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Upbit operator Dunamu is building its own Layer-2 blockchain 'GIWA' as Korean exchanges, barred by regulation from issuing or utilizing native exchange tokens, seek to diversify revenue away from a trading-fee-heavy model. This contrasts with global venues like Binance that use exchange tokens to drive ecosystem lock-in, and it signals Korean players will compete on infrastructure rather than token incentives, a slower but regulation-proof monetization path. Watch whether Korea's second-phase digital asset legislation eventually permits exchange-issued tokens, which would re-rate the domestic exchange business model and could redirect on-chain activity toward homegrown L2s.
As a Crypto signal, watch whether it changes price action, volatility, or flows around ETH.
Original Source: 블록미디어
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