Dunamu, the parent company of Upbit, has filed trademark applications for “GIWA”, reviving speculation about a new blockchain connected to the exchange. A public countdown and reporting from news media indicate a possible announcement at the Upbit D Conference (UDC) on September 9, 2025, in Seoul. The development could influence developers, listers, and regulators across the crypto market.
Context and impact
Trademark filings and a countdown tied to “GIWA” suggest preparation for a UDC 2025 launch, according to news outlets. The article outlines that if GIWA emerges, the project could shift market attention toward Upbit-related listings and infrastructure, while raising strategic questions about its positioning and long-term vision.
Technical scenario
Ideas around GIWA include an Ethereum Layer-2 design and a KRW-linked stablecoin. A Layer-2 is described as a solution built on top of Ethereum to enable faster and cheaper transactions, while a KRW stablecoin would be pegged to the South Korean won for on-chain use. If GIWA were an Ethereum Layer-2, it would compete with Polygon, Arbitrum, and Optimism, and would likely need clear advantages in speed, fees, or KRW connectivity.
Regulatory and operational risks
Dunamu would need strong transparency to avoid conflict-of-interest concerns, since a proprietary chain connected to an exchange could simplify listings and incentive programs. CryptoTimes cautions about risks of special treatment and market manipulation, noting that the post-Terra regulatory climate could intensify oversight and complicate approvals. Compliance requirements include KYC/AML and data protection obligations, which the article flags as potential hurdles if Dunamu launches its own network. These demands could shape both the architecture of the chain and the policies governing on-chain activity.
Implications for traders and developers
In the near term, speculation may drive interest in related projects and potential Upbit listings, amplifying market attention as the countdown progresses. In the mid term, GIWA’s success depends on its technical roadmap and regulatory posture, particularly if it aims to compete as an Ethereum Layer-2 with KRW integration.
Traders should anticipate heightened volatility around announcements and remain mindful of possible conflicts of interest inherent in a proprietary exchange-linked system. The article warns that such dynamics can magnify both leveraged gains and losses.
Conclusion
All eyes are on UDC 2025, set for September 9 in Seoul, as the key moment to confirm or deny GIWA rumors. Until then, the combination of trademark filings, a public countdown, and analysis from news media outlets frames both the opportunity and the risks surrounding a potential Dunamu-backed network.
