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A group of prominent crypto venture capitalists has invested $12 million in the meme coin Shiba Inu (SHIB) to acquire a stake in the upcoming “layer three” blockchain within the ecosystem. This stake will be represented by a new token called TREAT.
Key investors in this endeavor include Animoca Brands, Polygon Ventures, DWF Ventures, Spirit Dao, among others.
Shiba Inu’s lead developer, known as “Shytoshi Kusama,” expressed excitement about the partnership with these venture capital firms and their strategic partners. This collaboration aims to expand the network of trusted allies and unlock new possibilities for the Shiba Inu community.
The TREAT token is designed to serve as both a utility and governance token for the emerging chain. It is positioned as the final non-stable token within the SHIB ecosystem, as announced by the project’s team.
The upcoming TREAT blockchain will operate as a “layer three” network on Shibarium, a layer-2 network focused on scalability that is constructed on top of Ethereum.
Shibarium already boasts its native token, BONE, which was introduced in July 2021. However, the full functionality of the Shibarium bridge was only achieved in August last year. Additionally, the ecosystem includes a token named LEASH, with a limited supply, rewarding loyalists with benefits such as more BONE tokens.
Distinguishing itself from Shibarium, the TREAT blockchain will incorporate “Fully Homomorphic Encryption” (FHE) to enhance transaction privacy within the network. IBM describes FHE as an innovative technology that enables data utilization in untrusted domains without the need for decryption, thus fostering a zero-trust environment.
While fake versions of TREAT have surfaced on platforms like CoinMarketCap and CoinGecko, the authentic TREAT token will be minted by The Shiba Inu Mint S.A. on a date yet to be disclosed.
Despite SHIB’s stable performance on Monday, it has witnessed a 19% surge over the week. Currently ranked as the 11th largest cryptocurrency by market capitalization, valued at $15.6 billion, SHIB closely follows Dogecoin (DOGE), its leading dog-themed counterpart.
Earlier this year, both Dogecoin and SHIB experienced significant growth alongside other meme coins following the launch of the Bitcoin spot ETF in January. Matt Hougan, Bitwise’s CIO, anticipates a continued uptrend in these altcoins as long as the demand for ETFs persists, attributing this trend to crypto natives seeking further investment opportunities beyond Bitcoin.