Upbit Shakes Up Crypto: South Korea’s GIWA Ethereum Layer 2 Blockchain Goes Live

South Korea's crypto giant Upbit just dropped a seismic shift—introducing GIWA, the nation's first homegrown Ethereum Layer 2 blockchain.

Why This Matters

GIWA isn't just another scaling solution—it's a strategic power move. By launching its own Layer 2, Upbit bypasses Ethereum's notorious congestion and gas fees while keeping transactions anchored to its security. Expect faster trades, lower costs, and a serious competitive edge against global exchanges.

The Ripple Effect

This launch signals South Korea's ambition to lead in blockchain infrastructure rather than just trading volume. Local projects now have a native scaling option—no more begging for Layer 2 allocations from overseas chains. Traders get smoother experiences; developers get a sandbox with deep liquidity access.

Finance Meets Reality

Sure, bankers will call it 'disruptive'—while quietly updating their own blockchain slide decks for the umpteenth time. GIWA might actually deliver what legacy finance promises but rarely achieves: real utility without the bureaucratic circus.

Watch this space—GIWA could redefine South Korea's crypto landscape overnight.

South Korea’s largest crypto exchange, Upbit, unveiled GIWA, its own blockchain built on ethereum Layer 2 using OP Stack. GIWA offers fast 1-second block times and full compatibility with Ethereum’s EVM, making it easy to migrate Solidity contracts and tools. The blockchain aims to lower barriers for Web3 entry, enabling faster, cheaper transactions. Upbit had previously launched a teaser website with a live countdown, building anticipation ahead of the official reveal at its developer conference.