GIWA Complete Guide
The global Web3 infrastructure built by Dunamu (Upbit). Explore the Ethereum Layer 2 GIWA Chain, user-friendly GIWA Wallet, and its pivotal role in the KRW stablecoin ecosystem.
GIWA stands for 'Global Infrastructure for Web3 Access.' It is a proprietary blockchain brand unveiled by Dunamu, the operator of Upbit, at the UDC conference in September 2025. The name symbolizes the secure layered data structure of traditional Korean roof tiles (giwa).
Core Components
- GIWA Chain: A Layer 2 network running on top of Ethereum
- GIWA Wallet: User-friendly wallet with email login and cloud backup
- BOJAGI: A proprietary privacy protocol for transaction confidentiality
Project Info
- Unveiled: September 2025 (UDC 2025)
- Developer: Dunamu (Upbit operator)
- Vision: Building global Web3 infrastructure beyond Korea
Dunamu operates Upbit, Korea's largest cryptocurrency exchange. In September 2025, Naver acquired Dunamu, creating a massive digital financial ecosystem combining 30 million Naver Pay users with the Upbit exchange.
Dunamu
Operator of Korea's largest cryptocurrency exchange, Upbit.
- Upbit: Korea's #1 crypto exchange by trading volume
- Naver acquisition: 30 million user base secured
- Global reach: Exchanges in Singapore, Indonesia, Thailand, etc.
Naver-Dunamu Synergy
The combination of Naver Pay and Upbit creates an Asia-level 'Coinbase' platform.
- Connect terminals: Online and offline payment integration
- Payment volume: 20.8 trillion KRW processed in Q2 2025
- GIWA Chain integration: Potential Naver Pay → GIWA Chain settlement
GIWA Chain is a Layer 2 network that maintains Ethereum's security while dramatically improving speed and cost. It uses the Optimistic Rollup approach, allowing Ethereum (ETH) as gas fee without requiring a separate native token.
Technical Specifications
| Specification | Details |
|---|---|
| Chain Type | Ethereum Layer 2 (Optimistic Rollup) |
| Block Time | ~1 second |
| Transaction Fee | ~$0.001 (approximately 1 KRW) |
| Gas Token | ETH (no separate native token needed) |
| Privacy | BOJAGI privacy protocol |
Why Optimistic Rollup?
Optimistic Rollup processes transactions off-chain and posts verification data to the Ethereum mainnet. This inherits Ethereum's security while being dozens of times faster and hundreds of times cheaper.
GIWA Wallet is designed for general users who are new to blockchain. Instead of complex recovery phrases (24 words), it offers email login and personal drive backup.
GIWA serves as the 'distribution infrastructure' in the KRW stablecoin ecosystem. It connects Upbit's massive liquidity directly to the chain, paving the 'roads' where stablecoins actually circulate.
- Liquidity Connection: Upbit's price data and trading volume can be directly linked to stablecoins on GIWA Chain.
- Payment Infrastructure: Through the Naver Pay-Upbit alliance, KRW stablecoins on GIWA Chain could enable online and offline payments.
- Deposit Tokens: In collaboration with Hana Financial, building infrastructure to issue and circulate 'deposit tokens' (tokenized KRW deposits) on GIWA Chain.
Key Point
GIWA Chain doesn't issue stablecoins directly—it provides the 'highway' where KRW tokens issued by banks, fintechs, and exchanges can circulate. This is GIWA's greatest competitive advantage.
In February 2026, Dunamu and Hana Financial Group successfully completed a proof-of-concept (PoC) for cross-border remittance using GIWA Chain. This innovative approach replaces traditional SWIFT messages with blockchain messages.
PoC Verification Results
- Method: SWIFT messages → GIWA Chain blockchain messages
- Cost Reduction: Dramatically lower fees compared to traditional remittance
- Speed Improvement: Significantly faster processing, real-time settlement potential confirmed
BOJAGI Privacy Protocol
This PoC utilized Dunamu's proprietary privacy protocol 'BOJAGI,' which encrypts sender and recipient financial information while maintaining blockchain transparency and protecting sensitive financial data.
Future Roadmap
- Q3 2026: Building next-gen remittance infrastructure with deposit tokens
- Full lifecycle on GIWA Chain: token issuance → transfer → payment → settlement
- Establishing real-time settlement between Hana Bank domestic and overseas branches
GIWA is the core infrastructure of the Web3 ecosystem being built by the Dunamu-Naver alliance. When Upbit's liquidity, Naver Pay's user base, and GIWA Chain's technology come together, Korea can leap forward as a center for Asian digital finance.
GIWA Ecosystem Summary
Strengths
- Connecting Upbit's overwhelming liquidity and volume on-chain
- Ethereum-grade security + 1-second blocks + ~$0.001 fees
- Cross-border remittance PoC with Hana Financial validates real-world use
Challenges
- Adapting to the Digital Asset Basic Act Phase 2 and regulatory changes
- Differentiating from competing infrastructure like Maroo and Project Namsan
Key Insight
GIWA serves as an 'infrastructure layer'—rather than issuing stablecoins directly, it provides an environment where tokens issued by banks and fintechs can circulate quickly and safely. The Naver-Upbit alliance's 30 million user base is an overwhelming competitive advantage.
GIWA Chain will be a core infrastructure for Korean won stablecoins to be used in the global market.