South Korean crypto exchange Upbit has announced the launch of Giwa, an Ethereum layer-2 solution on testnet, aimed at achieving one-second block times while optimizing user experience. Giwa (Global Infrastructure for Web3 Access) employs the Optimism Foundation’s OP Stack to inherit Ethereum’s security for transaction settlements. The announcement was made at the Upbit D Conference 2025. Although the mainnet launch date is unspecified, the testnet includes development tools for migrating Ethereum Virtual Machine-compatible contracts, and a block explorer for testnet activity is already operational. Giwa's infrastructure is designed for flexibility and customization, with over 4 million blocks already recorded on the testnet, hinting at an earlier launch. Upbit, accounting for a significant portion of South Korea's crypto trading, was noted for its impressive trading volume, ranking among the top exchanges globally despite its regional focus. In the period from July 2024 to June 2025, South Korea emerged as a leading crypto market, recording $1 trillion in on-ramp crypto volume, second only to the United States.

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