What is the next step for Shiba Inu after raising $12M for their blockchain development?
Shiba Inu has successfully generated $12 million in funding by selling its unreleased token, TREAT, to venture capital investors outside of the United States. This achievement is a significant stride towards making the privacy-focused Layer 3 blockchain accessible to the masses. What’s even more exciting is that some of the most prominent investors in the industry are supporting this project.
Among the notable investors in this fundraising round are Polygon Ventures, Mechanism Capital, Big Brain Holdings, and Shima Capital.
Shiba Inu has raised $12 million through the sale of TREAT tokens to develop its new Layer 3 blockchain, with the participation of Polygon Ventures and other investors. TREAT will be the final non-stable token introduced in the Shiba Inu ecosystem.
The fundraising for this project recently concluded after several months, including pre-seed and seed rounds. While the exact valuation remains undisclosed, it was divided into tranches, with valuations of $75 million, $100 million, and $200 million for each tranche.
Shiba Inu’s lead developer, Shytoshi Kusama, disclosed that the upcoming TREAT token will serve as both a utility and governance token for their new Layer 3 blockchain. This blockchain, which is built on Shibarium, the Ethereum Layer 2 blockchain, aims to prioritize privacy. TREAT will be the final non-stable token introduced in the Shiba Inu ecosystem. The ecosystem also plans to launch a new token called Shi later this year, expanding its token offerings alongside SHIB, BONE, Shibarium’s governance token, and LEASH.
What sets Shiba Inu’s upcoming Layer 3 blockchain apart is its utilization of fully homomorphic encryption (FHE) technology from Zama, a cryptography company that recently secured $73 million in funding. FHE is distinguished by its ability to encrypt data end-to-end, even during processing, effectively addressing critical concerns such as privacy and trust in the cryptocurrency sector. The development of this blockchain adheres to a commitment to meet international regulatory standards, with a primary focus on safeguarding data privacy and individual security.
The new blockchain is scheduled to release a testnet in the third quarter of this year, followed by the mainnet after comprehensive testing. Kusama mentioned that, at this stage, the project will not disclose the name of the Layer 3 blockchain to prevent potential scams. Shiba Inu aims to create a secure, compliant, and privacy-controlled platform that caters to the needs of its extensive community and the broader cryptocurrency market.
In a related update, Shibarium experienced a brief outage today due to networking issues among validators. While the network is now back up and running, some services may still be affected.
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Shiba Inu SHIB