Upbit’s Giwa: Web3’s New Hero or Just a Fancy Roof Tile?

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Oh, what a marvellous scheme! South Korean crypto exchange Upbit, that paragon of digital daring, has launched a test version of its latest creation: Giwa, a Ethereum layer-2 blockchain as grand as a ballroom in Mayfair. One might say it’s the sort of venture that would make even a duchess blush with pride. 🏗️

Giwa, a name as poetic as a sonnet, stands for Global Infrastructure for Web3 Access. Built upon the sturdy shoulders of the Optimism Foundation’s OP Stack, it aims to process transactions in one second per block-though one suspects it may be slightly overambitious, much like a man who believes he can outdance a peacock. 🧠

The name Giwa, you see, is derived from the curved clay tiles that grace the roofs of old Korean palaces, symbolizing heritage and protection. One can only imagine the architects of yore, sipping soju and muttering, “This blockchain shall be our legacy!” 🏯

For now, Giwa is running on a testnet called Giwa Sepolia, which already supports Ethereum-compatible smart contracts. Over 4 million blocks have been added-enough to fill a library, or perhaps a very enthusiastic developer’s coffee mug. ☕

Upbit Leads South Korea’s Crypto Scene

Upbit, the reigning monarch of South Korea’s crypto realm, commands a 73% share of local trading. A veritable monopoly, one might say, though it’s more like a grand masquerade ball where everyone’s wearing a mask of hope. 🎭

South Korea, that paragon of crypto enthusiasm, now holds the second-largest market by on-ramp volume. A mere $1 trillion, behind only the U.S. at $4.2 trillion. One wonders if the U.S. is secretly using a blockchain of its own. 🧐

Upbit has been adding tokens like Maple Finance, Huma Finance, and others with the zeal of a man chasing a dream. A veritable feast of tokens, though one might question if the developers have a life outside of coding. 🍽️

Meanwhile, Coinbase and Binance have their own blockchains, while tech giants like Sony and Stripe dabble in the digital realm. It’s a race to the blockchain finish line, with Google Cloud’s Universal Ledger as the final hurdle. 🏁

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2025-09-09 10:46