Dunamu Launches Giwa: 1s Ethereum Layer2, KRW Stablecoin

Published: 2025-09-09 11:03:22 |

Dunamu, parent of South Korea’s top exchange Upbit, has launched Giwa, an Ethereum Layer2 scaling network. Giwa testnet on the OP Stack delivers 1-second block times and has processed over 4 million Sepolia blocks. The network supports EVM smart contracts with Solidity-compatible code for seamless dApp deployment. A dedicated Giwa Wallet is in development. The platform will integrate Korean won–pegged stablecoins at launch, aligning with South Korea’s digital asset regulations. CEO Oh Kyung-seok unveiled these features at the 2025 Upbit D Conference. With Upbit’s 73% domestic market share and $22.5 billion in 24-hour volume, Giwa benefits from strong liquidity. It competes with Binance’s BNB Chain and Coinbase’s Base for developers and capital. Cross-chain bridges, transparent governance, and flagship dApps will be key to attracting users. Key milestones include mainnet launch, native stablecoin issuance, and first major applications. By hiding blockchain complexity behind a user-friendly interface, Giwa aims for mainstream adoption and improved on-ramps into Web3.

Bullish

The Giwa launch strengthens the Ethereum Layer2 ecosystem and leverages Upbit’s liquidity, which should be bullish for ETH over the medium to long term. In the short term, testnet activity may not drive immediate price moves, but successful mainnet launch, stablecoin integration, and user-friendly interfaces can boost ETH transaction volumes and demand. Traders may see increased network utility and consider ETH exposure more attractive as Giwa matures.