Shiba Inu Raises $12 Million for Privacy-Focused Layer 3 Development

In a significant development, Shiba Inu has secured $12 million for a pioneering Layer 3 blockchain, focusing on privacy and regulatory compliance.

This move not only highlights the robust growth of the SHIB ecosystem but also underlines its commitment to leading with cutting-edge technologies and securing user trust.

$12 Million Fundraising through $TREAT Sale

Shiba Inu (SHIB) announced on April 22, 2024, that it has successfully raised $12 million for the development of a new privacy-focused Layer 3 blockchain.

The fundraising was conducted through the sale of the upcoming reward token "$TREAT", attracting investments from several renowned firms including:

• Polygon Ventures
• Mechanism Capital
• Big Brain VC
• Shima Capital
• Animoca Brands
• DWF Ventures

This news was also covered by SHIB's official news outlet, "The Daily Shib", which provided details about the Layer 3 blockchain and its future plans.

About the Layer 3 Blockchain

Privacy-Centric Shibarium-based L3

The new Layer 3 blockchain, to be built on Shibarium, an Ethereum L2 associated with Shiba Inu, aims to protect data privacy and individual security in compliance with global regulatory standards.

While the name of the new blockchain has not yet been officially announced to prevent the rise of "scam projects" using similar names, SHIB has long hinted at plans to issue "$TREAT".

Currently, several fake tokens and scams are using the $TREAT name, and withholding the official name helps combat such fraudulent schemes.

The new Layer 3 blockchain is scheduled to launch its testnet in Q3 2024, followed by a mainnet release after extensive testing.

Utility & Governance Token: $TREAT

While Shibarium uses "$BONE" as its native token, the new Layer 3 will utilize "$TREAT" as its utility and governance token. $TREAT will also serve as the reward token for decentralized applications (DApps) and games.

Although $TREAT has not yet been released, it will be issued by Shiba Inu Mint S.A., based in Panama, with potential future changes to the token name.

It's crucial to note that several tokens named "TREAT" already exist in the cryptocurrency industry, but they are unrelated to SHIB's planned $TREAT.

$TREAT as the Final Price Volatile Token

In the SHIB ecosystem, which currently includes the tokens "SHIB, BONE, LEASH," "TREAT" will be the last "price volatile token" to be issued.

A new token, "SHI," planned for release in late 2024, will be a stablecoin designed for price stability. Additionally, Shiba Inu has introduced "Sheboshia (SHEB)," a "divisible NFT," with the major tokens in the ecosystem being "SHIB, BONE, LEASH, TREAT, SHI."

Utilizing Zama's Fully Homomorphic Encryption (FHE) Technology

The development of the new Layer 3 blockchain will incorporate fully homomorphic encryption (FHE) technology from the encryption company Zama, which allows for the analysis, modification, and processing of encrypted data without converting it back to its original form.

This enhances privacy and security significantly. In March, it was also reported that Zama is working on a new secure communication protocol "httpz," aimed at transforming internet privacy.

Expectations for the New Layer 3

The launch of this privacy-focused Layer 3 network is expected to attract a broader audience beyond existing cryptocurrency users.

The SHIB team continues to enhance its appeal through technological advancements and partnerships in the rapidly evolving cryptocurrency and blockchain industry.

The impact of $TREAT is anticipated to be significant, benefiting the entire ShibArmy (SHIB community) and boosting Shibarium's prominence.

The funds raised will be utilized for security measures and regulatory compliance, ensuring the long-term growth and sustainability of the SHIB ecosystem.

>> Read the latest SHIB-related articles here.