Upbit Enters the Layer-2 Arena with Giwa

South Korea’s largest crypto exchange, Upbit, has officially launched Giwa, a new Ethereum Layer-2 (L2) network now live on testnet. The announcement was made at Upbit D Conference 2025, marking a major step for Upbit as it transitions from being just a crypto exchange to a Web3 infrastructure builder.

What Makes Giwa Special?

• 1-second block time.
• Built with OP Stack from the Optimism Foundation.
• Secured by Ethereum.

With these features, Giwa promises near real-time, efficient transactions designed for seamless user experiences.

Key Features of Giwa

• 1-Second Block Speed → Ideal for Web3 applications such as blockchain gaming, DeFi, and micro-payments.
• EVM Compatibility → Developers can easily migrate Solidity smart contracts without major modifications.
• Ethereum Security → As an OP Stack-based Layer-2, Giwa relies on Ethereum for transaction settlement.
• Open-Source Flexibility → Built to evolve with ongoing OP Stack development.

Why Giwa Matters

The launch of Giwa places Upbit alongside other major exchanges that have developed their own blockchains:

• Coinbase with Base (August 2023).
• Binance with BNB Chain (2019).

This strategy allows exchanges to control more aspects of the Web3 ecosystem from liquidity and transaction fees to dApp innovation.

For South Korea, the launch carries even greater weight. The country is now the second-largest crypto market globally by on-ramp volume around $1 trillion (July 2024–June 2025), second only to the U.S. at $4.2 trillion. With a 73% domestic market share, Upbit is uniquely positioned to drive wider Web3 adoption through Giwa.

The Cultural Meaning of "Giwa"

The name Giwa is not just an acronym for Global Infrastructure for Web3 Access. In Korean culture, giwa refers to the traditional clay roof tiles used in hanok houses, temples, and palaces. They symbolize heritage, protection, and stability values that align with Upbit’s vision of building a solid foundation for Web3.

Current Status of Giwa

• Still in testnet phase (Giwa Sepolia).
• Over 4 million blocks mined with 1-second intervals.
• Developer tools such as block explorer and migration tools already available.
• Mainnet launch date not yet announced.

This gives developers an early opportunity to experiment and prepare their applications ahead of the official mainnet release.

Conclusion

Upbit’s launch of Giwa represents a strategic move that strengthens South Korea’s position on the global Web3 map. With ultra-fast speed, full EVM compatibility, and Upbit’s ecosystem backing, Giwa has the potential to become one of the most significant Layer-2s to watch.

However, competition in the Layer-2 space is fierce. Giwa will need to prove itself against established players like Arbitrum, Optimism, Base, and zkSync. Its success will depend heavily on attracting developers, building a robust dApp ecosystem, and navigating both local and global regulatory landscapes.