Giwa is an Ethereum Layer 2 blockchain built on the OP Stack by Dunamu Inc., the parent company of South Korea's largest cryptocurrency exchange, Upbit.^[5] The project's existence was first reported in September 2025, based on trademark filings and market news, prior to the release of its official documentation. ^[5]

Overview

According to its official documentation, Giwa's mission is to "break down the barriers of complex and costly web3, creating a blockchain world that’s easy, fun, and accessible for everyone."^[5] The project is a strategic initiative by the South Korean fintech firm Dunamu to expand its operations beyond cryptocurrency exchange services into core blockchain infrastructure. The name "Giwa" refers to traditional Korean roof tiles, possibly suggesting a foundational or structural role for the blockchain. ^[3]

History

The development of the Giwa project was inferred from a series of events in late 2025. Prior to September, Dunamu Inc. filed several trademark applications with the Korea Intellectual Property Rights Information Service (KIPRIS). These applications were for the name "GIWA" and included stylized logos, indicating a planned brand identity. ^[3]

On September 8, 2025, technology and cryptocurrency news outlets began reporting on the filings, connecting them to the development of a new blockchain by Upbit's parent company. These reports, citing "market news" and the discovery of the public trademark records, were the first public mention of the project. The proximity of these reports to the UDC 2025 conference on September 9 led to widespread anticipation of a formal unveiling, which was followed by the publication of the project's official documentation clarifying its technical details. ^{[3] [4]}

Technology

Architecture

Giwa is an Ethereum Layer 2 blockchain. Layer 2 solutions are built on top of a primary blockchain (in this case, Ethereum) to improve scalability and reduce costs. While Ethereum provides security and decentralization, it can have limitations such as slow transaction speeds and high fees. Giwa addresses this by processing transactions on its own chain and then recording the data and results back to the Ethereum mainnet. This structure allows it to inherit Ethereum's security while operating with greater speed and lower costs. ^[5]

The blockchain is built using the OP Stack, the standardized, open-source development stack that powers Optimism. Being based on the OP Stack, which is maintained by the Optimism Foundation, allows for flexible upgrades and customization of the network. ^[5]

Key Features

The Giwa network is designed with several key features to enhance user and developer experience: ^[5]

• Fast Block Time: Giwa produces blocks every second, which is intended to provide near real-time user experiences for applications built on the network.
• EVM Compatibility: The network is compatible with the Ethereum Virtual Machine (EVM). This allows developers to deploy their existing Solidity smart contracts and use familiar developer tools like Foundry, Hardhat, and Remix IDE without significant modifications.

These features position Giwa as a platform for developing and deploying decentralized applications within the Dunamu and Upbit ecosystem. ^[5]

Trademark Filings

The primary evidence for the existence of the Giwa project is a set of trademark applications filed by Dunamu Inc. with the Korea Intellectual Property Rights Information Service (KIPRIS). These public records form the basis of the initial reports. The filings are notable for several key details that suggest a well-planned project is underway. ^[3]

The applications were filed specifically for the name "GIWA" and included professionally designed, stylized logos. This indicates that Dunamu was not merely reserving a name but was also developing a distinct brand identity for the platform. The scope of the trademarks was comprehensive, explicitly covering the technological foundations necessary for a blockchain network, further reinforcing the belief that the filings pertain to a new blockchain infrastructure project rather than a smaller-scale application or service. ^[3]

Key Entities

Dunamu Inc.

Dunamu Inc. is a major South Korean financial technology company and the entity that filed the "GIWA" trademarks. It is best known as the parent company and operator of Upbit, the country's largest cryptocurrency exchange. The development of Giwa represents a potential strategic pivot for Dunamu, moving from facilitating the trade of existing digital assets to creating the foundational technology for new ones. ^[3]

Upbit

Upbit is South Korea's leading cryptocurrency exchange by trading volume and is operated by Dunamu. While the Giwa project is technically under Dunamu, it is intrinsically linked to Upbit due to their corporate relationship. The Giwa chain could potentially integrate with Upbit's exchange services, providing a native platform for new token listings, dApp development within the Upbit ecosystem, and other synergistic functionalities. ^{[3] [4]}