South Korea's Upbit Exchange Taps Optimism to Launch GIWA Chain

South Korea’s largest crypto exchange, Upbit, has partnered with Optimism to develop a new Ethereum Layer 2 network powered by the OP Stack.

While announcing this on Monday, Optimism stated that the new network, dubbed GIWA Chain, marks a significant shift toward institutional control in blockchain infrastructure.

It will be the first chain deployed under the Self-Managed tier of OP Enterprise, allowing Upbit to operate the network independently while receiving technical support from the Optimism Foundation.

Optimism has increasingly become a preferred infrastructure provider for major players launching custom blockchains.

Its OP Stack has been used by firms including Coinbase, Kraken, and Uniswap, as well as projects like World and Zora, and even conglomerates such as Sony.

Full Control Over Infrastructure

Unlike “fully managed” OP Stack chains—where Optimism oversees core operations like the sequencer—GIWA Chain will be entirely controlled by Upbit.

This includes running its own sequencer, a critical component that determines transaction ordering, inclusion, and fee capture.

According to Optimism Foundation director Jing Wang, large institutions are increasingly seeking ownership over their blockchain infrastructure rather than relying on third-party operators.

The sequencer’s role is particularly important, not just for performance and compliance, but also as a key revenue stream through transaction fees.

Optimism noted that its Self-Managed tier is designed for operators that cannot relinquish operational control—especially regulated entities like Upbit, which serves millions of users across Korea and globally.

With over 13 million registered users and a history of ranking among the world’s top exchanges by spot trading volume, Upbit’s scale makes reliance on external infrastructure less viable.

“At that size, the math stops working for renting someone else’s infrastructure,” Optimism stated.

GIWA Chain is currently live on testnet, with both companies also signing a memorandum of understanding to establish a “safety net” for operations. This includes monitoring systems, failover sequencers, priority updates, and technical guidance to ensure resilience.

A Broader Shift Within the OP Ecosystem

While the Self-Managed tier is a new formal offering, many OP Stack-based chains—such as Base, Ink, and Unichain—have historically operated their own sequencers.

These networks often belong to the broader “Superchain” ecosystem, where independent chains share interoperability and governance frameworks while contributing a portion of sequencer revenue to the Optimism Collective.

Earlier this year, Base—initially built by Coinbase—also announced plans to transition toward a fully in-house stack, signaling a wider industry move toward sovereignty in blockchain operations.

The launch of GIWA Chain reinforces that trend, as major exchanges increasingly seek full ownership over the infrastructure powering their ecosystems.