. Furthermore, it inherits the strong security guarantees of the main Ethereum network. The project’s core mission is to make Web3 infrastructure both ‘easy and fun for everyone,’ according to its translated documentation.

Giwa Blockchain: Engineering for Speed and Security

The design principles behind the **Giwa blockchain** prioritize both efficiency and reliability. By building blocks every second, Giwa facilitates near-real-time transactions. This speed is crucial for enhancing user interactions within decentralized applications. Giwa also demonstrates impressive flexibility. Its architecture allows for continuous customization as the Optimism Foundation’s open-source technology evolves. This adaptability ensures Giwa remains at the forefront of **Ethereum Layer 2** development.

Key features of Giwa include:

• One-second block times: Delivering near-real-time transaction finality.
• OP Stack foundation: Leveraging a proven, open-source technology stack.
• Ethereum security: Inheriting the robust security of the mainnet.
• User experience focus: Designed for accessibility and ease of use in Web3.

The development of Giwa has been underway for at least several weeks, as indicated by its GitHub activity. Over 4 million blocks have already been added to Giwa Sepolia, its testnet. This extensive activity suggests a well-advanced development phase, possibly even an earlier testnet launch than publicly stated.

A Growing Trend in Crypto Exchange Innovation

Upbit is not alone in its pursuit of proprietary blockchain solutions. Several other major exchanges have already embarked on similar paths, driving significant **crypto exchange innovation**. Coinbase, for instance, introduced its Base network in August 2023. Binance pioneered the BNB Chain back in 2019. Both platforms empower developers to build and deploy applications directly on their respective layer-2 blockchains. This trend extends beyond crypto-native companies; even tech giants like Google, Stripe, and Sony Group have either launched or announced intentions to launch their own chains by 2025. While Upbit has not yet specified a mainnet launch date for Giwa, its testnet, Giwa Sepolia, already provides essential development tools. These tools support the migration of Ethereum Virtual Machine (EVM)-compatible contracts. A fully functional block explorer is also active, tracking all testnet activity. This comprehensive setup highlights the project’s readiness for future expansion.

South Korea’s Pivotal Role in the Global Crypto Landscape

The launch of the **Upbit Ethereum L2** solution further solidifies South Korea’s position as a leading global crypto market. Upbit itself commands an impressive 73% share of **South Korean crypto** trading volume. It consistently ranks among the top 20 crypto exchanges globally by trading volume, often exceeding $2.5 billion in 24 hours, according to CoinGecko data. This strong performance occurs despite its primary focus on the domestic market. The Chainalysis 2025 Global Adoption Index recently underscored South Korea’s significance. It reported the second-largest on-ramp crypto volume between July 2024 and June 2025. This volume reached a staggering $1 trillion. This figure trails only the United States, which recorded $4.2 trillion. The term ‘Giwa’ itself holds cultural significance, referencing traditional Korean roof tiles that symbolize heritage and protection. This name aptly reflects Upbit’s ambition to build a secure and foundational infrastructure for the future of Web3.