Upbit exchange has generated significant buzz by announcing a new blockchain project named Giwa. While details remain unclear, the cryptocurrency community is actively discussing its potential impact on Web3 in the region.
What is the Giwa Project?
Upbit launched a countdown on a special site for Giwa, generating substantial interest. The site's tagline, "Trusted structure, not just shape," hints at the project's core principles. More information is expected to be presented at the Upbit Developer Conference (UDC).
Potential Impact on Web3 Liquidity
Experts speculate that Giwa would be able to tap into the growing Web3 liquidity in South Korea. Given the need for assets like stablecoins, Upbit may leverage the new blockchain to create won-backed stablecoins. The initiative could also facilitate the development of a national blockchain ecosystem, opening new opportunities for investors.
Future of Giwa in the Context of Regulation
Despite Giwa's potential, the project may face regulatory limitations. Analysts believe that South Korean regulations may compel Upbit to roll out Giwa as a Layer 2 (L2) blockchain. Nevertheless, there is hope that Giwa can still be instrumental in improving the blockchain infrastructure in the country.
The launch of Giwa may mark a pivotal moment for Upbit, as its entry into blockchain technology attracts attention from both local and international investors.
