TLDR
- Upbit has launched a countdown for its new blockchain project called “Giwa.”
- The project has sparked speculation about its potential as a Layer 2 blockchain.
- Upbit’s upcoming Developer Conference will likely provide more details about “Giwa.”
- Analysts suggest that “Giwa” could play a significant role in South Korea’s Web3 liquidity.
- The project might focus on stablecoin development, especially for won-backed assets.
South Korea’s leading exchange, Upbit, has teased a new blockchain project named “Giwa.” The exchange launched a countdown on its website, sparking speculation within the Web3 community. While details remain unclear, analysts expect more information at Upbit’s upcoming Developer Conference (UDC).
Upbit’s ‘Giwa’ Countdown Hints at Major Reveal
The “Giwa” project has generated significant attention, with industry analysts debating its purpose. Some believe it may be a Layer 2 (L2) blockchain designed to enhance South Korea’s Web3 liquidity. Others speculate that it might be a platform for stablecoin development, particularly for the growing demand for won-backed stablecoins.
Upbit has been tight-lipped about the project’s specifics, but the countdown on its website is an undeniable clue. The site’s motto reads, “trusted structure, not just shape,” further adding to the intrigue. Despite the mystery, the countdown’s connection to the UDC suggests that a major announcement is imminent.
Could ‘Giwa’ Become a Major Web3 Player?
Industry observers have pointed out that South Korean regulations could restrict Upbit to an L2 blockchain. This could limit the project’s capabilities but still offer significant potential for domestic blockchain development. Creating an L2 blockchain would allow Upbit to utilize South Korea’s strong currency liquidity better.
🚨 Upbit is preparing to launch its own blockchain!
South Korea’s largest crypto exchange has announced the creation of an L2 blockchain called “GIWA.”
More details are expected tomorrow at the Upbit Developer Conference (UDC).#Upbit #Crypto #Blockchain #L2 #GIWA pic.twitter.com/uBNDyAYYIb
— Valentyn❤️ (@TradeNoHype) September 8, 2025
The project could also provide new avenues for retail and institutional investors to enter the Web3 space. A domestic blockchain ecosystem would serve as a critical gateway for these investors. Interoperability and openness would be essential features for such a project to succeed.
Although no official details have emerged, the community remains eager to learn more about Upbit’s “Giwa.” The exchange’s ability to maintain interest will play a crucial role in the success of the rollout. If successful, “Giwa” could mark a major milestone for Upbit and the South Korean blockchain industry.
