Upbit Launches Blockchain Network GIWA at UDC 2025
- Launch of Upbit’s blockchain network GIWA at UDC 2025.
- The blockchain targets DeFi, DEX, and NFT projects.
- Impact on Ethereum and Korean altcoins anticipated.
Upbit, South Korea’s largest crypto exchange, will launch its own blockchain, GIWA, during the UDC 2025 conference in September.
GIWA could reshape blockchain markets, influencing DeFi projects and Ethereum competitors, with market impacts pending the official launch.
Upbit, South Korea’s largest crypto exchange, announced the launch of its blockchain network, GIWA, set for unveiling at the UDC 2025 conference. The move signals Upbit’s intent to expand its influence in the cryptocurrency space.
Involved in the initiative is Dunamu Inc., Upbit’s parent company. They aim to compete with existing layer solutions by offering new opportunities for Decentralized Finance (DeFi) and NFT projects in the Korean crypto market. A Dunamu representative noted that this will be a “trusted structure, not just shape,” signaling the intent for full disclosure at UDC 2025. More about Dunamu’s intentions.
The entry of GIWA is poised to affect liquidity, blockchain adoption, and market trends within South Korea. It highlights a strategic expansion beyond traditional exchange services by Upbit into more innovative blockchain applications.
Financial implications include potential shifts in token flows and increased competition with prominent Layer 2 platforms such as Ethereum’s. These developments may prompt changes in staking flows and Total Value Locked (TVL) metrics, with one industry analyst commenting, “The launch of GIWA is poised to increase liquidity within Upbit’s ecosystem and enhance Total Value Locked (TVL) dynamics, particularly for ETH and others in high demand in Korea.” Read more analysis.
Analysts draw parallels to similar blockchain endeavors by other leading exchanges, projecting opportunities for enhanced on-chain user engagement. Existing Ethereum users may find new incentives in GIWA’s ecosystem. The initiative “aligns with South Korean regulatory trends, transitioning Dunamu from basic exchange services to regulated blockchain infrastructure,” according to a financial commentator. Explore the strategic initiative.
Insights suggest that the emergence of GIWA could align with ongoing South Korean regulatory trends, promoting a secure, regulated blockchain infrastructure. The initiative could foster technological advancements and market growth, strengthening Upbit’s competitive stance.
