South Korea’s largest Crypto exchange, Upbit, unveiled a cryptic countdown this week for a new blockchain project called “Giwa”, feeding speculation on its objective and its potential role in the country’s rapidly growing digital asset sector.
The Teaser site, which carries the slogan “Confidence structure, not just the form”, offered no technical details but directed visitors to the next Upbit Developer conference, where observers are waiting for an official launch.
Development is involved in the middle of a trend in companies that envisage owners’ blockchain networks.
Speculation on design
The South Korean cryptographic community has hypothesized that Giwa could be presented as a new layer 1 blockchain or a layer 2 network designed to extend the country’s web3 infrastructure.
Some have suggested that regulatory constraints can push up to a layer of layer 2, while others think that the platform could provide a base for stable-coated Won, which have experienced growing demand among national users.
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The prominence of Upbit on the Korean market adds weight to the project. Stock Exchange decisions on the token lists often overturn prices, and the Giwa teaser has already attracted increased attention to investors anticipating a new liquidity center.
Awaiting revelation
If Giwa succeeds in building a dedicated ecosystem for South Korea, it could give users of retail and institutional users a ramp on web3 anchored by interoperability and stable liquidity.
For the moment, Upbit has not published any other information beyond his brief Korean language opinion.
The exchange should disclose all the details during the conference of developers, preparing the way for what could be one of its most important announcements in years.
