Dunamu, the Seoul-based fintech company behind South Korea’s dominant crypto exchange Upbit, has tapped the Optimism Foundation to support and scale its GIWA chain using the OP stack and integrate it into Optimism’s OP Enterprise framework.
Unveiled last September, GIWA Chain is a layer 2 Ethereum blockchain focused on improving usability and accessibility in Web3.
The network delivers fast performance with 1-second block times, supports existing Ethereum-based development with EVM compatibility, and benefits from ongoing upgrades across the open source ecosystem led by the Optimism Foundation.
The chain is already active on testnet, with nearly 100 million transactions processed as of May 3, and is expected to launch on mainnet soon.
As part of a non-binding memorandum of understanding between Dunamu and the Optimism Foundation. GIWA Chain is expected to become the first self-managed tier deployment of OP Enterprise, a framework designed for operators seeking full control over their blockchain environment.
In this structure, Upbit will control the main sequencer and all core network decisions, while Optimism will provide institutional-level support, including system monitoring and a backup sequencer for failover.
“Operating our own GIWA channel is a strategic move for Upbit. Our goal is to provide institutional and retail users with a level of performance and compliance consistent with our existing platform,” said Minseok Jung, COO of Dunamu, noting that Optimism Foundation’s self-managed tier allows the company to maintain operational control while relying on proven infrastructure, meeting its scalability and governance needs.
Upbit serves over 13 million registered users. The exchange ranked second globally in terms of cumulative spot trading volume between 2020 and 2024, according to CoinGecko data.
“What we constantly hear from the largest exchanges and institutional operators is that they want to own the chain their users transact on, not rent it,” said Jing Wang, director of the Optimism Foundation.
“Upbit’s go-live on OP Enterprise Self-Managed is a clear signal of where the industry is heading. It also indicates where the confidence is going: an operator of Upbit’s scale is not going to rely on infrastructure that hasn’t yet proven it can handle the weight,” he noted.
Dunamu launched Upbit in 2017, which quickly became South Korea’s leading exchange. The company is pursuing a merger with Naver Financial, which initially targeted a 2026 closing to form a fintech powerhouse valued at around 20 trillion Korean won (around $13.5 billion), although regulatory delays have pushed shareholder votes and closing to late 2026.
Once finalized, the deal would position GIWA as the backbone of a broad fintech ecosystem, with plans already underway to integrate Korean won-backed stablecoins for real-world payments.
