So, South Korea’s biggest crypto exchange picks a layer-2 network like it’s the hottest pizza joint in town. Yeah, because nothing screams “DeFi superstar” like riding on Ethereum’s coattails. Classic move.
a layer-2 chain so fast, blink and you miss it (1-second blocks, folks)
Alright, so Upbit decided to dip its toes into blockchain infrastructure. On September 9, they dropped GIWA Chain, a fancy Ethereum layer-2 network built on the Optimism OP Stack. Sounds optimistic, right? Took the stage at the Upbit D Conference (UDC) in Seoul, after teasing everyone like the crypto world’s version of a cliffhanger soap opera.
Giwa Network’s big selling point? One-second block times – fast enough to make your morning coffee jealous – and EVM compatibility, because apparently that’s important. They lean on Ethereum to guard the fort, so it’s speedy but also not “yikes, did that transaction just disappear?” secure. Oh, and the name? Giwa. It’s from traditional Korean roof tiles. Because, you know, scalability is basically like putting a roof on your house. Makes total sense. 👍
Wait, there’s more! Upbit also tossed in a Giwa wallet, supporting the bigger EVM-compatible networks. And because they want to make developers feel special, there’s a sandbox with docs in both English and Korean. So, if you’re a coder, it’s basically playtime with official permission.
Upbit dominates Korea’s CEX market
In case you forgot, Upbit’s not just dabbling – it’s owning the place. In 2024, they grabbed 73.4% of the trading pie on centralized exchanges, handling $2 to $4 billion daily. And with 8 million users watching, mostly in Asia, they’re kind of a big deal.
Before the big reveal, Upbit was pumping up the hype like a kid waiting for the new iPhone: trademarks filed, countdown timers ticking, suspense building. But of course, Cointelegraph goofed and said it was layer-1. Nope, not today, buddy. GIWA is layer-2, and that’s the way the blockchain cookie crumbled.
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2025-09-09 19:28