Shiba Inu Development Team Successfully Raises $12 Million with TREAT Token Sale
The Shiba Inu development team recently hit a financial milestone, securing $12 million through the sale of its latest utility token, TREAT. This funding round, spearheaded by Animoca Brands, a Web3-focused venture capital firm, garnered significant support from various blockchain investors, setting the stage for the creation of an innovative Layer 3 blockchain.
Enthusiastic Investor Interest
- A diverse group of global investors participated in the funding round, including Mechanism Capital, Cypher Capital, Shima Capital, Big Brain Holdings, and Polygon Ventures.
- Entities like Morningstar Ventures, Woodstock Fund, and Comma 3 Ventures also contributed, showcasing the broad investor enthusiasm for Shiba Inu’s technological vision.
Shytoshi Kusama, the lead developer of Shiba Inu, discussed the strategic allocation of the raised capital in an exclusive interview with The Street during the Token2049 event in Dubai. He shared that the funds would primarily be used to develop the project’s new blockchain protocol and enhance the capabilities of its existing Layer 2 solution, Shibarium.
Shiba Inu’s Technological Aspirations
Kusama outlined the project’s ambitious roadmap, which includes the development of a Layer 3 blockchain designed to operate on top of the Shibarium Layer 2 network. This new layer would introduce cutting-edge fully homomorphic encryption (FHE) technology, ensuring encrypted data remains secure during processing, offering unparalleled privacy and security features.
The new blockchain aims to address privacy and trust issues in the crypto space while complying with international regulations. Kusama emphasized the importance of balancing user privacy with legal requirements to cater to the project’s extensive community and potential future users.
Expanding Reach and Influence
Besides advancing technologically, the Shiba Inu team is keen on broadening its user base and impact. Kusama highlighted the need to reach beyond the current crypto-savvy demographic and engage with a more substantial global audience to raise awareness about crypto and the project.
The funding will also facilitate new partnerships and community initiatives, including acquiring a .shib top-level domain and collaborating on blockchain-powered video authentication and distribution projects. These initiatives align with Shiba Inu’s goal of becoming a “social network state,” integrating community governance and interaction into the blockchain framework.
Roadmap and Tokenomics for TREAT
The TREAT token, a key component of the fundraising round, will join Shiba Inu’s existing token ecosystem, which includes SHIB, LEASH, and BONE. TREAT serves as a utility and governance token crucial for the new Layer 3 blockchain, slated for testing and launch in the near future.
Despite its upcoming official release, Kusama cautioned against counterfeit tokens circulating in the market, stressing the importance of community vigilance. The Shiba Inu team looks forward to unveiling the Layer 3 blockchain’s testnet in the third quarter of the year, with a mainnet launch following rigorous testing and auditing processes.
Currently, SHIB is trading at $0.00002688.
Hot Take: Shiba Inu’s Promising Future
Shiba Inu’s successful fundraising efforts and strategic vision position the project for significant growth and innovation in the blockchain space. With a focus on technological advancement, community expansion, and regulatory compliance, Shiba Inu aims to redefine the future of decentralized networks and social interactions.
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