Upbit has launched the testnet for GIWA, its Ethereum-based Layer 2 chain focused on ultra-fast, one-second block times.
Key Takeaways:
- Through its parent company Dunamu, Upbit has launched the GIWA testnet, aiming 1-second bloack times and future wallet integration.
- GIWA will be developed on the Ethereum OP Stack architecture, in line with competing Layer 2 projects.
- The announcement coincides with Upbit Developer Conference (UDC) and trademarks filing, marking a strategic push into blockchain infrastructure.
South Korea’s largest crypto exchange Upbit, has launched the testnet for its own Ethereum Layer 2 solution called GIWA, via its parent company Dunamu earlier today, 2:00AM UTC, September 9, 2025. Built using the Ethereum-compatible OP Stack architecture, the network aims to deliver a high-performance scaling solution with block times of just one second, dramatically faster than Ethereum mainnet’s typical 12–15 seconds, as noted in the latest report from AInvest. Cointelegraph was also to break the story in an X (formerly Twitter) post, highlighting its focus on “breaking down barriers” to blockchain adoption.
The testnet launch closely follows a teaser campaign that deployed a countdown website, a move that preceded Upbit’s Developer Conference (UDC) on September 9 in Seoul. Simultaneously, Dunamu has filed multiple trademark applications for “GIWA,” fueling speculation ahead of an official unveiling.
Speculations Over Use Cases in South Korea
Community sentiment suggests GIWA could serve as a domestic blockchain infrastructure to support won-pegged stablecoins or regional Web3 applications, reflecting a broader push in South Korea’s crypto ecosystem. With Upbit controlling over 80% of South Korea’s daily crypto trading volume, the GIWA launch has the potential to reshape regional liquidity pathways and on-ramp infrastructure.
GIWA Targets Speed and Wallet Integration
GIWA aims not just for speed but for accessibility and integration, it also includes plans for a GIWA Wallet to streamline user interaction.
By leveraging the OP Stack, GIWA aligns with Ethereum’s modular scaling trends, placing it in direct competition with other prominent Layer 2 networks like Base, BNB Chain, Arbitrum, Optimism, and zkSync.
Ethereum Price Holds Steady Despite Launch
As of this writing (4:45 UTC), ETH is trading at approximately $4,309.70 according to real-time market data from TradingView, a modest decline of around -0.20% over the past 24 hours while spanning intraday highs near $4,380.60 and lows around $4,279.58, as per CoinGecko.
There is no immediate price surge linked to the GIWA announcement, no move greater than 10% was observed at this writing. That said, the launch announcement may set the stage for future investor interest, especially if GIWA enables faster, lower-cost transaction infrastructure in the region.
What’s Next
Upbit’s GIWA testnet marks a strategic entry into Ethereum Layer 2 infrastructure, promising rapid transactions via a one-second block protocol and a tailored wallet interface. Positioned atop the OP Stack, GIWA is aimed at scaling solutions for both developers and users, possibly supporting local stablecoins and expanding Korea’s Web3 footprint.
Summary
Upbit, through its parent Dunamu, has launched the GIWA testnet, an Ethereum Layer 2 network built on OP Stack with ultra-fast 1-second block times. The move coincides with the Upbit Developer Conference (UDC) and trademark filings for “GIWA,” signaling a strategic expansion into blockchain infrastructure. While Ethereum’s price held steady (~$4,309), GIWA could play a pivotal role in South Korea’s crypto ecosystem, potentially supporting won-pegged stablecoins and regional Web3 applications. With wallet integration planned, GIWA positions Upbit as a direct competitor to existing L2s like Arbitrum, Optimism, Base, and zkSync.
