Dunamu, the Seoul-based fintech company behind Upbit, the dominant crypto exchange in South Korea, has engaged the Optimism Foundation to support and scale its GIWA chain using the OP Stack and integrate it into Optimism’s OP Enterprise framework.
Unveiled last September, GIWA Chain is an Ethereum Layer 2 blockchain aimed at improving usability and accessibility in web3.
The network delivers fast performance with one-second block times, supports existing Ethereum-based development via EVM compatibility, and benefits from continuous upgrades through the open-source ecosystem led by the Optimism Foundation.
The chain is already live on testnet, with nearly 100 million transactions processed as of May 3, and is expected to launch on mainnet soon.
Under a non-binding memorandum of understanding between Dunamu and the Optimism Foundation. GIWA Chain is expected to be the first implementation on OP Enterprise’s Self-Managed layer, a framework built for operators seeking full control over their blockchain environment.
In this structure, Upbit will control the primary sequencer and all core network decisions, while Optimism will provide institutional-level support, including system monitoring and a backup sequencer for failover.
“Operating our own GIWA Chain is a strategic move for Upbit. Our goal is to provide institutional and retail users with a level of performance and compliance consistent with our existing platform,” said Dunamu Chief Operating Officer Minseok Jung, noting that Optimism Foundation’s Self-Managed tier allows the company to maintain operational control while building on proven infrastructure to support scalability and governance needs.
Upbit serves more than 13 million registered users. According to CoinGecko data, the exchange ranked second globally in terms of cumulative spot trading volume between 2020 and 2024.
“What we consistently hear from the largest exchanges and institutional operators is that they want to own the chain on which their users transact, not rent it out,” said Jing Wang, director of the Optimism Foundation.
“Upbit going live on OP Enterprise Self-Managed is a clear signal about where the industry is heading. It also says something about where trust is going: an operator of Upbit’s scale isn’t going to build on infrastructure that hasn’t yet proven it can carry the weight,” he noted.
Dunamu launched Upbit in 2017, which quickly grew into South Korea’s leading exchange. The company is pursuing a merger with Naver Financial, initially targeting a 2026 closing to form a fintech powerhouse valued at about 20 trillion Korean won (about US$13.5 billion), although regulatory delays have raised shareholder votes and the closure will take place until the end of 2026.
Once completed, the deal would position GIWA as the backbone of a massive fintech ecosystem, with plans already in place to integrate Korean won-backed stablecoins for real-world payments.