Upbit Operator Dunamu Taps Optimism Foundation to Build GIWA Chain

TLDR

• Dunamu is building GIWA Chain with the Optimism Foundation’s OP Stack.
• GIWA Chain is expected to be the first Self-Managed OP Enterprise L2.
• Upbit will control GIWA Chain’s primary sequencer and core network decisions.
• GIWA Chain testnet has processed nearly 100 million transactions.
• Optimism’s OP token traded near $0.126 after the Dunamu partnership news.

Dunamu, the Seoul-based operator of crypto exchange Upbit, has partnered with the Optimism Foundation to build and scale GIWA Chain using the OP Stack, expanding its blockchain infrastructure strategy as demand grows for exchange-operated layer 2 networks.

GIWA Chain is an Ethereum layer 2 network focused on web3 usability, faster transactions, and compatibility with existing Ethereum applications. The network was introduced last September and is already live on testnet.

As of May 3, GIWA Chain had processed nearly 100 million testnet transactions. The mainnet launch is expected soon, though a final date has not been confirmed.

GIWA Chain Uses OP Stack Infrastructure

Under a non-binding memorandum of understanding, GIWA Chain is expected to become the first deployment on the Self-Managed tier of OP Enterprise. This framework is designed for operators that want direct control over their blockchain environment while using Optimism’s infrastructure stack.

The OP Stack gives GIWA Chain Ethereum Virtual Machine compatibility, allowing developers to deploy Ethereum-based applications with fewer changes. The network also targets one-second block times, supporting faster user interactions.

Dunamu will control the primary sequencer and core network decisions. Optimism will provide support services, including system monitoring and a backup sequencer for failover.

Dunamu Chief Operating Officer Minseok Jung said operating GIWA Chain is a strategic move for Upbit. He said the structure allows the firm to retain operational control while using established infrastructure.

Upbit Expands Blockchain Role

Upbit is South Korea’s largest crypto exchange and serves more than 13 million registered users. Between 2020 and 2024, the platform ranked among the world’s top exchanges by cumulative spot trading volume.

The GIWA Chain project moves Dunamu beyond exchange operations and deeper into blockchain infrastructure. By managing its own L2, Upbit could support retail users, institutional users, developers, and future payment products inside a controlled network environment.

The chain could also become part of a wider fintech strategy. Dunamu has been pursuing a merger with Naver Financial, a deal expected to create a large Korean fintech group. Regulatory delays have pushed the timeline toward late 2026.

If completed, the combined ecosystem could use GIWA Chain for tokenized payments, stablecoin services, and web3 applications. Plans involving Korean won-backed stablecoins have already been discussed as part of future real-world payment use cases.

Optimism Ecosystem Sees Strategic Growth

The partnership adds to Optimism’s broader enterprise and Superchain expansion. The OP Stack is being adopted by multiple projects seeking Ethereum layer 2 infrastructure, including gaming, finance, and exchange-linked networks.

Ronin, the gaming network associated with Axie Infinity, is also expected to migrate to an Ethereum layer 2 built on the OP Stack in May. That move would bring a large gaming user base into the Optimism ecosystem.

The OP token was trading near $0.126 on May 4, up about 3.7% over 24 hours. Despite the recent move, OP remains far below its March 2024 all-time high of $4.84.

Analysts are watching a tight range between about $0.1189 and $0.1227. A move above that range could bring $0.1286 into focus, while a loss of support could expose lower levels near $0.0987.

Optimism has also been running a revenue buyback program using 50% of Superchain sequencer revenue to buy OP tokens monthly. That program is intended to connect ecosystem activity with token demand.

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