Upbit Unveils Giwa, Its Ethereum Layer-2 Testnet With One-Second Block Times

Giwa, built on Optimism’s OP Stack, targets faster, cheaper Ethereum transactions with one second block times.

The chain offers full EVM compatibility, allowing developers to migrate Solidity contracts seamlessly.

Upbit’s Giwa joins Coinbase’s Base and Binance’s BNB Chain in the trend of exchange backed blockchains.

South Korea’s largest crypto exchange, Upbit, has introduced Giwa, an Ethereum layer-2 blockchain designed to reduce costs and improve transaction speeds. The launch was announced during the Upbit D Conference 2025 on Monday, placing the exchange among several global companies expanding beyond trading services

Giwa, which stands for Global Infrastructure for Web3 Access, is currently live on testnet. According to Giwa documentation, the chain is built on Optimism’s OP Stack and aims for one-second block production while relying on Ethereum for settlement security.

Giwa Built for Speed and Compatibility

Giwa operates as a layer-2 system that processes transactions separately and records them on Ethereum, enabling cheaper and faster activity. It uses Optimism’s OP Stack technology, allowing seamless upgrades as the open source stack evolves

Giwa supports Ethereum Virtual Machine compatibility, giving developers the ability to migrate Solidity based smart contracts without adjustments. Upbit stated that Giwa creates blocks every second, delivering near real-time transaction processing

A block explorer has already been deployed for the Giwa Sepolia testnet, tracking more than 4 million blocks. Documentation also emphasizes development tools that assist with contract migration, enabling builders to test features before a mainnet rollout.

A New Addition to Exchange-Backed Chains

The introduction of Giwa aligns with a broader trend of exchanges building their own blockchains. Coinbase launched Base in August 2023, while Binance operates BNB Chain, established in 2019

Both platforms allow developers to build decentralized applications directly on their ecosystems. Beyond exchanges, other corporations have recently entered the blockchain space. Google, Stripe, and Sony Group each announced plans in 2025 to either launch or support chain projects

According to available documents, Giwa distinguishes itself by combining one-second block times with Ethereum’s settlement layer, while offering tools in both English and Korean to support developers.

South Korea’s Expanding Crypto Market

The timing of Giwa’s launch comes as South Korea continues to play a leading role in cryptocurrency adoption. According to the Chainalysis 2025 Global Adoption Index, the country recorded $1 trillion in crypto on-ramp volume between July 2024 and June 2025

Only the United States ranked higher, with $4.2 trillion during the same period. Upbit itself remains the dominant exchange in South Korea, accounting for roughly 73% of the nation’s crypto trading volume

Data from CoinGecko shows the exchange handled $2.5 billion in trades in the last 24 hours, ranking 20th globally. Documentation and GitHub activity suggest Giwa’s development has been underway for weeks, though the one-second block rate indicates early testing may have started sooner.

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