Upbit’s Bold Move: South Korea’s Crypto Giant Drops Ethereum L2 – The Future of Web3?

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In a world where everyone is trying to grab the crypto spotlight, South Korea’s largest crypto exchange, Upbit, has decided to up the ante. Buckle up, folks. Upbit has just announced the launch of Ethereum Layer-2, Giwa, on testnet. Hold on tight-this could be the start of a new era, or at least a fun little detour from their usual crypto exchange gig. 😎

Upbit, the undisputed heavyweight champion of South Korea’s crypto market, confirmed this news at their Upbit D Conference 2025 on a fine Monday. Nothing says “I’m serious” like a big conference reveal. 💼💡

So, what’s all the fuss about? Giwa, which stands for Global Infrastructure for Web3 Access (sounds fancy, huh?), will use the Optimism Foundation’s OP Stack. Translation: Giwa promises block times so fast they’d make your head spin-one second blocks, to be precise. And, just in case you’re wondering, Ethereum’s security will still handle the important stuff, like settling transactions. Safety first, folks! 🔒

Apparently, Giwa’s mission is to make Web3 infrastructure as “easy and fun for everyone” as the latest TikTok trend. Whatever that means in the blockchain world… 🤷‍♂️ But hey, it sounds nice, right?

In the great tradition of exchanges trying to one-up each other, Upbit isn’t the only one getting into the blockchain game. Coinbase kicked things off with Base in August 2023, and Binance‘s BNB Chain has been doing its thing since 2019. It’s like the blockchain club-everyone’s invited! 🎉

Oh, and guess what? Google, Stripe, and Sony Group have also jumped on the blockchain bandwagon in 2025. Who knew the tech giants were so into this Web3 thing? Blockchain is the new black. 🖤

Now, while Upbit hasn’t set a date for the Giwa mainnet launch, they’ve made sure that Giwa Sepolia (the testnet, in case you’re not into blockchain jargon) is fully functional. You can even track testnet activity with a nifty block explorer. 🚀

According to Giwa’s official docs, this blockchain is no slouch. With blocks generated every second, expect transactions to be as close to real-time as you can get-unless, of course, you’re trying to do this on dial-up internet. 😅

Giwa’s also designed with flexibility in mind. As the Optimism Foundation’s open-source tech stack evolves, Giwa’s going to be able to keep up with the times. The future’s bright-unless, of course, you don’t like change. Then, good luck. 🙄

Giwa’s Been in the Works for a Minute

Turns out, Giwa didn’t just pop up overnight. It’s been in development for at least three weeks, according to its GitHub account. But 🛠️

Fun fact: The name Giwa comes from the curved tiles on traditional South Korean roofs-think palaces, temples, and those adorable hanok houses. It symbolizes heritage and protection. So, yeah, this blockchain has some serious historical street cred. 🏯

South Korea is Crushing the Crypto Game in 2025

Upbit isn’t just big in South Korea. It’s basically the big fish in a sea of digital coins. With around 73% of the South Korean crypto trading market, it’s raking in about $2.5 billion in daily trading volume-making it the 20th largest exchange worldwide. Not bad for a local operation, huh? 🤑

And if you think that’s impressive, check this out: According to the Chainalysis 2025 Global Adoption Index, South Korea’s crypto market saw the second-largest on-ramp crypto volume globally, totaling a cool $1 trillion between July 2024 and June 2025. They’re second only to the United States, which raked in a jaw-dropping $4.2 trillion. Talk about a booming market! 💰

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2025-09-09 07:48