Upbit operator Dunamu taps Optimism Foundation to build GIWA Chain as first self-managed enterprise L2
Dunamu, the Seoul-based fintech firm behind South Korea’s dominant crypto alternate Upbit, has tapped the Optimism Basis to underpin and scale its GIWA Chain utilizing the OP Stack and combine it into Optimism’s OP Enterprise framework.
Unveiled final September, GIWA Chain is an Ethereum layer 2 blockchain centered on enhancing usability and accessibility in web3.
The community delivers quick efficiency with one-second block instances, helps current Ethereum-based growth by way of EVM compatibility, and advantages from steady upgrades through the open-source ecosystem led by the Optimism Basis.
The chain is already reside on testnet, with almost 100 million transactions processed as of Could 3, and is anticipated to launch on mainnet quickly.
Underneath a non-binding memorandum of understanding between Dunamu and the Optimism Basis. GIWA Chain is anticipated to develop into the primary deployment on the Self-Managed tier of OP Enterprise, a framework constructed for operators in search of full management over their blockchain surroundings.
On this construction, Upbit will management the first sequencer and all core community choices, whereas Optimism gives institutional-grade help, together with system monitoring and a backup sequencer for failover.
“Working our personal GIWA Chain is a strategic transfer for Upbit. Our aim is to offer institutional and retail customers with a stage of efficiency and compliance in line with our current platform,” Dunamu Chief Working Officer Minseok Jung mentioned, noting that the Optimism Basis’s Self-Managed tier permits the agency to retain operational management whereas constructing on confirmed infrastructure, supporting its scalability and governance wants.
Upbit serves over 13 million registered customers. The alternate ranked second globally in cumulative spot buying and selling quantity between 2020 and 2024, in line with CoinGecko knowledge.
“What we hear constantly from the biggest exchanges and institutional operators is that they need to personal the chain their customers transact on, not hire it,” Jing Wang, the Optimism Basis’s director, said.
“Upbit going reside on OP Enterprise Self-Managed is a transparent sign about the place the trade is transferring. It additionally says one thing about the place the belief goes: an operator at Upbit’s scale isn’t going to construct on infrastructure that hasn’t already confirmed it might carry the burden,” he famous.
Dunamu launched Upbit in 2017, which quickly rose to develop into South Korea’s high alternate. The corporate is pursuing a merger with Naver Monetary, initially concentrating on an in depth in 2026 to kind a fintech powerhouse valued at round 20 trillion Korean received (round $13.5 billion), although regulatory delays have pushed shareholder votes and shutting to late 2026.
As soon as finalized, the deal would place GIWA because the spine of an enormous fintech ecosystem, with plans already underway to combine Korean won-backed stablecoins for real-world funds.
