Upbit introduces GIWA as an Ethereum Layer 2 to lower costs and speed up transactions

Upbit, South Korea’s largest crypto exchange, has launched GIWA, a new Ethereum Layer 2 blockchain that makes Web3 faster, cheaper, and easier for everyday users.

GIWA, short for Global Infrastructure for Web3 Access, runs on the OP Stack, an open-source system managed by the Optimism Foundation. The blockchain delivers one-second block times, near-real-time transactions, and full support for Ethereum tools and smart contracts, so developers and users can use it easily.

Upbit builds GIWA to grow South Korea’s Web3 market

Upbit’s parent company, Dunamu, filed multiple trademark applications under “GIWA.” These filings hinted that the company was about to release something big, and they even added a countdown clock on the website for the Upbit Developer Conference (UDC). Users, traders, and developers were all excited for weeks, and when GIWA finally came out, it showed that Upbit was ready to move beyond being just an exchange.

Like Coinbase with Base, OKX with OKChain, and Binance with its BNB Chain, Upbit ‘s new blockchain would give the platform more control over its ecosystems and support faster innovation in Web3.

Upbit wants to simplify Web3 in South Korea and make it accessible for everyday users by providing a fast and affordable blockchain that easily connects with the developer tools on Ethereum. With Upbit’s influence in Korea, experts believe that many traders will jump on board if the company uses GIWA to launch new tokens. 

GIWA speeds up Ethereum and adds simple identity tools

GIWA was designed to solve Ethereum’s slow transaction periods and high gas fees that rise when the servers are overloaded. Instead of replacing ETH, GIWA works as a Layer 2 network. This means most transactions happen on its own system and are then recorded back onto Ethereum. This way, users won’t have to deal with Ethereum’s performance issues but will still enjoy its tight security features. 

GIWA is also fully compatible with ETH’s system, which runs smart contracts like the Ethereum Virtual Machine (EVM). This makes it easier for developers to deploy their smart contracts from Solidity (the standard programming language for Ethereum) onto GIWA without rewriting or making big changes. They can also use the same tools and development frameworks they already know. In this way, GIWA attracts more developers looking for faster speeds and lower fees without starting from scratch.

GIWA also comes with a GIWA ID built as a Soulbound Token, or SBT (a special type of token that cannot be transferred or traded once issued) for digital wallets. Users with a GIWA ID get verified, and their identity is locked to the original wallet so it cannot be sold or misused. And if a user has issues with their verification, GIWA offers a 90-day grace period for them to fix it before revocation. 

While GIWA is still in development, the team launched a public testnet so developers can experiment and test their applications in a live space. The testnet works on chainId 91342 through an RPC endpoint and a blockchain explorer. This means developers can connect, deploy contracts, and track transactions like in the main network.

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