Upbit takes control of its own Ethereum chain with Optimism
South Koreas Upbit has partnered with Optimism to develop a dedicated Ethereum Layer 2 blockchain using the OP Stack.Upbit has partnered with Optimism to build GIWA Chain, an Ethereum Layer 2 where the exchange will run its own infrastructure under the Self Managed OP Enterprise tier.Optimism said the setup allows Upbit to retain sequencer control, which determines transaction ordering and captures fees, while receiving technical support and failover safeguards. According to an announcement from the Optimism Foundation, the new network, called GIWA Chain, will operate under the Self-Managed tier of OP Enterprise, allowing Upbit to run the chain independently while receiving technical support from the foundation. Positioning control over infrastructure as a key requirement, Jing Wang, director at the Optimism Foundation, said institutional operators prefer owning the chains their users interact with rather than relying on third-party infrastructure. The Self-Managed model addresses that preference by placing operational responsibility, including sequencer control, directly with the chain operator. Upbit takes full control of sequencer operations Under the structure outlined by Optimism, Upbit will operate its own sequencer, which determines how transactions are ordered and included in blocks. The Optimism Foundation explained that sequencers also generate revenue by collecting transaction fees, making them both a compliance and