South Korea’s largest crypto exchange, Upbit, has rolled out an Ethereum layer-2 network called Giwa, now active on testnet. Positioned as a fast and user-friendly blockchain, Giwa promises one-second block times while leveraging Ethereum’s underlying security for settlement.
The development signals Upbit’s expansion beyond traditional exchange services into infrastructure building, joining a growing list of companies creating proprietary blockchains.
Giwa: Ethereum Layer-2 With Optimism’s OP Stack
Giwa, short for Global Infrastructure for Web3 Access, is built using the Optimism Foundation’s OP Stack. This modular and open-source technology allows Giwa to inherit Ethereum’s security while providing speed and scalability improvements.
According to its technical documentation, Giwa is designed to create blocks every second, enabling near-real-time transaction finality. Developers will also have the ability to migrate Ethereum Virtual Machine (EVM)-compatible contracts seamlessly to the Giwa testnet, known as Giwa Sepolia.
The blockchain’s stated mission is to make Web3 infrastructure “easy and fun for everyone,” suggesting a focus on usability alongside technical efficiency.
Exchanges and Tech Giants Building Their Own Chains
Upbit’s step mirrors a broader trend in both crypto and traditional tech.
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Coinbase introduced its layer-2 Base in 2023.
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Binance created the BNB Chain in 2019.
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Outside crypto, Google, Stripe, and Sony Group have all moved to develop or announce their own blockchain ecosystems in 2025.
These projects highlight a competitive race where exchanges and corporations seek more control over transaction infrastructure and developer ecosystems.
Testnet Development and Activity
Evidence suggests Giwa’s development has been underway for several weeks. GitHub repositories show continuous updates, while on-chain data reveals over 4 million blocks added to Giwa Sepolia — a figure consistent with its rapid one-second block rate.
The testnet already includes a block explorer to track activity and migration tools for developers. These features indicate that the infrastructure is robust enough for active testing and experimentation by the broader community.
While there is no timeline for a mainnet debut, the project’s progress suggests that Giwa is moving swiftly through development stages.
Cultural Roots of the Giwa Name
The term Giwa carries symbolic meaning in South Korea. Traditionally, giwa tiles were curved, baked-clay roof tiles used on palaces, temples, and hanok houses. They symbolize heritage, stability, and protection.
By choosing this name, Upbit ties its blockchain identity to South Korea’s cultural traditions, blending modern technological innovation with national heritage.
South Korea’s Growing Role in Global Crypto
South Korea has consistently ranked among the most active crypto markets in the world. According to CoinGecko, Upbit accounts for around 73% of local trading activity, with over $2.5 billion in 24-hour trading volume, placing it in the global top 20 exchanges.
The Chainalysis 2025 Global Adoption Index further highlighted South Korea’s importance, ranking the country second only to the United States in on-ramp crypto volume. Between July 2024 and June 2025, South Korea processed $1 trillion in inflows, trailing the US at $4.2 trillion.
This strong adoption base provides a fertile environment for Upbit to introduce blockchain infrastructure like Giwa, which could attract developers, institutions, and retail users alike.
Competitive Edge in Layer-2 Expansion
Ethereum layer-2 scaling solutions are an increasingly competitive landscape. Networks like Arbitrum, Optimism, Base, and zkSync have already established strong user bases and developer ecosystems.
Giwa differentiates itself by prioritizing speed and user experience, with its one-second block times setting it apart from many existing layer-2s. Its integration with Ethereum’s security also ensures that scalability does not come at the cost of decentralization.
If Giwa succeeds, it could give Upbit a strategic edge by anchoring its exchange ecosystem within a blockchain it controls, potentially replicating the synergy seen with Coinbase and Base.
Outlook for Giwa and Upbit
The introduction of Giwa underscores Upbit’s intent to move beyond being “just an exchange.” By building blockchain infrastructure, the company positions itself to play a greater role in Web3 development, application hosting, and potentially institutional adoption.
While questions remain regarding mainnet deployment, liquidity incentives, and ecosystem support, the strong foundations in both technology and market demand suggest Giwa could become a key player in Ethereum’s scaling landscape.
If adopted widely, Giwa may enable faster, cheaper, and more accessible transactions, further cementing South Korea’s influence in the global crypto industry.
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