The Optimism Foundation signed a memorandum of understanding with Dunamu, parent of South Korean exchange Upbit, to co-develop GIWA Chain. First flagged by Upbit in September 2025, the network is built on Optimism's OP Stack and is positioned as the first deployment under the foundation's new OP Enterprise Self-Managed model.
Under that arrangement, Dunamu and Upbit will operate the primary sequencer and retain control over core network decisions, while the Optimism Foundation supplies engineering support, monitoring, and backup sequencer infrastructure. The split is the structural point: the OP Stack tooling stays, but sovereignty over sequencing and upgrades sits with the chain operator, not the foundation.
Why it matters
Sequencer control is the leverage point in any OP Stack deployment — whoever runs it orders transactions, captures MEV, and decides which upgrades ship. The Self-Managed tier formalises a path for institutional and exchange-affiliated chains to keep that seat while still tapping the foundation's engineering bench, a template other regional exchanges are likely to watch closely.
Market impact
For Upbit, GIWA becomes a captive settlement environment for activity that previously cleared on Ethereum or other L2s. For Optimism, the deal validates the OP Stack as the default L2 framework for non-Western exchanges building domestic chain infrastructure, with the foundation collecting support fees rather than sequencer revenue.
Frequently asked questions
-
What is GIWA Chain?
GIWA Chain is an OP Stack Layer 2 network first announced by Upbit in September 2025 and now being co-developed with the Optimism Foundation under a memorandum of understanding with Dunamu, Upbit's parent company.
-
What is the OP Enterprise Self-Managed model?
It is a new OP Stack deployment tier in which the chain operator runs the primary sequencer and retains control of core network decisions, while the Optimism Foundation supplies engineering support, monitoring, and backup sequencer infrastructure. GIWA is the first chain built under this model.
-
Who controls the sequencer on GIWA Chain?
Dunamu and Upbit will operate the primary sequencer and retain control over core network decisions. The Optimism Foundation provides a backup sequencer and engineering support but does not run the primary node.
-
Why does sequencer control matter on an OP Stack chain?
The sequencer orders transactions, captures MEV, and decides which upgrades ship to the network. Whoever runs the primary sequencer holds the most consequential operational and economic levers on the chain.
-
How does this affect Optimism and Upbit?
For Upbit, GIWA becomes a captive settlement environment for activity that previously cleared on Ethereum or other L2s. For Optimism, the deal positions the OP Stack as the default framework for regional exchanges building domestic chain infrastructure, with the foundation collecting support fees rather than sequencer…
WatcherGuru
CoinDesk
TheBlock
CoinTelegraph