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Upbit Rolls Out GIWA to Simplify Web3 and Enhance Ethereum Scalability
Upbit, South Korea’s largest cryptocurrency exchange, has officially launched GIWA, a new Ethereum Layer 2 blockchain designed to make Web3 faster, cheaper, and easier for everyday users.
A New Layer 2 Built on the OP Stack
GIWA, short for Global Infrastructure for Web3 Access, is built using the OP Stack, the open-source framework managed by the Optimism Foundation. The blockchain promises one-second block times, near-instant transactions, and full compatibility with Ethereum tools and smart contracts, allowing developers to build seamlessly without changing their existing workflows.
Much like Coinbase’s Base, OKX’s OKChain, and Binance’s BNB Chain, Upbit’s new move positions the exchange beyond just trading services, giving it more control over its ecosystem and fueling innovation in Web3.
Driving Web3 Growth in South Korea
GIWA represents a strategic step by Dunamu, Upbit’s parent company, which had hinted at the project through trademark filings and a countdown on the Upbit Developer Conference (UDC) website. Now that the blockchain is live, the focus is on making Web3 adoption in South Korea more accessible through a fast and affordable network deeply integrated with the Ethereum ecosystem.
Experts believe that Upbit’s strong influence could accelerate adoption, especially if the platform introduces new tokens through GIWA.
Tackling Ethereum’s Limitations with Identity Solutions
GIWA addresses Ethereum’s high gas fees and slow transaction times by processing activity on its own network before recording back onto Ethereum for security. Its EVM compatibility also ensures developers can easily deploy smart contracts written in Solidity without rewriting code.
The blockchain also introduces GIWA ID, a Soulbound Token (SBT) that links identity to a digital wallet. Unlike regular tokens, it cannot be transferred or sold, providing an added layer of trust and security. Users even have a 90-day grace period to resolve verification issues before revocation.
Testnet Available for Developers
Although still in development, GIWA has launched a public testnet (chainId 91342) with an RPC endpoint and blockchain explorer. This allows developers to deploy contracts and track transactions in real time, preparing applications for the eventual mainnet release.
