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The Shiba Inu project made headlines recently for its strong meme token performance and securing a significant $12 million investment through the TREAT token. This funding will support the launch of its new blockchain. It’s an exciting development for the blockchain industry, and observers are eager to see how Shiba Inu plans to leverage this funding for its goals.
The Block reported that notable investors contributed to the fundraising. Those include Polygon Ventures, Big Brain Holdings, Shima Capital, and Mechanism. This initiative is set to introduce a Layer 3 focused on user privacy, further distancing the Shiba ecosystem from the meme token category, which typically struggles to offer more than entertainment and occasional significant market gains.
This new privacy-centric Layer 3 blockchain addresses a key issue in blockchain and cryptocurrency. It’s Shiba Inu’s latest initiative following their Layer 2 development and gaming ventures. Top crypto venture capital players like Polygon Ventures, Animoca Brands, and DWF participated in the funding round, which involved selling the upcoming TREAT token to investors in return for their commitment.
According to Shytoshi Kusama, the investors are not based in the USA, which is likely a strategic move to circumvent potential legal challenges from the SEC.
The TREAT token will fulfill a key role as a utility and governance token for the upcoming privacy-focused Layer 3 within the Shiba Inu ecosystem. Kusama envisions TREAT as the final token of the entire ecosystem, strategically positioned beneath Shibarium, Layer 2 of the ecosystem. Alongside these developments, the ecosystem may also introduce additional tokens, such as the eagerly awaited Shi, slated for release before the end of this year concludes. The ecosystem notably provides an extensive array of services and tokens, including $SHIB, $BONE, and $LEASH.
However, exercise caution, as the TREAT token has yet to be officially launched, and there are other tokens currently sharing the same name. Five crypto tokens bear the label ‘TREAT,’ with one specifically named ‘Good Doge’ using TREAT as its ticker symbol and another being obsolete.
Consequently, three distinct TREAT tokens are actively traded online. Notably, Treat DAO’s recently introduced TREAT token witnessed a 4% increase in value following Shiba Inu’s announcement. Inexperienced speculators mistakenly associated the surge with Shiba Inu’s new TREAT token. They purchased it in anticipation of further appreciation. Conversely, another token, named TREAT, marked by its volatility and launched less than a year ago, experienced a 33% decline – following last month’s peak.
Limited information is currently available about Shiba Inu’s highly anticipated TREAT token. The token has yet to enter online trading platforms, and many are eagerly waiting for its launch. However, despite the lack of information, experts believe that the TREAT token has the potential to revolutionize the cryptocurrency market.
On the other hand, there is little information available about Shiba Inu’s new blockchain. However, the details are still limited and scarce. It’s important to note that Shiba Inu operates without a proprietary first-level blockchain, relying instead on Ethereum. Instead, it has developed its second-level blockchain, Shibarium.
This new blockchain will constitute a third-level structure constructed atop Shibarium. The objective is to establish a layer 3 that prioritizes a high level of privacy. This blockchain will incorporate fully homomorphic encryption technology courtesy of the expert firm Zama. Remarkably, Zama has recently secured $73 million in funding, significantly surpassing the amounts raised by Shiba Inu.FHE technology, developed by Zama, is hailed by some as the pinnacle of cryptographic solutions. It enables continuous end-to-end data encryption throughout the processing phase.
Shiba Inu aspires to leverage this privacy-centric layer 3 to introduce an additional billion users to the cryptocurrency markets. It also appears that he aims to ensure this blockchain’s compliance with international law. However, this task might pose greater complexity. As for timing, the testnet for the new blockchain will probably be in the third quarter of this year.