Shiba Inu has generated significant market excitement by successfully securing $12 million through the sale of its forthcoming token, TREAT, to non-U.S. venture capital investors. This milestone marks a pivotal advancement in making a privacy-centric Layer 3 blockchain accessible to a broader audience. What’s more, prominent investors within the industry have expressed their support for this initiative.
The recent fundraising efforts for Shiba Inu’s project, which commenced a few months back, have concluded with the completion of pre-seed and seed rounds. Although the precise valuation remains undisclosed, the fundraising was structured into tranches, with valuations of \(75 million, \)100 million, and $200 million for each tranche.
Shiba Inu’s lead developer, Shytoshi Kusama, unveiled that the upcoming TREAT token will function as both a utility and governance token for their innovative Layer 3 blockchain. This blockchain, established on Shibarium, the Ethereum Layer 2 blockchain, is designed to prioritize privacy. TREAT is slated to be the ultimate non-stable token introduced in the Shiba Inu ecosystem, which is also gearing up to unveil a new token named Shi later this year, thereby expanding its token portfolio alongside SHIB, BONE, Shibarium’s governance token, and LEASH.
A notable feature of Shiba Inu’s forthcoming Layer 3 blockchain is its utilization of fully homomorphic encryption (FHE) technology from Zama, a cryptography firm that recently secured $73 million in funding. FHE is distinguished by its capacity to encrypt data end-to-end, even during processing, effectively addressing critical issues such as privacy and trust within the crypto sphere. The development of this blockchain is underpinned by a commitment to adhere to international regulatory standards, with a primary emphasis on upholding data privacy and individual security.
Looking ahead, the new blockchain is set to unveil a testnet in the third quarter of this year, followed by the mainnet post thorough testing. Kusama emphasized that, to mitigate potential risks of scams, the project will not disclose the name of the Layer 3 blockchain at this juncture. Shiba Inu aims to establish a secure, compliant, and privacy-centric platform that caters to the requirements of its extensive community and the broader crypto market.
In a related development, Shibarium encountered a brief outage recently, as announced by Shiba Inu developer Kaal Dhairya on X. The disruption was attributed to networking issues among validators. While the network has since been restored, certain services may still experience disruptions.