Upbit Launches Ethereum Layer 2 Chain Giwa on Testnet
- Upbit launches Ethereum Layer 2 Giwa, boosting transaction speed.
- Optimism’s OP Stack ensures fast, low-latency transactions.
- Giwa testnet aims for easy Web3 infrastructure access.
South Korea’s largest crypto exchange, Upbit, launched its Ethereum Layer 2 chain, Giwa, on testnet, utilizing Optimism’s OP Stack for enhanced transactions at the Upbit D Conference 2025 in Seoul.
Giwa’s testnet launch signifies Upbit’s efforts to enhance Web3 accessibility, potentially affecting Ethereum and EVM-compatible assets. The broader market awaits impacts pending Giwa’s mainnet deployment.
Upbit, South Korea’s largest cryptocurrency exchange, has launched its Ethereum Layer 2 blockchain, Giwa, on testnet. Announced at the Upbit D Conference 2025, this aims to make Web3 infrastructure “easy and fun for everyone.”
Upbit, operated by Dunamu, spearheads the Giwa project. Utilizing Optimism’s OP Stack, Giwa promises fast, low-latency transactions and enhanced EVM compatibility, improving user experience for developers and traders alike.
The launch affects Ethereum, as Giwa is an Ethereum Layer 2 solution. Using Optimism’s OP Stack, it impacts blockchain speed and compatibility. The initiative expects to impact trading volume significantly once mainnet launches.
Financial market effects are anticipated, though specific data will surface post-mainnet launch. Upbit’s move showcases potential to shift liquidity and develop cross-chain protocols, affecting exchanges and boosting EVM-compatible assets.
Giwa’s launch is expected to influence global blockchain ecosystems, fostering competition between major exchanges. The focus on lower latency may attract developers to its platform. Finance and trading sectors await potential shifts in liquidity dynamics.
Historically, Layer 2 solutions like Giwa attract developer interest due to improved scalability and efficiency. This launch positions Upbit for global competition, drawing comparisons to previous successful launches by Coinbase and Binance. Upbit’s documentation states, “The goal is to make Web3 infrastructure ‘easy and fun for everyone.’”
