Shiba Inu is stirring the market hope high as it has successfully raised $12 million through the sale of its unreleased token, TREAT, to non-U.S. venture capital investors.
This is a major step towards bringing privacy-focused Layer 3 blockchain to the masses. And the best part? Some of the most notable investors in the game are backing this project.
Notable investors in this fundraising round include Polygon Ventures, Mechanism Capital, Big Brain Holdings, and Shima Capital, among others.
Token Fundraising Details and Rounds
The fundraising for the project recently concluded after starting a few months ago, encompassing pre-seed and seed rounds. While the exact valuation remains undisclosed, it was organized into tranches, with valuations of $75 million, $100 million, and $200 million for each tranche.
Shiba Inu’s lead developer, Shytoshi Kusama, revealed that the upcoming TREAT token will serve as both a utility and governance token for their new Layer 3 blockchain. This blockchain, 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, which 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’s New?
Notably, Shiba Inu’s upcoming Layer 3 blockchain is set to harness the power of fully homomorphic encryption (FHE) technology from Zama, a cryptography company that recently secured $73 million in funding.
FHE stands out for its ability to encrypt data end-to-end, even while it’s being processed, effectively tackling crucial concerns like privacy and trust in the crypto sector.
The development of this blockchain is guided by a commitment to meet international regulatory standards, with a primary focus on safeguarding data privacy and individual security.
Future Plans and Release Schedule
The new blockchain is scheduled to release a testnet in the third quarter of this year, followed by the mainnet after comprehensive testing. Kusama noted that to prevent potential scams, the project will not disclose the name of the Layer 3 blockchain at this stage.
Shiba Inu aims to create a secure, compliant, and privacy-controlled platform that caters to the needs of its extensive community and the broader crypto market.
In a related update, Shibarium faced a brief outage today, as announced by Shiba Inu developer Kaal Dhairya on X. The disruption was due to networking issues among validators. While the network is now back online, some services may still be affected.
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