Upbit launches GIWA: a Layer 2 Ethereum with blocks that are only 1 second long.

Ethereum’s key role in DeFi can be seen by South Korea’s biggest exchange’s choice to use a layer-2-network.

Upbit is the largest cryptocurrency exchange in South Korea. On September 9, this exchange officially launched. GIWA ChainOptimism OP Stack is a layer-2 Ethereum network. After teasers leading up to this event, the launch of the Upbit D Conference in Seoul was officially announced.

Giwa Network is compatible with EVMs and will have block times of one second. The network will also use Ethereum for transaction security. It allows the network to be faster and more secure while offering transactions. Giwa comes from the traditional Korean tiles on roofs and represents scaleability.

Upbit unveiled the Giwa Network and a Giwa wallet that will support some of larger EVM compatible networks. It will launch an exchange developer sandbox, with documentation available in English and Korean.

Upbit is the leader in Korea’s CEX Market

Upbit dominates the South Korean cryptocurrency market. The exchange is expected to account for 73.4% of trading volume CEXs can process up to $2-4 billion worth of volume per day. It also has 8 million usersThe majority of them are located in Asia.

The Upbit Was gearing up For a major reveal a few days before the announcement. Dunamu’s parent company filed for the Giwa trademark, as reported by multiple sources. Upbit has also placed a countdown timer for the Giwa launch on its website. Cointelegraph’s earlier report that this network was a layer-1 system turned out not to be accurate.