TLDR
- South Korean crypto exchange Upbit launched Giwa, an Ethereum Layer-2 blockchain using Optimism’s OP Stack technology
- Giwa Chain delivers one-second block times while maintaining Ethereum security through Optimistic Rollup technology
- The platform includes Giwa Wallet supporting Ethereum, Base, Arbitrum, Avalanche, Polygon, and native Giwa Chain
- Upbit controls 73% of South Korean crypto trading with $2.5 billion daily volume, making it Korea’s largest exchange
- South Korea ranks second globally in crypto adoption with $1 trillion on-ramp volume from July 2024 to June 2025
Dunamu, the company behind South Korea’s largest cryptocurrency exchange Upbit, unveiled its blockchain infrastructure platform Giwa at the Upbit Developer Conference 2025 in Seoul. The launch represents Upbit’s expansion from crypto trading into blockchain development.
Giwa stands for Global Infrastructure for Web3 Access. The platform combines two key components: Giwa Chain and Giwa Wallet. Both tools target Korean developers and aim to increase Web3 accessibility in the region.
The Giwa Chain operates as an Ethereum Layer-2 blockchain built on Optimism’s OP Stack technology. This setup allows the network to process transactions in one-second block times while inheriting Ethereum’s security features through Optimistic Rollup technology.
Developers can already access the testnet version called Giwa Sepolia. The testnet includes built-in development tools that enable migration of Ethereum Virtual Machine-compatible smart contracts. A functional block explorer tracks all testnet activity.
Multi-Chain Wallet Integration
Giwa Wallet serves as a mobile application for digital asset storage and transfers across multiple blockchain networks. The wallet supports Ethereum, Base, Arbitrum, Avalanche, Polygon, and the native Giwa Chain.
Users can demo the wallet during the conference period. However, Dunamu has not announced an official public launch date for the wallet application.
The wallet’s multi-chain support reflects current market trends where users interact with multiple blockchain ecosystems. This approach reduces friction for Korean users accessing various decentralized applications.
Korean Market Dominance
Upbit maintains a commanding position in South Korean crypto trading with approximately 73% market share. The exchange recorded $2.5 billion in 24-hour trading volume, ranking it among the top 20 global cryptocurrency exchanges.
This performance occurs despite Upbit’s operations being primarily focused on the South Korean domestic market. The exchange serves as the main entry point for crypto adoption in Korea.
Strategic Market Positioning
Dunamu positioned Giwa as a direct response to the current dominance of U.S. and Singapore-based blockchain ecosystems. The company wants to attract more Korean developers to Web3 through locally-developed infrastructure.
The Chainalysis 2025 Global Adoption Index shows South Korea’s crypto market strength. Korea recorded $1 trillion in crypto on-ramp volume between July 2024 and June 2025, placing it second globally behind the United States.
The name Giwa comes from traditional Korean roof tiles found on palaces and temples. These curved clay tiles represent heritage and protection in Korean culture, symbolizing the platform’s goal to protect and preserve Korean interests in Web3.
Development activity on Giwa’s GitHub repository shows at least three weeks of active work. However, with over 4 million blocks already processed on the testnet, the chain may have been operational for a longer period.
