Upbit Set to Launch GIWA Layer-2 Chain Built on Ethereum
Korea's largest crypto exchange, Upbit, plans to launch GIWA, a Layer-2 chain on Ethereum. Key details include:
- GIWA name confirmed through trademark applications by Upbit's parent company, Dunamu
- The new chain aims to compete with Binance's BNB Chain and Coinbase's Base Network
- Upbit holds over 80% of daily crypto trading volume in Korea
- Launch expected to enhance Upbit's influence in the Asian crypto market and support decentralized finance applications
Additionally, Bitcoin demand in Asia is rising, driven by recent global de-dollarization trends. Key points are:
- Increased Chinese gold reserves indicate a shift towards alternative assets
- On-chain data reveals heightened demand for Bitcoin on Korean exchanges amid US-China trade tensions
- The Korean Premium Index for Bitcoin rose by 130%, indicating strong domestic demand
- Potential inflows into cryptocurrencies may increase as Upbit's GIWA launch approaches
Lastly, the Maxi Doge presale is gaining traction, having raised over $1.94 million towards its $2.18 million target.