South Korean crypto exchange Upbit launches Ethereum L2
South Korean crypto exchange Upbit has launched Giwa, an Ethereum layer-2, on testnet. The project — presented at the Upbit D Conference 2025 — is focused on delivering one-second block times and optimizing the user experience for Web3 applications.
Giwa (short for Global Infrastructure for Web3 Access) leverages the Optimism Foundation’s OP Stack to achieve rapid block times while inheriting Ethereum’s security model for transaction settlement. The testnet, called Giwa Sepolia, already includes development tools to help projects migrate Ethereum Virtual Machine–compatible contracts, and a block explorer is tracking testnet activity.
Upbit describes Giwa’s goal as making Web3 infrastructure “easy and fun for everyone.” The exchange has emphasized Giwa’s flexibility, allowing customization as the Optimism open-source stack continues to evolve.
Upbit did not announce a mainnet launch date. Its public repositories show active development dating back at least a few weeks, and the Sepolia testnet has recorded millions of blocks, suggesting testing has been underway for some time.
The Giwa name appears to be inspired by the curved clay tiles used on the roofs of traditional Korean buildings, a symbol of heritage and protection.
Upbit, the largest crypto exchange in South Korea by trading volume, accounts for roughly 73% of the country’s crypto trading. The exchange has placed among the top twenty global exchanges by 24-hour volume, and South Korea as a whole has registered substantial crypto on-ramp activity: a recent global adoption index covered the period July 2024–June 2025 and recorded South Korea as the second-largest on-ramp market after the United States.
Giwa follows a broader trend of exchanges and major companies building their own chains or layer-2 solutions: Coinbase launched Base in August 2023, Binance created BNB Chain in 2019, and other large tech and fintech firms have also announced chains or intentions to build similar infrastructure in 2025.
