Upbit Parent Dunamu Unveils GIWA, an Ethereum Layer 2 to Power Korea’s Web3 Future

South Korea’s largest cryptocurrency exchange, Upbit, is moving beyond its trading platform roots with the launch of GIWA, a new Ethereum Layer 2 solution designed to accelerate the country’s Web3 ecosystem. Operator Dunamu announced the initiative this week, positioning GIWA as both a technical and cultural milestone.

GIWA, short forGlobal Infrastructure for Web3 Access, borrows its name from the traditional clay roof tiles found in Korean architecture. The project is built on Optimism’s OP Stack, a framework that scales Ethereum through rollup technology. According to its developers, GIWA will deliver block confirmations in one second, promising a faster, smoother experience than traditional Ethereum transactions.

For developers, the advantages extend beyond speed. GIWA’s codebase is written in Solidity, Ethereum’s widely used programming language. This ensures compatibility with existing decentralized applications and tools, lowering entry barriers for builders who want to migrate or expand their projects. Dunamu has launched the chain on testnet, with a full mainnet release expected in the near future.

To complement the network, Dunamu is also preparing a dedicated digital wallet. The GIWA Wallet will enable users to store, transfer, and interact with tokens and decentralized applications natively on the chain, further embedding the solution within South Korea’s blockchain landscape.

At the Upbit D Conference (UDC) 2025, Dunamu CEO Oh Kyung-seok underscored the company’s ambitions for GIWA, stressing its role in financial services. He confirmed the network will support a Korean won–denominated stablecoin, aligning the project with South Korea’s broader push for digital financial sovereignty. President Lee Jae Myung has repeatedly championed the development of a local stablecoin as part of a national digital finance policy, calling for a clear regulatory framework to protect currency integrity while fostering innovation.

The convergence of state policy and private sector execution could give GIWA a central role in shaping South Korea’s stablecoin ecosystem. With Dunamu’s market clout and the government’s backing, the project is poised to bridge blockchain adoption with mainstream financial services.

Upbit’s own success highlights the potential reach of GIWA. Data from CoinMarketCap indicates the exchange handled approximately $2.25 billion in trading volume over the past 24 hours, consistently placing it among the world’s largest platforms. Integrating GIWA into this infrastructure could accelerate adoption and amplify the network’s impact both domestically and beyond.

By combining cultural symbolism, technical scalability, and policy alignment, GIWA represents more than just another Layer 2. It is a strategic attempt to cement South Korea’s position as a leader in Web3 innovation, with Dunamu and Upbit at the heart of the effort.