Shiba Inu Team Raises $12 Million to Develop Layer-3 Blockchain
The Shiba Inu team has successfully secured $12 million to fund the development of a new layer-3 blockchain. This funding was obtained through the sale of their upcoming token, TREAT, to non-US venture capital firms. Notable investors in this funding round include Polygon Ventures, Mechanism Capital, and Animoca Brands among others.
Shiba Inu’s Ambitious Plans for Layer-3 Blockchain
The fundraising efforts began a few months ago and concluded recently. The team raised funds in various tranches, with valuations reaching $75 million, $100 million, and ultimately $200 million. The TREAT token will play a crucial role as both the utility and governance token for Shiba Inu’s upcoming layer-3 blockchain.
- The blockchain is being built on top of Shibarium, the project’s Ethereum layer-2 blockchain.
- It aims to enhance the privacy and trust within the Shiba Inu community.
- The blockchain will incorporate fully homomorphic encryption technology from Zama for enhanced security.
Expansion and Development of Shiba Inu Ecosystem
With the raised funds, Shiba Inu plans to further develop its ecosystem by introducing a new token called Shi later this year. Additionally:
- The launch of the new layer-3 blockchain’s testnet is scheduled for the third quarter of this year.
- A mainnet release will follow after rigorous testing.
- The current ecosystem includes SHIB, BONE, and LEASH tokens, each serving a unique purpose within the network.
Temporary Outage on Shibarium and Future Developments
Recently, Shibarium experienced a temporary outage due to networking issues among the validators. Shiba Inu developer Kaal Dhairya confirmed the outage and stated that while the network is now operational, some services may still be affected:
- Despite positive developments, there has been no significant impact on the price of SHIB in the past 24 hours.
- Shiba Inu’s commitment to enhancing privacy and trust reflects in the development of the new layer-3 blockchain.
Hot Take: Shiba Inu Continues to Innovate and Expand
Shiba Inu’s successful fundraising and development of a layer-3 blockchain signify its dedication to growth and innovation within the crypto space. With plans to introduce new tokens and expand its ecosystem, Shiba Inu remains a key player to watch in the evolving crypto landscape. Stay tuned for further updates on Shiba Inu’s progress and developments in the near future.
By
By
By
By