Upbit Shakes Up the Crypto Scene with Its Ethereum Layer 2 "Giwa" in 2025

• What Is Giwa, and Why Is Upbit Betting Big on It?
• How Does Giwa Stack Up Against Other Layer 2 Solutions?
• Why Is South Korea Pushing a Native Stablecoin?
• When Can Developers and Users Get Hands-On?
• What’s the Bigger Picture for Ethereum’s Layer 2 Ecosystem?
• FAQs: Quickfire Round

South Korea’s leading crypto exchange, Upbit, has unveiled its Ethereum-compatible Layer 2 blockchain, Giwa, aiming to simplify Web3 adoption. Built on Optimism’s tech stack, Giwa will also support a Korean Won-pegged stablecoin, marking a strategic move in the global stablecoin race. Here’s why this matters.

What Is Giwa, and Why Is Upbit Betting Big on It?

Upbit’s parent company, Dunamu, isn’t just dipping its toes into LAYER 2—it’s diving headfirst. Giwa (short for "Global Infrastructure for Web3 Access") is designed to tackle Web3’s notorious complexity. Think of it as a bridge between Ethereum’s robust ecosystem and everyday users who’d rather not wrestle with gas fees or cryptic wallet addresses. Oh Kyung-seok, Dunamu’s CEO, put it bluntly: "We’re making Web3 as easy as ordering kimchi online."

How Does Giwa Stack Up Against Other Layer 2 Solutions?

Giwa isn’t reinventing the wheel—it’s greasing it. By leveraging Optimism’s OP Stack and Solidity, it ensures EVM compatibility, meaning developers can port existing dApps with minimal fuss. But here’s the kicker: Giwa isn’t just another scaling play. It’s doubling as the backbone for a government-backed Korean Won stablecoin, a direct counter to the dollar-dominated stablecoin market. (Take that, USDT!)

Why Is South Korea Pushing a Native Stablecoin?

President Lee Jae Myung isn’t subtle about his ambitions. With dollar-pegged stablecoins gaining traction in emerging markets like Argentina (where inflation hit 150% last year), Seoul wants its own monetary foothold in Web3. Dunamu’s stablecoin could mirror projects like Japan’s DCJPY—but with extra K-pop flair. As one BTCC analyst noted, "This isn’t just about payments; it’s about monetary sovereignty in the digital age."

When Can Developers and Users Get Hands-On?

The testnet is live, and whispers suggest a mainnet launch by Q4 2025. A native Giwa Wallet is also in the works, likely featuring one-click swaps and—fingers crossed—integrated K-pop NFT rewards. (Okay, we made up the last part, but a trader can dream.)

What’s the Bigger Picture for Ethereum’s Layer 2 Ecosystem?

Vitalik Buteren wasn’t kidding when he predicted Layer 1 chains WOULD eventually "become Layer 2s." With Giwa joining Arbitrum, Base, and Blast, Ethereum’s modular future looks less like a pipe dream and more like inevitability. CoinMarketCap data shows Layer 2 TVL has grown 320% since 2023—proof that scaling solutions are eating the world.

FAQs: Quickfire Round

Is Giwa live for trading yet?

Not yet—testnet only. Watch for mainnet updates on Dunamu’s official channels.

Will Giwa’s stablecoin be tradable on BTCC?

No confirmation, but given BTCC’s KRW pairs, it’s a plausible future listing.

How does Giwa compare to Polygon?

Similar EVM compatibility, but Giwa’s focus is Korean market integration + stablecoin utility.