Upbit Launches GIWA Chain Testnet with Self-Managed Sequencer via Optimism

South Korea’s Upbit has launched the GIWA Chain testnet, an Ethereum Layer-2 on Optimism’s OP Stack, where it controls the sequencer for transaction ordering and fee capture to meet regulations, with Optimism providing backup support. This follows an MoU signed on May 4, 2026, by Upbit operator Dunamu and the Optimism Foundation; the testnet has processed nearly 100 million transactions, building on the OP Stack’s 6 billion transactions in 2025 across 34+ L2s. A prior April 29 trilateral pilot with Hana Financial Group and POSCO International positions GIWA for real-time remittances, boosting Ethereum L2 adoption and ETH demand. Mainnet launch is planned post-audits.