TL;DR:
- Corporate Identity: Upbit operator, Dunamu Inc., signed a Memorandum of Understanding (MoU) with the Optimism Foundation for the development of the network.
- Governance Model: GIWA Chain is presented as the first deployment at the “Self-Managed” level of OP Enterprise, allowing Upbit full control of the sequencer.
- Market History: Upbit recorded the second-highest cumulative spot trading volume globally between 2020 and 2024, according to CoinGecko data.
South Korean giant Upbit, operated by Dunamu Inc., and the Optimism Foundation have joined in a strategic alliance to bring GIWA Chain, a new Ethereum Layer 2 (L2) network, to market.
— Optimism (@Optimism) May 4, 2026
The initiative represents an evolution in the infrastructure of centralized exchanges (CEX) by adopting the OP Stack as the technical foundation to expand its capabilities in the Web3 ecosystem. This Monday, the Optimism Foundation reported that the project seeks to offer a scalable and Ethereum Virtual Machine (EVM) compatible solution for its more than 13 million registered users.
Technical Sovereignty and the Self-Managed Model
Unlike other delegated infrastructure deployments, GIWA Chain will operate under the OP Enterprise “Self-Managed” scheme. Thanks to this configuration, Upbit maintains operational sovereignty over the main sequencer, the component responsible for ordering and processing transactions before sending them to the Ethereum mainnet.
Optimism indicates that this level is designed specifically for institutional operators who cannot relinquish control of the sequencer due to regulatory requirements or internal compliance. In this model, Upbit assumes responsibility for execution, while the Optimism Foundation provides institutional-level technical support and a backup sequencer to ensure network resilience in case of failures.
Minseok Jung, COO of Dunamu Inc., noted that operating its own chain is a strategic move to provide performance and compliance levels consistent with its current platform. According to the company’s vision, using the OP Stack allows them to integrate into an infrastructure that has already processed more than 6 billion transactions during the year 2025.
Consolidation of the OP Stack in the Industry
Upbit’s decision aligns with a growing trend among leading global exchanges seeking to own their own infrastructure rather than “renting” block space from third parties. Analyses from the Optimism Foundation reveal that there are currently more than 34 Layer 2 networks operating in production via the OP Stack, consolidating this technical framework as a standard for the digital financial industry.
The launch of GIWA Chain could facilitate the development of more complex on-chain financial services. The network is already in the testnet phase and, by the end of the first week of May 2026, has processed nearly 100 million experimental transactions.
This infrastructure is presented as a key piece for Dunamu’s expansion into real payment sectors, especially following reports of a possible integration with stablecoins linked to the Korean won. According to current trends, the modular architecture of the OP Stack would allow Upbit to implement security updates and performance improvements autonomously, maintaining the native interoperability scheduled for later this year.
The official launch of the GIWA Chain mainnet will take place in the coming months of 2026, once security audits and the final phases of integration with OP Labs’ mission-critical support are concluded.
