South Korea’s Upbit Exchange Teases New Blockchain ‘Giwa’
Upbit is doubtlessly making ready to launch a brand new L2 Blockchain, calling the undertaking “Giwa.” It’s unclear what its capacities might be, however a bigger announcement ought to be forthcoming in just a few hours.
Theorists have recognized just a few fashions that this undertaking might use to finest maximize South Korea’s international Web3 liquidity. For now, although, any of those predictions could possibly be fully improper.
What is Upbit’s Plan for Giwa?
Upbit is at present certainly one of South Korea’s most successful exchanges, and its token listings have a substantial impact on asset prices.
As such, though its announcement has been imprecise, Upbit’s quiet launch of an enigmatic “Giwa” web site with a dwell countdown has already stirred up quite a lot of consideration.
This Giwa countdown provides just a few particulars about Upbit’s intentions with the undertaking, with a motto of “trusted construction, not simply form.” Its URL additionally instantly references UDC, the approaching Upbit Developer Conference, main the group to anticipate a full presentation at this occasion.
Still, for proper now, Upbit has been extraordinarily tight-lipped about Giwa particulars; apart from the counter, the one different official assertion is a small discover on its Korean-language web site. That is to say, we aren’t even completely certain if it’s an L1 or L2 blockchain.
A Few Possible Blockchain Futures
Nonetheless, the group has already been speculating about this potential growth. Analysts lately theorized that South Korean regulatory necessities might power Upbit to launch an L2 blockchain solely, limiting Giwa’s potential.
However, it might develop into a serious automobile for won-backed stablecoins, which are growing in popularity.
Giwa might additionally enable Upbit to leverage extra of South Korea’s substantial forex liquidity. By making a home blockchain ecosystem, the trade might create a serious new onramp for retail and institutional traders getting into Web3.
Interoperability and openness could be key for this plan, making L2 chains seem to be a probable alternative.
Unfortunately, any claims about Giwa’s total capabilities might be pure hypothesis till Upbit’s full announcement. Still, this group hype is an effective signal. If the trade can preserve client curiosity through the precise rollout, this could possibly be an enormous growth for Upbit.
The submit South Korea’s Upbit Exchange Teases New Blockchain ‘Giwa’ appeared first on BeInCrypto.
