South Korea’s largest crypto exchange Upbit launches Ethereum blockchain with Optimism Foundation support

Upbit, the largest crypto exchange in South Korea, has joined forces with Optimism Foundation to develop a new Ethereum Layer 2 network using the OP Stack. The initiative reflects a growing trend among institutions seeking dedicated blockchain infrastructure tailored to their needs.

Optimism has become a preferred platform for launching custom blockchains, having supported major players such as Coinbase, Kraken, Uniswap, as well as projects like World and Zora, and even global brands like Sony.

The new network, named GIWA Chain, will be the first to operate under the Self-Managed tier of OP Enterprise. This setup allows Upbit to maintain full control over the blockchain, while Optimism provides technical assistance and infrastructure support. The move aligns with a broader industry preference for owning blockchain infrastructure rather than relying on third-party control.
Unlike fully managed chains—where Optimism oversees the sequencer and operational configurations—this model gives Upbit authority over its own sequencer. This component plays a crucial role in processing and ordering transactions, as well as generating revenue through transaction fees.

With over 13 million registered users and a history of ranking among the top global exchanges by trading volume, Upbit’s scale makes self-managed infrastructure more practical than outsourcing. GIWA Chain is currently in the testnet phase, marking an early step toward full deployment.

To ensure reliability, the partnership includes a support framework where Optimism will offer backup systems, monitoring, failover mechanisms, and ongoing updates. This approach helps balance operational independence with enterprise-grade resilience.

While the Self-Managed tier is a newer offering, several OP Stack-based chains—including Base—already operate with independently controlled sequencers. Many of these networks are part of the broader Superchain ecosystem, which enables interoperability and shared governance while allowing each chain to function autonomously.

Voice Of Osiz

The partnership between Upbit and Optimism Foundation highlights a major shift toward exchange-owned blockchain infrastructure. At Osiz, we see this as a clear evolution where platforms aim to gain full control over scalability, performance, and revenue streams. The launch of a self-managed Layer 2 like GIWA Chain reflects growing demand for customized, enterprise-grade blockchain solutions. This approach empowers businesses to optimize transaction efficiency while maintaining compliance and operational authority. As a forward-thinking AI Development Company, Osiz Technologies recognizes the immense potential of integrating AI with such decentralized ecosystems. The trend of “owning the chain” is set to redefine how exchanges and enterprises operate in the Web3 space. We are committed to helping businesses leverage these innovations to build scalable and future-ready digital solutions.

Source: The Block