Key Highlights
- Upbit will operate core infrastructure, including the sequencer.
- Optimism Foundation will provide technical support to the project.
- The self-managed model gives Upbit full control over blockchain operations.
South Korean crypto exchange Upbit on Monday announced a partnership with Optimism to develop a new Ethereum Layer 2 blockchain using the OP stack technology. The new chain, named GIWA Chain, will run on the self-managed tier of OP enterprise.
According to the announcement, Upbit will run and maintain the core infrastructure of the chain and its sequencer, while receiving technical support from the Optimism Foundation. The network is currently live on testnet.
Optimism has emerged as the chosen infrastructure partner for organizations and large platforms that require customized blockchain solutions. Past clients of OP Stack have included Coinbase (Base), Kraken, Uniswap, World, Zora, and Sony. This partnership with Upbit represents the debut use case of the self-managed offering by Optimism.
Full control over infrastructure
Unlike other fully managed chains in which the Optimism Foundation manages the sequencer and takes important management decisions, the self-managed chain gives operators like Upbit complete freedom over the process.
Jing Wang, Director at the Optimism Foundation, commented on the development, stating, “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.”
The role of the sequencer is essential in a rollup system, as it deals with transaction ordering, rule enforcement, and earning profits from the transaction fee. According to the Optimism Foundation’s press release, handing over the power to manage the sequencer to any exchange was impossible for a regulated exchange like Upbit with numerous customers around the world.
“Taking on the full weight of chain resilience alone, running the single instance of sequencer infrastructure that millions of users depend on, is a burden few single-operator chains can credibly sustain,” Optimism said.
Multiple delistings
Upbit has also taken recent actions related to platform oversight. On March 16, 2026, the exchange delisted Loopring (LRC) after examining the project, expressing concerns regarding the project’s insufficient transparency and unclear business model, which may put investors at risk.
On January 4, 2026, Upbit, together with Bithumb and Korbit, included LRC in the list of tokens under threat of delisting. The problem was not solved until then. In addition, the company had previously marked LRC as a “caution” asset back on January 30, 2026, advising users of possible dangers.
Launch details expected soon
The chain’s testnet is now operational, with mainnet launch details expected in the coming months. The emergence of the GIWA Chain is indicative of the rising inclination of big Asian exchanges towards creating their own blockchain framework that will give them greater control over the user experience, regulatory requirements, and costs.
For Upbit, this approach could enable faster transactions, lower costs, and more tailored services for its user base while remaining compatible with the broader Ethereum ecosystem. This collaboration comes amid increasing competition in the Layer 2 sector, with exchanges and organizations developing their own networks.
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