Dunamu, the Seoul-based fintech company behind South Korea’s dominant crypto exchange Upbit, has tapped the Optimism Foundation to underpin and scale its GIWA Chain using the OP Stack and integrate it into Optimism’s OP Enterprise framework.
Unveiled last September, GIWA Chain is an Ethereum layer 2 blockchain focused on improving usability and accessibility in web3.
The network delivers fast performance with one-second block times, supports existing Ethereum-based development through EVM compatibility, and benefits from continuous upgrades via the open-source ecosystem led by the Optimism Foundation.
The chain is already live on testnet, with nearly 100 million transactions processed as of May 3, and is expected to launch on mainnet soon.
Under a non-binding memorandum of understanding between Dunamu and the Optimism Foundation. GIWA Chain is expected to become the first deployment on the Self-Managed tier of OP Enterprise, a framework built for operators seeking full control over their blockchain environment.
In this structure, Upbit will control the primary sequencer and all core network decisions, while Optimism provides institutional-grade support, including system monitoring and a backup sequencer for failover.
“Operating our own GIWA Chain 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,” Dunamu Chief Operating Officer Minseok Jung said, noting that the Optimism Foundation’s Self-Managed tier allows the firm to retain operational control while building on proven infrastructure, supporting its scalability and governance needs.
Upbit serves over 13 million registered users. The exchange ranked second globally in cumulative spot trading volume between 2020 and 2024, according to CoinGecko data.
“What we hear consistently from the largest exchanges and institutional operators is that they want to own the chain their users transact on, not rent it,” Jing Wang, the Optimism Foundation’s director, stated.
“Upbit going live on OP Enterprise Self-Managed is a clear signal about where the industry is moving. It also says something about where the trust is going: an operator at Upbit’s scale isn’t going to build on infrastructure that hasn’t already proven it can carry the weight,” he noted.
Dunamu launched Upbit in 2017, which rapidly rose to become South Korea’s top exchange. The company is pursuing a merger with Naver Financial, originally targeting a close in 2026 to form a fintech powerhouse valued at around 20 trillion Korean won (around $13.5 billion), though regulatory delays have pushed shareholder votes and closing to late 2026.
Once finalized, the deal would position GIWA as the backbone of a massive fintech ecosystem, with plans already underway to integrate Korean won-backed stablecoins for real-world payments.
