Dunamu partners with Optimism Foundation to pioneer in-house Layer 2 solution with upcoming GIWA Chain launch

In a strategic move to bolster its cryptocurrency exchange, Upbit, Dunamu, a prominent Seoul-based fintech company, has partnered with the Optimism Foundation to leverage the OP Stack and integrate its GIWA Chain into the Optimism's OP Enterprise framework. This collaboration aims to enhance the scalability and usability of the GIWA Chain, a layer 2 Ethereum blockchain that was introduced in September last year. The GIWA Chain has been designed to provide seamless web3 experiences, boasting one-second block times, EVM compatibility, and continuous upgrades courtesy of the open-source ecosystem led by the Optimism Foundation.

As of May 3, the GIWA Chain has already processed nearly 100 million transactions on its testnet, with its mainnet launch imminent. Under the terms of a non-binding memorandum of understanding between Dunamu and the Optimism Foundation, the GIWA Chain is poised to become the inaugural deployment on the Self-Managed tier of OP Enterprise. This framework is tailored for operators seeking complete control over their blockchain environment, enabling Upbit to oversee the primary sequencer and core network decisions while Optimism provides top-tier support, including system monitoring and backup sequencer for failover.

According to Minseok Jung, Dunamu's Chief Operating Officer, operating the GIWA Chain is a calculated move for Upbit, aimed at delivering high-performance and compliant services to both institutional and retail users. By adopting the Optimism Foundation's Self-Managed tier, Upbit can maintain operational control while harnessing the benefits of proven infrastructure, thereby supporting its scalability and governance requirements. With over 13 million registered users, Upbit is a significant player in the cryptocurrency market, having ranked second globally in cumulative spot trading volume between 2020 and 2024, as per CoinGecko data.

The partnership between Dunamu and the Optimism Foundation underscores the growing trend of major exchanges and institutional operators seeking to own and control the blockchain infrastructure that underpins their user transactions. As Jing Wang, Director of the Optimism Foundation, noted, "The largest exchanges and institutional operators want to have ownership of the chain their users transact on, rather than relying on rented infrastructure." The fact that Upbit, a leading exchange, has chosen to build on OP Enterprise's Self-Managed tier is a testament to the trust and confidence that the industry has in this infrastructure.

Dunamu, which launched Upbit in 2017, is currently pursuing a merger with Naver Financial, with the aim of creating a fintech powerhouse valued at approximately 20 trillion Korean won (around $13.5 billion). Although regulatory delays have pushed back the timeline for the merger, which is now expected to close in late 2026, the deal is poised to position GIWA as the backbone of a massive fintech ecosystem. Plans are already underway to integrate Korean won-backed stablecoins for real-world payments, further solidifying the GIWA Chain's potential as a key player in the global cryptocurrency market.