South Korea’s largest cryptocurrency exchange, Upbit, has unveiled Giwa, its own Ethereum layer-2 (L2) network, now live on testnet. The launch, announced during the Upbit D Conference 2025, signals the exchange’s ambitions to expand beyond its trading platform and establish itself as a key builder of Web3 infrastructure.
Giwa: One-Second Block Times and Seamless UX
Giwa, short for Global Infrastructure for Web3 Access, is designed to deliver one-second block times, enabling near-instant transactions while inheriting Ethereum’s security through the Optimism Foundation’s OP Stack. According to the project documentation, Giwa’s primary mission is to make Web3 “easy and fun for everyone,” with a focus on speed, flexibility, and accessibility.
The blockchain’s design includes built-in developer tools, a testnet environment called Giwa Sepolia, and compatibility with Ethereum Virtual Machine (EVM) contracts. A block explorer is already active, providing transparency into network activity. GitHub data suggests that development on Giwa has been underway for several weeks, with over 4 million blocks already added, consistent with its one-second block time target.
Joining a Growing Trend of Exchange Chains
Upbit’s move echoes strategies by other major exchanges. Coinbase launched Base in August 2023, while Binance has operated BNB Chain since 2019. Both ecosystems have attracted developers and expanded their platforms beyond trading. Outside of crypto, tech giants such as Google, Stripe, and Sony Group have also announced blockchain initiatives in 2025, reinforcing the trend of companies seeking a stake in Web3 infrastructure.
By launching Giwa, Upbit positions itself not only as a dominant exchange but also as a competitor in the broader blockchain ecosystem, providing a foundation for developers to build decentralized applications directly linked to its user base.
Symbolism and Local Roots
The name Giwa carries cultural resonance in South Korea. It refers to the curved clay tiles traditionally used in palace and temple roofs, symbolizing heritage and protection. This symbolism underscores Upbit’s intent to build a trustworthy and enduring blockchain network while appealing to local users.
South Korea’s Crypto Market Strength
South Korea continues to be a global leader in cryptocurrency adoption. According to CoinGecko, Upbit handles around 73% of the nation’s crypto trading volume, recording $2.5 billion in trading activity over the past 24 hours, ranking 20th worldwide.
The Chainalysis 2025 Global Adoption Index further highlights South Korea’s prominence, showing the country generated $1 trillion in on-ramp crypto volume between July 2024 and June 2025, second only to the United States’ $4.2 trillion.
What’s Next for Giwa?
While Upbit has not announced a date for Giwa’s mainnet launch, the availability of tools, testnet activity, and rapid progress point toward an active roadmap. With its blend of speed, Ethereum compatibility, and cultural identity, Giwa could become a central pillar of South Korea’s Web3 ecosystem, and a strong competitor in the expanding world of exchange-built blockchains.
