Chiara Bianchi
Dunamu, the company behind crypto exchange Upbit, has unveiled its own Ethereum Layer 2 network called Giwa. The name stands for “Global Infrastructure for Web3 Access” and also refers to traditional Korean clay roof tiles, symbolizing strength and cultural heritage.
According to Giwa’s official site, the project’s mission is to make Web3 simple, fun, and accessible for everyone by removing technical barriers.
Built using Optimism’s OP Stack, Giwa is designed for speed and efficiency. The chain will feature block times as low as one second, offering developers and users a smoother experience.
Since Giwa is fully Solidity-compatible, Ethereum developers can seamlessly deploy applications using existing tools and frameworks, making adoption much easier.
Currently in testnet phase, Giwa is preparing for a mainnet rollout alongside the release of a native Giwa Wallet to support users across the ecosystem.
Focus on Financial Utility and Stablecoins
At the Upbit D Conference (UDC) 2025, Dunamu CEO Oh Kyung-seok emphasized that Giwa will serve as a blockchain infrastructure for the financial sector. He also confirmed plans to support a Korean won-pegged stablecoin on the network.
This aligns with South Korea’s national stablecoin initiative, championed by President Lee Jae Myung, who is pushing for a regulatory framework to establish a local stablecoin market and enhance currency sovereignty.
Upbit’s Growing Global Influence
Despite being restricted to South Korean investors, Upbit remains one of the largest centralized crypto exchanges worldwide. Data from CoinMarketCap shows the platform processed over $2.25 billion in trading volume within the last 24 hours, underscoring its global impact.
