- Upbit launches Ethereum Layer-2 chain, Giwa, on testnet.
- Giwa targets 1-second block times.
- Aims to enhance user experience and transaction speed.
Upbit, South Korea’s largest crypto exchange, launched its Ethereum Layer-2 chain GIWA on a testnet, promising faster transactions with sub-second block times.
GIWA positions Upbit to enhance its market share in Asia, potentially affecting Ethereum’s dynamics and extending DeFi capabilities.
Upbit has initiated the testnet phase for its Ethereum Layer-2 chain, Giwa. The project aims for 1-second block times to enhance transaction speeds and user experiences, competing with other major scaling solutions.
Dunamu, Upbit’s parent company, is at the helm of this initiative. The launch positions Upbit against competitors like BNB Chain and Base Network. With no public executive statements, information mainly comes from Upbit’s official announcements.
The introduction of Giwa may impact Ethereum (ETH) and corresponding assets. As a Layer-2 solution, it is especially relevant to DeFi activity in Asia. Initial market reactions remain observed through online forums and community discussions.
Financial implications remain speculative as no detailed funding or liquidity data has been disclosed. However, Giwa’s blockchain could influence regional DeFi infrastructure and stablecoin usage. No regulatory guidelines have yet been established.
With the testnet in early stages, substantial impacts are yet to surface. Upbit’s strategy echoes launches like Arbitrum, potentially increasing throughput. Expectations of evolving developer interest and onboarding strategies continue as the project unfolds.
Anticipated regulatory engagement and technological advancements could reshape the dynamics of Layer-2 solutions in the Asian market. Historical patterns suggest increased liquidity migration and DeFi experimentation, driving sustained interest in Ethereum network enhancements.
Upbit Communications Team, Upbit, – “Our commitment is to enhance user experience with Giwa’s one-second block times, positioning us strategically within the competitive landscape of Ethereum scaling solutions.”
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