TLDR:

Upbit officially introduced GIWA, an Ethereum Layer 2 blockchain, during its 2025 digital conference.
GIWA is built to enhance scalability and speed, tackling Ethereum’s network congestion issues.
The blockchain will support dApps and DeFi platforms while offering low-cost transactions.
GIWA reflects Upbit’s deeper move into infrastructure beyond crypto exchange services.

Upbit has formally entered the blockchain infrastructure sector with the launch of GIWA, its new Ethereum Layer 2 chain. The platform was introduced during the company’s 2025 Developer Conference and is now available for testing. 

GIWA is designed to address Ethereum’s network congestion and high transaction fees by enabling faster and cheaper transactions through off-chain processing finalized on Ethereum.

At the testnet stage, it is already attracting developers and early adopters. Users can interact with the network by claiming airdrops through its faucet portal. The testnet currently supports 8,000 wallet addresses, according to available data, suggesting early interest in the platform’s ecosystem.

GIWA Expands Upbit’s Role Beyond Trading

The introduction of GIWA extends Upbit’s role from exchange services into blockchain infrastructure. The chain supports decentralized applications, finance protocols, and gaming projects, aiming to bridge Ethereum’s global reach with more efficient technology.

Developers attending the launch event were presented with technical documentation and encouraged to experiment on the testnet. 

Early-stage features include the ability to develop swaps, bridges, and test coin issuance. Company representatives confirmed that future releases will add a dedicated GIWA wallet, an official bridge, and a native swap service.

GIWA also plans to introduce on-chain proof Dojang and a GIWA ID system, functioning similarly to Ethereum Name Service (ENS) domains. These additions aim to create a broader identity and verification framework for users on the network.

附GIWA官网首页： https://t.co/y4LHlXegrl

对了，官推大概率是这个 @giwa_io

— oooooyoung(吸吸喜气欧皇版) (@ouyoung11) September 9, 2025

Testnet Airdrops and DeFi Roadmap

GIWA’s initial rollout will prioritize decentralized finance applications, including lending, staking, and trading services. 

The testnet currently operates with ETH as the gas token, and there is no indication of a native public token being planned. Instead, focus remains on building the ecosystem and preparing for the eventual mainnet launch.

Transaction speeds on GIWA are expected to significantly outpace the Ethereum mainnet, making it suitable for microtransactions and high-volume activity. By reducing costs and technical barriers, Upbit hopes to attract projects that have avoided Ethereum due to its fees.

While the chain is still in development, the current phase offers an early opportunity for developers and technically skilled users to explore its framework. The company views GIWA as part of its long-term strategy to shift from being solely a service provider to a technology builder, positioning itself alongside other global firms investing in scaling solutions.

With Upbit’s strong market position in Asia and a growing base of developers, GIWA enters an increasingly competitive Layer 2 landscape. Its integration of exchange services with proprietary blockchain infrastructure may accelerate adoption once the mainnet is live.

The post Upbit Rolls Out GIWA, Its Ethereum Layer 2 Blockchain for Faster Crypto Scaling appeared first on Blockonomi.

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Filed under: Bitcoin - @ September 9, 2025 6:27 am