Shiba Inu raised $12 million in funding through a private token sale of its upcoming TREAT token to support the development of a new privacy-centric Layer-3 (L3) blockchain network.
As per a post on X (formerly Twitter) dated April 22 by Lucie, the marketing lead at Shib.io, investors in the funding round included Polygon Ventures, Mechanism Capital, Big Brain VC, Shima Capital, Animoca Brands, and DWF Ventures.
Lucie mentioned:
“The Layer-3 network will introduce advanced privacy features not found on the Layer-2 network, offering users enhanced privacy options and security measures within the ecosystem.”
This strategic move signifies Shiba Inu’s ongoing evolution towards a versatile utility blockchain network. The transition began last year with the successful launch of Shibarium, the Ethereum Layer-2 (L2) scaling solution within the ecosystem.
Layer-3 Network
The developers intend to utilize Zama’s state-of-the-art fully homomorphic encryption (FHE) technology to construct the L3 network on top of Shibarium. Shiba Inu likened the FHE technology to a “magic box” that allows operations on encrypted data without decryption, ensuring the confidentiality of sensitive information during computations.
A preliminary version of the L3 network is set for release in the third quarter of this year, emphasizing regulatory compliance, robust security, and privacy measures.
TREAT will function as the utility and governance token for the new privacy-focused L3 blockchain.
Shibarium Incident
In other news, Shiba Inu’s Ethereum Layer-2 network Shibarium faced a brief outage today due to networking issues among validators.
Kaal Dhairya, a developer at Shiba Inu, mentioned:
“The network is now operational, but certain services like shibariumscan or external RPCs may still be affected until the necessary steps are taken.”
Since its inception, Shibarium has witnessed substantial adoption, driving total transaction volumes to approximately 418 million, based on Shibariumscan data.
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