South Korea's largest cryptocurrency exchange, Upbit, has announced the launch of its Ethereum Layer 2 blockchain Giwa on testnet during the Upbit D Conference 2025 in Seoul.
Giwa Testnet Launch
Upbit, South Korea’s largest cryptocurrency exchange, has launched its Ethereum Layer 2 testnet, Giwa. Managed by Dunamu, the initiative aims to simplify access to Web3. Utilizing Optimism’s OP Stack, Giwa promises fast, low-latency transactions, enhancing EVM compatibility and user experience for both developers and traders.
Market Impact
The launch of Giwa is expected to influence Ethereum and EVM-compatible assets, with significant effects on trading volumes anticipated post-mainnet launch. Upbit's move could shift liquidity and develop cross-chain protocols, impacting financial markets, though specific data will emerge only after the mainnet deployment.
Future of Giwa
The launch of Giwa positions Upbit as a significant player in the global blockchain landscape, promoting competition among major exchanges. Layer 2 solutions like Giwa typically attract developer interest due to improved scalability and efficiency, potentially bringing new attention to the platform.
Giwa represents a critical step for Upbit in the Web3 space, with the potential for significant impact on the Ethereum ecosystem and the broader cryptocurrency market.
