GIWA: Dunamu’s Ethereum Layer 2 Blockchain Surpasses 780,000 Wallet Addresses in a Week

Dunamu, the operator behind South Korea's top cryptocurrency exchange Upbit, has made waves with the debut of its Ethereum Layer 2 blockchain, GIWA. Within just seven days of its testnet launch, GIWA has attracted over 780,000 wallet addresses, underscoring robust interest from developers and users alike. The rapid adoption is largely being fueled by projects such as Owlto Finance and Omnihub, which are driving activities like smart contract deployments and NFT minting.

The Vision Behind GIWA: Financially-Driven Infrastructure

GIWA, which stands for “Global Infrastructure for Web3 Access,” is built on Ethereum Layer 2 technology, specifically employing Optimistic Rollups to enhance scalability. The name "GIWA" also nods to the traditional Korean tiled roof, symbolizing a strong foundation and innovation. Launched during the Upbit Developer Conference (UDC), GIWA is poised to deliver advanced Web3 financial services, including a Korean won-backed stablecoin.

Backed by $143 million in funding, GIWA's strategic advantage lies in its trusted oracle system, leveraging Upbit’s comprehensive trading data to ensure reliability and robust liquidity. As the platform remains in its testnet phase, it invites developers to contribute by building decentralized applications (dApps) to expand the network's capabilities and reach.

Rapid Ecosystem Growth: Smart Contracts and NFTs Take the Lead

The early success of GIWA’s testnet, with 780,000 wallet addresses created in its first week, reflects significant market anticipation. Two dominant activities—smart contract deployments and NFT minting—are at the forefront of this adoption surge.

Owlto Finance leads GIWA’s activity with over 200,000 smart contracts deployed, driving substantial transaction volumes across the network. At the same time, Omnihub has established itself as the second most active dApp by focusing on NFT minting. With over 180,000 NFT transactions, Omnihub is currently the only multi-chain platform on GIWA offering a complete suite of NFT services, including creation and trading.

This concentrated initial activity showcases the network’s capacity for high transaction throughput and its appeal to dApp developers seeking scalability and efficiency.

Key Infrastructure Evolution: Wallets, Authentication, and More

To facilitate seamless user onboarding and participation, Dunamu is steadily rolling out critical infrastructure for the GIWA ecosystem. The GIWA Wallet, for instance, supports multiple blockchains and offers simple account creation, backup solutions via email, and cloud integration for ease of use. Additionally, GIWA’s testnet has been integrated with Token Pocket, one of the most popular multi-chain wallets, further reinforcing early participation from the crypto community.

Looking ahead, GIWA plans to introduce advanced user-focused services. Among these, “Dojang” will function as a privacy-focused Know-Your-Customer (KYC) system, while GIWA ID will deliver a username service compatible with Ethereum Name Service (ENS). These tools are designed to improve user experience, enhance security, and expand the accessibility of decentralized services.

A New Player in the Blockchain Race: GIWA Joins Exchange-Led Networks

The success of GIWA’s testnet launch positions it within the growing trend of exchange-backed blockchain networks, such as Binance’s BNB Chain and Coinbase’s Base. Built on the Optimistic Rollup framework, GIWA shares technological fundamentals with Layer 2 solutions like Base and Ink, highlighting its advanced scalability and cost-efficiency.

The early traction GIWA experienced underscores its potential in the ever-competitive Layer 2 blockchain space. Many industry observers see the network as a reflection of Dunamu’s strategy to leverage Upbit’s expansive user base and financial resources to establish a stronghold in this dynamic market. Whether GIWA will evolve into a global Ethereum Layer 2 leader remains to be seen, but its smooth start is a promising indicator.

As the ecosystem grows, all eyes will be on GIWA to see how it differentiates itself and captures market share in the crowded blockchain landscape.