GIWA Chain Becomes First OP Enterprise Self-Managed Layer 2 as Upbit and Optimism Sign MoU

TLDR:

• GIWA Chain will be the first blockchain deployed under Optimism’s OP Enterprise Self-Managed model.
• Dunamu’s Upbit will operate the primary sequencer and retain full control over core network decisions.
• The Optimism Foundation will provide engineering support, monitoring, and backup sequencer infrastructure.
• Upbit ranks second globally by cumulative spot trading volume, serving over 13 million registered users.

The Optimism Foundation has signed a memorandum of understanding with Dunamu, the parent company of South Korean crypto exchange Upbit, to co-develop GIWA Chain.

This new Ethereum Layer 2 network is built on the OP Stack. GIWA Chain is planned to be the first deployment under the OP Enterprise Self-Managed model.

Under this arrangement, Dunamu will operate the primary sequencer and retain control over core network decisions.

Upbit Takes the Lead on GIWA Chain Operations

GIWA Chain represents a major strategic decision for Upbit, one of the world’s largest crypto exchanges. Upbit serves over 13 million registered users and ranks second globally by cumulative spot trading volume from 2020 to 2024, according to CoinGecko.

At that scale, operating on shared blockchain infrastructure no longer makes practical sense. Running on a third-party chain means giving up sequencer control and fee capture.

Dunamu’s COO, Minseok Jung, spoke directly to the reasoning behind the move. “Operating our own GIWA Chain is a strategic move for Upbit,” Jung stated.

“Our goal is to provide institutional and retail users with a level of performance and compliance consistent with our existing platform.”

He added that the Self-Managed tier provides a suitable framework, allowing Dunamu to maintain operational control while building on established infrastructure.

Under the MoU, the Optimism Foundation will provide engineering support, monitoring, and backup sequencer infrastructure. Dunamu will handle day-to-day chain operations.

This separation of responsibilities gives Upbit full network control while retaining institutional-grade assurance from the Foundation. The arrangement is designed to serve GIWA’s users with greater resilience.

The project was originally announced by Upbit in September 2025. Since then, Optimism and Dunamu have worked toward formalizing the partnership structure. The MoU marks a concrete step toward GIWA Chain going live under the Self-Managed tier.

OP Stack Becomes the Standard for Exchange-Operated Chains

More than 34 Layer 2 networks currently run in production on the OP Stack. The ecosystem processed over six billion transactions in 2025 alone. For exchanges building production-grade chains, that track record matters.

Upbit’s choice reflects a pattern that has emerged across major global exchanges choosing the same underlying infrastructure.

Jingle Jam from the Optimism Foundation weighed in on what the partnership signals for the broader industry. “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,” Jingle Jam said.

He further noted that Upbit going live on OP Enterprise Self-Managed is a clear signal about where the industry is moving. Trust, he added, is going toward infrastructure that has already proven it can carry the weight.

OP Enterprise offers two tiers: Fully Managed and Self-Managed. The Self-Managed tier is built for operators who cannot cede sequencer control but still require institutional-grade support underneath.

GIWA Chain is the first chain planned to go live under this model. Other major exchanges are expected to follow a similar path going forward.