GASOK 2026 · Track 01 DeFi/RWA · Team Bluenode
보 洑 · BO
The weir of GIWA's KRW-stablecoin economy
보(洑)는 강물을 가두었다가 다시 흘려보낸다.
GIWA의 유동성을 포획하고 분배하는 컴플라이언트 정산 레일.
Inha University Blockchain Society · A compliant institutional liquidity & settlement layer
The Pattern
The exchange becomes the chain
$0B
Hyperliquid cumulative revenue — more than Ethereum + Solana combined
An exchange already owns the demand, the liquidity, the distribution. So it builds its own chain — and stops leaking value to someone else's validators.
Hyperliquid did it. Coinbase did it with Base.
Source: Artemis / Bitwise, 2026
Korea's Turn
GIWA = Korea's Base
Upbit → GIWA
Korea's dominant exchange, turned OP-Stack L2
Coinless · ETH gas
No token — capture via equity (Dunamu, Samsung $408M) + sequencer + stablecoin infra
KRW stablecoin
North star: Naver Pay + Upbit joint issuance
The same move as Coinbase ↔ Base: value lands in exchange equity, not in a chain token.
The Gap
GIWA has the chain.
It's missing the weir.
What captured Base's value?
Aerodrome — the liquidity layer. It rode Coinbase's USDC distribution to ~44% of Base's entire chain GDP.
What captured Hyperliquid's?
HLP — protocol-owned liquidity + the Assistance Fund. GIWA has neither — yet.
The KRW stablecoin is coming. The liquidity layer that makes it worth settling on-chain is not.
Source: Token Terminal — Aerodrome share of Base GDP
Thesis
Whoever builds the weir
governs the water.
A bo (洑) is a Korean weir: it holds back a river, then feeds it across the fields.
Whoever captures the liquidity captures the value. BO is GIWA's weir.
BO — One Layer, Four Functions
A compliant liquidity & settlement layer
① CAPTURE & ROUTE
Settlement & FX liquidity
Deep KRW↔stablecoin pools and on-chain FX — the plumbing capital settles through.
② ENGINE
Compliant MM / POL
Dojang-KYC-gated, LVR-aware sticky liquidity. Coinless chain → value returns via our own ve/POL token.
③ VERTICAL
Tokenized asset rail
KRW MMF · repo · RWA settle on top. Base's USDC→Aerodrome→B20 sequence, the B20 slot.
④ DEFENSE
Risk & compliance monitor
Proof-of-reserves, exploit detection, and an issuer compliance API — so capital can trust the rail.
Capture = ② POL · Route = ① settlement/FX · 洑 ↔ 寶: the captured liquidity becomes the treasure.
Why Only On GIWA
Built on GIWA-native primitives
Dojang
On-chain KYC attestation (issuer: Upbit) → KYC-gated liquidity
Bojagi
Institutional transaction privacy
Paymaster
Gas paid in KRW stablecoin
GIWA Wallet
In-app risk alerts — we live inside the wallet
A generic EVM app can't do this. BO is KYC-gated, privacy-aware, and lives inside GIWA Wallet — which is exactly what GASOK scores.
Why Now
We're at GIWA's pre-USDC moment
USDC liquidity
floods the chain
→
Aerodrome
captures the flow
→
B20 / BUIDL
institutional vertical
⇒
BO on GIWA
the same sequence — before the flood
Build the weir before the KRW stablecoin floods in, and you own the default settlement venue the day it launches. Korea has been absent from the global institutional rails — Canton, Arc. GIWA is Korea building its own.
Team — Bluenode
Inha University Blockchain Society
Our conviction, straight from the thesis: on a coinless exchange-chain, whoever builds the compliant liquidity layer captures the value. BO is that bet — focused on the one piece GIWA is still missing.
A student-built team going deep on the question most applicants skip: where does regulated KRW capital settle on-chain — and who owns that rail?
5-Month Roadmap
From live demo to mainnet weir
P1 · May
architecture + risk-monitor prototype on Giwa Sepolia
→
P2 · Jun–Jul
Dojang-gated MM vault + KRW↔USDC pool (testnet)
→
P3 · Aug–Sep
mainnet + proof-of-reserves + first KRW MMF + audit
→
Demo Day · Oct
live TVL / volume / risk dashboard at KBW
We ship the safety layer first, then earn the liquidity layer — de-risked, in order.
KPIs — tied to the $80k bonus
Volume · TVL · Users
TVL
Vault + settlement pools
Volume
Settlement & FX throughput
Users
Dojang Verified-Addresses
Tokenized AUM
Assets issued on the rail
PoR coverage
Proof-of-reserves + risk events caught
Honest Risks — & How We De-Risk
We attack our own weak points first
| Risk | De-risk |
|---|
| KRW stablecoin / mainnet not live | Ship on testnet USDC first; KRW is upside. The safety layer ships before the liquidity. |
| Distribution (Upbit's blessing) unsecured | Design as the rail they adopt — Coinbase blessed Aerodrome, not built it. GASOK = that blessing. |
| ve-incentives turn mercenary (Berachain) | POL + real fees + LVR-aware design. Not an emissions farm. |
| Liquidity track is the most crowded | The Dojang-compliant moat: the weir for regulated KRW capital. |
The ask: build GIWA's weir with us. Bluenode × GIWA — 보(洑).