Upbit introduces GIWA as an Ethereum Layer 2 to lower costs and speed up transactions

Upbit, South Korea’s largest crypto exchange, has launched GIWA, a new Ethereum Layer 2 blockchain that makes Web3 faster, cheaper, and easier for everyday users. GIWA, short for Global Infrastructure for Web3 Access, runs on the OP Stack, an open-source system managed by the Optimism Foundatio ￰0￱ blockchain delivers one-second block times, near-real-time transactions, and full support for Ethereum tools and smart contracts, so developers and users can use it ￰1￱ builds GIWA to grow South Korea’s Web3 market Upbit’s parent company, Dunamu, filed multiple trademark applications under “GIWA.” These filings hinted that the company was about to release something big, and they even added a countdown clock on the website for the Upbit Developer Conference (UDC).

Users, traders, and developers were all excited for weeks, and when GIWA finally came out, it showed that Upbit was ready to move beyond being just an ￰2￱ Coinbase with Base, OKX with OKChain, and Binance with its BNB Chain, Upbit ‘s new blockchain would give the platform more control over its ecosystems and support faster innovation in ￰3￱ wants to simplify Web3 in South Korea and make it accessible for everyday users by providing a fast and affordable blockchain that easily connects with the developer tools on ￰4￱ Upbit’s influence in Korea, experts believe that many traders will jump on board if the company uses GIWA to launch new ￰5￱ speeds up Ethereum and adds simple identity tools GIWA was designed to solve Ethereum’s slow transaction periods and high gas fees that rise when the servers are ￰6￱ of replacing ETH, GIWA works as a Layer 2 ￰7￱ means most transactions happen on its own system and are then recorded back onto ￰8￱ way, users won’t have to deal with Ethereum’s performance issues but will still enjoy its tight security ￰9￱ is also fully compatible with ETH’s system, which runs smart contracts like the Ethereum Virtual Machine (EVM).

This makes it easier for developers to deploy their smart contracts from Solidity (the standard programming language for Ethereum) onto GIWA without rewriting or making big ￰10￱ can also use the same tools and development frameworks they already ￰11￱ this way, GIWA attracts more developers looking for faster speeds and lower fees without starting from ￰12￱ also comes with a GIWA ID built as a Soulbound Token, or SBT (a special type of token that cannot be transferred or traded once issued) for digital ￰13￱ with a GIWA ID get verified, and their identity is locked to the original wallet so it cannot be sold or ￰14￱ if a user has issues with their verification, GIWA offers a 90-day grace period for them to fix it before ￰15￱ GIWA is still in development, the team launched a public testnet so developers can experiment and test their applications in a live ￰16￱ testnet works on chainId 91342 through an RPC endpoint and a blockchain ￰17￱ means developers can connect, deploy contracts, and track transactions like in the main ￰18￱ seen where it ￰19￱ in Cryptopolitan Research and reach crypto’s sharpest investors and builders.