Giwa Chain Launched: A Collaborative Initiative Between Optimism and Upbit

On May 4, 2026, at Consensus Miami, Dunamu — the Seoul-based operator of South Korea's largest crypto exchange, Upbit — officially announced its planned partnership with the Optimism Foundation to build GIWA Chain, a new Ethereum Layer 2 network running on the OP Stack. 

The announcement marks a significant moment: not just for the OP Stack ecosystem, but for the broader trajectory of exchange-owned blockchain infrastructure in Asia. 

GIWA Chain will be the first project to implement the Self-Managed layer of OP Enterprise, marking an extension of the Optimism ecosystem toward institutional-grade blockchain infrastructure.

What's notable here isn't simply that Upbit is launching a chain. It's the scale behind it. Upbit serves more than 13 million registered users and ranks second globally by cumulative spot trading volume from 2020 to 2024. When a platform of that size plants a flag in blockchain infrastructure, the industry pays attention.

Key Takeaways

• GIWA Chain's testnet had processed nearly 100 million transactions as of May 3, 2026, with mainnet launch expected soon though no final date confirmed.
• Dunamu will control GIWA Chain's primary sequencer and core network decisions, while Optimism provides monitoring and a backup sequencer for failover.
• The OP Stack gives GIWA Chain Ethereum Virtual Machine compatibility and targets one-second block times for faster user interactions.

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What Is GIWA Chain and Why It Matters

GIWA Chain is an Ethereum Layer 2 network focused on web3 usability, faster transactions, and compatibility with existing Ethereum applications — introduced in September 2025 and already live on testnet. 

The "GIWA" project sits at an interesting intersection: it's an exchange-born chain, but it isn't built purely for internal trading mechanics. 

Its stated mission covers retail users, institutional operators, and developers, a scope that hints at something larger than just settlement infrastructure for Upbit's order books.

Under the MoU signed in Miami, Dunamu and the Optimism Foundation will run architecture reviews, performance benchmarking, and security audits in parallel as GIWA Chain progresses from testnet toward mainnet. 

That methodical approach signals Dunamu isn't rushing to a headline launch, they're building for uptime and regulatory confidence.

The Self-Managed Tier: A New Model for Institutional Chains

This is where the GIWA Chain story gets technically interesting. OP Enterprise comes in two tiers: Fully Managed, where the Optimism Foundation handles chain operations, and Self-Managed, where the operator runs the show. 

Under Self-Managed, the operator runs the chain's primary sequencer, controls configuration, and holds operational authority, while the Foundation provides assurance, monitoring, engineering support, and a backup sequencer in the event of primary sequencer disruption.

For a regulated financial institution serving millions of Korean users, handing sequencer control to a third party was never a realistic option. But running critical infrastructure entirely alone introduces a different set of risks. 

Self-Managed is designed to bridge that gap — the operator keeps sovereignty, and the user base gets resilience. Neither side has to compromise. 

Dunamu COO Minseok Jung confirmed this framing directly, stating the structure allows Upbit to retain operational control while building on established infrastructure.

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The Bigger Picture: Exchange Chains Are Going Mainstream

GIWA Chain doesn't exist in a vacuum. More than 32 Layer 2 networks run in production on the OP Stack today, and the ecosystem processed over six billion transactions in 2025. Coinbase built Base. Kraken built Ink. Now Upbit is building GIWA. 

The pattern is unmistakable: major exchanges are choosing to own their infrastructure rather than rent it from shared blockspace — and they're consistently landing on the same underlying stack to do it.

Dunamu is also pursuing a merger with Naver Financial, expected to create a large Korean fintech group, with regulatory delays pushing the timeline toward late 2026. 

If completed, that combination could transform GIWA Chain into a payments and tokenization layer for a merged fintech giant — with Korean won-backed stablecoin use cases already in discussion.

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Conclusion

GIWA Chain's launch partnership is more than a product announcement. It represents a structural shift in how large, regulated exchanges think about blockchain ownership. 

By becoming the first deployment on OP Enterprise's Self-Managed tier, Dunamu is establishing a template that other institutional operators will study closely. 

The testnet's 100 million transactions show the infrastructure is real. The mainnet launch, when it arrives, will show whether GIWA Chain can carry the weight of Upbit's ambitions.

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FAQ

What is GIWA Chain?

GIWA Chain is an Ethereum Layer 2 network built by Dunamu, operator of South Korea's Upbit exchange, using Optimism's OP Stack technology with EVM compatibility and one-second block time targets.

Who is behind GIWA Chain?

Dunamu, the Seoul-based company operating Upbit, is building GIWA Chain in partnership with the Optimism Foundation under a non-binding memorandum of understanding signed at Consensus Miami on May 4, 2026.

When is the GIWA Chain mainnet launch date?

No final mainnet date has been confirmed as of May 2026. GIWA Chain is currently live on testnet, which has already processed nearly 100 million transactions.

What is OP Enterprise Self-Managed?

It's a tier of Optimism's enterprise infrastructure product where the operator runs their own sequencer and controls chain configuration, while Optimism provides monitoring and backup sequencer support.

How does GIWA Chain relate to Upbit?

Upbit's parent company Dunamu is building and operating GIWA Chain as a strategic expansion beyond exchange services into full blockchain infrastructure ownership.

How many transactions has GIWA Chain processed?

As of May 3, 2026, GIWA Chain's testnet had processed nearly 100 million transactions.

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