Shiba Inu (SHIB) team has raised $12 million to develop a new layer-3 blockchain by selling its upcoming token, TREAT, to non-US venture capital firms. The investors participating in this fundraising round include Polygon Ventures, Mechanism Capital, and Animoca Brands, among others.

The fundraising process, which began a few months ago, was recently concluded. The team conducted the fundraising in multiple stages, achieving valuations of \(75 million, \)100 million, and $200 million along the way.

The TREAT token will function as both the utility and governance token for Shiba Inu’s upcoming layer-3 blockchain. This innovative platform is being built on top of Shibarium, the project’s Ethereum layer-2 blockchain.

It is important to note that the TREAT token has not been launched yet, and any tokens with a similar ticker circulating currently are not authentic.

With a strong emphasis on privacy, the blockchain will incorporate fully homomorphic encryption technology from Zama, a cryptography firm.

The funds raised will be utilized for the development of the layer-3 blockchain, which is expected to significantly enhance the capabilities of the Shiba Inu ecosystem.

In a statement, Shiba Inu expressed their commitment to addressing various issues in the crypto space, including privacy and trust, for their extensive community and the growing number of individuals interested in cryptocurrency.

Looking forward, Shiba Inu is planning to introduce a new token called Shi later this year, expanding its ecosystem. The team has also scheduled the launch of the new layer-3 blockchain testnet in the third quarter of this year, followed by a mainnet release after thorough testing.

Currently, the ecosystem includes SHIB, BONE, and LEASH tokens, each serving a distinct purpose within the network. Despite these positive developments, there has been no significant impact on the price of SHIB in the past 24 hours.

In a related incident, Shibarium experienced a temporary outage due to networking issues among the validators. The developer of Shiba Inu, Kaal Dhairya, announced the outage on Twitter, attributing it to these technical challenges. The network is now operational, although some services may still be affected.

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