The world of digital finance often feels like a bustling marketplace, full of new stalls popping up daily. Today, we’re pulling up a chair to talk about a particularly interesting new venture from South Korea. Dunamu, the parent company behind the massive crypto exchange Upbit, just announced its own Ethereum Layer 2 chain. They call it Giwa.
- Dunamu, the parent company of Upbit, has launched Giwa, an Ethereum Layer 2 chain designed to simplify Web3 access.
- Giwa aims to improve transaction speed and reduce costs by leveraging Optimism’s OP Stack and supporting a Korean won stablecoin, aligning with national currency sovereignty goals.
- As a major player in South Korea’s crypto market, Upbit’s launch of Giwa signifies a strategic move to enhance the local digital economy and potentially influence global blockchain adoption.
Now, if you’re wondering what a “Giwa” is, you’re in good company. It’s a clever name, really. It stands for “Global Infrastructure for Web3 Access.” But it also refers to the beautiful clay roof tiles you see on traditional Korean buildings. A nice touch, I think, hinting at something foundational and enduring.
Giwa is currently on testnet, which is like a dress rehearsal before the big show. Dunamu is getting ready for a mainnet launch, the real deal. They’re also planning a native wallet system, the Giwa Wallet, to go along with it. It’s a comprehensive move, certainly.
The core idea behind Giwa, as its official website puts it, is to “remove the barriers of Web3, creating a simple and fun infrastructure that is accessible to everyone.” That’s a goal many projects share, but few have the backing of a giant like Upbit.
Building on Ethereum’s Shoulders
Giwa is what we call an EVM-compatible Layer 2. If you’re not deep in the tech weeds, think of Ethereum (EVM stands for Ethereum Virtual Machine) as a super-popular highway that gets really congested. A Layer 2 is like building a faster, parallel road right next to it, handling a lot of traffic off the main route.
This approach helps speed things up and cut down on costs. Giwa is built on Optimism’s OP Stack, a set of tools that makes creating these parallel roads much simpler. It’s a smart move, leveraging existing, proven technology.
The promise here is a much faster experience. The website says Giwa will have a block time of just one second. To put that in perspective, imagine waiting for a transaction to confirm. One second is almost instant. It’s the kind of speed that makes digital finance feel truly fluid.
And for the developers out there, this is good news. Giwa’s code is written in Solidity, the same programming language used for Ethereum. This means developers can use the tools they already know and love. No need to learn a whole new language, which often slows down innovation.
It’s like being able to use your favorite wrench on a new engine. This compatibility lowers the bar for entry, inviting more builders to create applications on Giwa. More builders usually mean more interesting projects for us users.
A Stablecoin with National Ambition
Dunamu CEO Oh Kyung-seok spoke at the Upbit D Conference (UDC) 2025. He made it clear that Giwa isn’t just for general Web3 fun. It’s designed to provide utility for the financial sector. This is where things get particularly interesting.
He mentioned that Giwa will support a local currency stablecoin. For those unfamiliar, a stablecoin is a type of cryptocurrency designed to maintain a stable value, usually pegged to a fiat currency like the US dollar or, in this case, the Korean won.
A Korean won stablecoin isn’t just a random idea. It’s part of a larger national initiative in South Korea. President Lee Jae Myung is actively pushing for a regulatory framework and an active market for these local stablecoins. Why? To strengthen the nation’s currency sovereignty.
Think of it this way: if a country can issue its own digital currency, or a stablecoin tied directly to its national currency, it retains more control over its financial system in the digital age. It’s a strategic play, blending traditional finance with the speed and efficiency of blockchain.
This move by Dunamu, a major player, could significantly accelerate that national goal. It provides a robust platform for such a stablecoin to operate, giving it a solid foundation from day one.
Upbit’s Quiet Power
It’s worth remembering just how big Upbit is. It’s one of the world’s largest centralized crypto exchanges. What makes this even more remarkable is that its services are limited to local investors in South Korea. It doesn’t serve the global market in the way Binance or Coinbase do.
Despite this geographical constraint, Upbit handles an incredible amount of volume. According to CoinMarketCap data, it processed $2.25 billion worth of transactions in a single 24-hour period recently. That’s a staggering figure for a regionally focused platform.
This kind of volume shows the immense trust and activity within the South Korean crypto community. When a company of this stature launches its own Layer 2, it’s not just a technical upgrade. It’s a statement about their vision for the future of digital finance, both locally and, perhaps, globally.
Giwa, with its focus on speed, developer-friendliness, and support for a national stablecoin, positions Dunamu and Upbit as key architects in South Korea’s digital economy. It’s a fascinating development, one that could reshape how we think about the intersection of national currencies and blockchain technology.
We’ll be watching closely as Giwa moves from testnet to mainnet, and how its promise of a simpler, faster Web3 experience unfolds. The clay roof tiles are being laid, and the structure is taking shape. What kind of digital future will it house?
