Upbit, South Korea’s largest crypto exchange, confirmed the launch of Ethereum layer 2 Giwa on testnet at the Upbit D Conference 2025. The platform aims to expand Upbit’s role beyond exchange operations.
The Ethereum layer 2 Giwa testnet is built with the Optimism Foundation’s OP Stack. It uses Ethereum security for settlements while maintaining one-second block times, according to Giwa’s documentation.
The testnet, called Giwa Sepolia, includes developer tools and a block explorer. These features allow migration of Ethereum Virtual Machine (EVM)-compatible contracts and tracking of activity on the chain.
Features of Giwa Ethereum Layer 2
Giwa processes blocks every second, offering near real-time transactions. This speed is highlighted in the Giwa Sepolia explorer, which already shows over 4 million blocks added.
The Giwa GitHub account indicates development has been ongoing for at least three weeks. However, the rapid block growth suggests the testnet may have launched earlier than reported.
Giwa was designed with flexibility. Its reliance on the OP Stack allows customization as the open-source stack evolves. This ensures compatibility for developers building on Ethereum layer 2 Giwa.
Cultural Significance of the Name Giwa
The term Giwa comes from traditional Korean architecture. It refers to curved roof tiles seen on palaces, temples, and hanok houses. These tiles, made from baked clay, symbolize heritage and protection.
By using this name, Ethereum layer 2 Giwa connects its technological infrastructure to South Korean cultural history. The reference underscores the project’s national origin while reflecting its local identity.
Exchanges and Companies Launching Blockchains
Upbit joins other major exchanges that have launched their own blockchains. Coinbase launched Base in 2023, and Binance introduced BNB Chain in 2019.
Both operate as Ethereum layer 2 solutions where developers can deploy decentralized applications.
In 2025, global corporations such as Google, Stripe, and Sony Group also entered blockchain development.
They have either launched or announced plans for their own networks, showing the growth of infrastructure aligned with Ethereum ecosystems.
South Korea’s Role in Crypto Adoption
Upbit controls about 73% of South Korea’s crypto trading activity, according to CoinGecko. In the past 24 hours, the exchange recorded $2.5 billion in trading volume, ranking 20th worldwide.
The Chainalysis 2025 Global Adoption Index showed South Korea had $1 trillion in on-ramp crypto volume between July 2024 and June 2025. Only the United States ranked higher with $4.2 trillion in the same period.
These figures highlight South Korea’s status as a major hub for crypto adoption in 2025, with Upbit Ethereum layer 2 Giwa adding to the country’s growing blockchain activity.
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: August 4, 2025 • 🔄 Last updated: August 4, 2025
