Upbit launches 'Giwa' Ethereum layer-2 on testnet at UDC 2025
South Korea's largest crypto exchange Upbit unveiled Giwa, an Ethereum layer-2 network, during its annual developer conference UDC 2025 in Seoul on September 9. The event focused on blockchain development and Web3 infrastructure. The company launched Giwa's public testnet the same day.
Upbit built Giwa using the Optimism Foundation's OP Stack technology. The network produces blocks every second and settles transactions back to Ethereum's main network. Developers can now access the testnet, called Giwa Sepolia, along with a block explorer for testing applications.
Dunamu, Upbit's parent company based in Seoul, created Giwa to offer faster and cheaper transactions for Ethereum applications. The network aims to reduce barriers for developers building on Ethereum while maintaining compatibility with existing Ethereum tools and smart contracts.
Giwa stands for Global Infrastructure for Web3 Access. The network's documentation shows it uses OP Stack configuration to generate blocks every second, delivering near real-time transaction processing. The testnet includes a faucet for developers to obtain test tokens and bridging guides for moving assets between networks.
Upbit provided Korean-language developer materials alongside English documentation. The company has not announced a mainnet launch date. A Blockscout explorer for Giwa Sepolia is already running and accessible to users.
Giwa's documentation describes the network's goal as making Web3 infrastructure accessible to more users and developers. The testnet launch allows developers to experiment with applications before a potential mainnet deployment.
Upbit handles a large portion of South Korea's crypto trading volume. The launch of Giwa expands Upbit's business beyond exchange operations into blockchain infrastructure. The exchange joins other major crypto platforms that have launched their own networks. Coinbase launched Base in 2023, while Binance operates BNB Chain. Both networks host third-party applications alongside their respective exchanges.
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