Upbit and Optimism Launch GIWA Chain: Full Control, Faster Transactions, Lower Costs

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Upbit Teams Up With Optimism for New L2 Network GIWA Chain

Key Highlights

  • Upbit will operate core infrastructure, including the sequencer.
  • Optimism Foundation will provide technical support to the project.
  • The self-managed model gives Upbit full control over blockchain operations.

Upbit, a cryptocurrency exchange based in South Korea, has teamed up with Optimism to create a new blockchain. This new chain, called GIWA Chain, will be built using Optimism’s OP Stack technology and will operate independently using Optimism’s enterprise-level tools.

Upbit will be responsible for running and maintaining the main technology behind the network, including its sequencer, with assistance from the Optimism Foundation. The network is currently being tested.

Optimism is now the infrastructure provider for companies and platforms building their own blockchain solutions. They’ve previously worked with major names like Coinbase (Base), Kraken, Uniswap, World, Zora, and Sony. Their new partnership with Upbit marks the first time Optimism is offering its self-managed services.

Full control over infrastructure

Most fully managed blockchain networks have the Optimism Foundation handling key decisions and operations. However, a self-managed chain allows operators, such as Upbit, to have full control over how the network runs.

Jing Wang, from the Optimism Foundation, explained that major exchanges and institutional investors prefer to fully own the blockchain networks their customers use, rather than simply paying to use them.

As an analyst covering rollups, I’ve been following the sequencer debate closely. The sequencer is absolutely critical – it’s responsible for ordering transactions, making sure everything follows the rules, and ultimately, collecting the transaction fees. Recently, the Optimism Foundation announced that giving control of the sequencer to an exchange like Upbit was a non-starter. Apparently, because Upbit is a regulated exchange with a large global customer base, taking on that responsibility simply wasn’t feasible for them.

Optimism explained that it’s incredibly difficult for a single team to reliably manage all the complex systems needed to keep a blockchain running smoothly for millions of users. Most blockchains run by just one team struggle to handle this responsibility long-term.

Multiple delistings

Upbit recently increased its monitoring of projects listed on its platform. On March 16, 2026, it removed Loopring (LRC) due to concerns about a lack of clear information and a confusing business plan, which could potentially harm investors.

On January 4, 2026, Upbit, Bithumb, and Korbit all warned that they might remove LRC from their exchanges. This issue remained unresolved. Previously, on January 30, 2026, Upbit had already flagged LRC as a risky asset and cautioned users about potential problems.

Launch details expected soon 

The test version of the chain is now running, and we expect the full version to launch in the next few months. The development of the GIWA Chain shows that major Asian exchanges are increasingly interested in building their own blockchain systems, which would give them more control over how users interact with the platform, how they meet legal requirements, and their overall costs.

This new strategy could allow Upbit to process transactions more quickly and affordably, and offer users more personalized services, all while still working seamlessly with the existing Ethereum network. This partnership is happening as competition grows in the Layer 2 technology space, with many exchanges and companies building their own networks.

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2026-05-04 23:19