Core Insights - Upbit, Korea's largest crypto exchange, is reportedly launching GIWA, a Layer-2 chain on Ethereum, with trademark applications already filed by its parent company Dunamu [1][2] - The launch of GIWA positions Upbit to compete with Binance's BNB Chain and Coinbase's Base Network, enhancing its dominance in the Asian crypto market [2][3] - The GIWA L2 launch is expected to facilitate the development of decentralized financial applications tailored for both local and global markets [3] Market Dynamics - Upbit currently holds over 80% of daily crypto trading volume in Korea, while Coinbase leads the US institutional market as custodian for 9 of the 11 active US crypto ETFs [2] - There is a notable increase in Bitcoin demand in Asia, particularly in Korea, as traders seek safe-haven assets amid escalating US-China trade disputes [6][7] - The BTC Korean Premium Index has risen by 130% since July 14, indicating heightened demand for Bitcoin within Korea compared to global markets [7] Broader Economic Context - The trend of global de-dollarization and increased gold holdings by foreign central banks, including China, is influencing the crypto market landscape [4][5] - Upbit's commitment to the GIWA Layer 2 launch could further drive cryptocurrency adoption in Asian markets, especially as capital flows away from US Treasury assets [4][8]