South Korea’s largest crypto exchange, Upbit, has unveiled its new Ethereum Layer 2 blockchain, Giwa, designed to enhance the speed, affordability, and accessibility of Web3. Giwa tackles the limitations of Ethereum by processing transactions on-chain and leveraging the Ethereum network for faster speeds and lower fees. It promises developers a familiar environment with compatibility for Solidity smart contracts. The testnet for Giwa is now live, boasting impressive 1-second block times and full EVM compatibility. By utilizing the OP Stack, a robust technology for scaling Ethereum, Giwa aims to serve as a launchpad for wider adoption of Web3 technologies. Upbit’s vision for Giwa is global, aiming to create a hub for Web3 innovation while providing resources and support to both Korean and international developers.