Crypto exchange Upbit launches Ethereum Layer 2 chain Giwa on testnet

Dunamu, the parent company behind crypto exchange Upbit, announced today that it is launching its own Ethereum Layer 2 named Giwa.

The word Giwa is both the acronym for "Global Infrastructure for Web3 Access" and refers to clay roof tiles used on traditional Korean buildings.

"Giwa Chain seeks to remove the barriers of Web3, creating a simple and fun infrastructure that is accessible to everyone," the new network's official website says.

Built on Optimism's OP Stack, Giwa aims to provide a faster experience with a block time of just one second, the website explained. Since the chain's code is written in Solidity, the same programming language used for Ethereum, developers can build on Giwa using the tools they already have.

Giwa is currently on testnet, while Dunamu is gearing up for the mainnet launch. The company is also planning to launch a native wallet system for the network named Giwa Wallet.

At Upbit D Conference (UDC) 2025 on Tuesday, Dunamu CEO Oh Kyung-seok said in his speech that Giwa will be a blockchain providing utility for the financial sector, and said it will support a local currency stablecoin, according to a report from local news outlet Bloomingbit.

Korean won stablecoin is an ongoing national initiative in South Korea, where its President Lee Jae Myung is pushing to establish a regulatory framework and an active market for local stablecoins to strengthen its currency sovereignty.

Meanwhile, Upbit is one of the world's largest centralized crypto exchanges despite its services being limited to local investors. According to data from CoinMarketCap, Upbit processed $2.25 billion worth of transactions in the past 24 hours.