Upbit launches GIWA, an Ethereum Layer 2 blockchain with quick transactions, EVM assist, and a multi-chain pockets for Web3.
South Korea’s greatest crypto alternate, Upbit, has launched a brand new blockchain referred to as GIWA. This new platform is constructed as a Layer 2 answer on prime of Ethereum and is predicated on the know-how of the OP Stack. This implies it will probably course of transactions quicker while sustaining Ethereum’s safety.
GIWA Chain Constructed on Optimistic Rollup for Scalability
To start with, GIWA has a mission to make Web3 simple for everybody. Many individuals are nonetheless combating Web3’s issue of use. GIWA needs to vary that. It gives one-second block occasions, which signifies that transactions are nearly real-time. Additionally, it’s 100% suitable with the Ethereum Digital Machine (EVM). Subsequently, it’s simple for builders emigrate their current contracts and instruments to GIWA.
Moreover, Upbit has launched a brand new product referred to as the Giwa Pockets. This can be a cell app that assists customers in managing their digital belongings. The pockets helps many blockchains. These embrace Ethereum, Base, Arbitrum, Avalanche, Polygon, and naturally, the Giwa Chain.
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As well as, GIWA is predicated on Optimistic Rollup know-how. This allows the platform to deal with a higher variety of transactions at a decrease price. It additionally helps to keep away from congestion issues that Ethereum is commonly topic to.
At present, the GIWA check community is named Giwa Sepolia. Builders can already use it to check their functions. Many growth instruments are in place already. This helps initiatives migrate from Ethereum quicker.
Apparently, within the mission’s GitHub account, you’ll be able to see that growth has been occurring for not less than 3 weeks. Nevertheless, the variety of blocks already created means it could have been operating even longer. Already greater than 4 million blocks have been added to the testnet.
GIWA Launch Aligns with Upbit’s Web3 Enlargement Technique
In the meantime, some consultants suppose that Dunamu, the corporate that operates Upbit, could also be planning extra. They are often engaged on their very own Layer 1 or different Layer 2 blockchain. This might assist assist not solely digital belongings, but in addition identification programs and on-chain functions. Nevertheless, Dunamu hasn’t been capable of affirm this but.
This announcement comes on the eve of UDC 2025, Upbit’s annual blockchain convention. Will probably be held on September 9 in Seoul on the Grand InterContinental Seoul Parnas. The GIWA launch is coming so quickly that extra info could also be launched on the occasion.
Moreover, CEO Oh Seok-jin mentioned some robust phrases about South Korea’s position within the digital economic system. He mentioned Korea can compete on the planet enviornment not solely in Asia. He additionally famous that crypto shouldn’t be merely a pattern or a bubble. In response to him, crypto is part of monetary evolution.
He additionally famous that the mixed worth of digital belongings globally now exceeds the worth of each KOSPI and KOSDAQ, that are Korea’s two fundamental inventory markets.
One other vital level he made was on stablecoins. In nations similar to Mexico and Argentina, a higher variety of persons are utilizing dollar-pegged stablecoins to ship cash and make funds. That is real-world use, not mere hypothesis.
In conclusion, Upbit’s launch of GIWA is a big transfer ahead for South Korea’s Web3. With quick block occasions, broad assist, and a brand new pockets, GIWA might show to be a key platform for builders and customers alike.