Shiba Inu secured $12 million in a funding spherical by means of a non-public token sale of its upcoming TREAT token to bolster the event of an unnamed privacy-focused Layer-3 (L3) blockchain community.
In line with an April 22 publish on X (previously Twitter) by Lucie, the advertising lead at Shib.io, buyers that participated within the funding spherical included Polygon Ventures, Mechanism Capital, Huge Mind VC, Shima Capital, Animoca Manufacturers, and DWF Ventures.
Lucie stated:
“The layer-3 will introduce enhanced privateness options that aren’t out there on the layer-2 community. This may present customers with extra privateness choices and safety measures when interacting with the ecosystem.”
This transfer displays Shiba Inu’s continued strategic shift in direction of changing into a flexible utility blockchain community. Notably, the memecoin started this pivot final 12 months with the profitable rollout of Shibarium, the ecosystem’s Ethereum Layer-2 (L2) scaling answer.
Layer-3 community
Builders plan to leverage Zama’s cutting-edge, absolutely homomorphic encryption (FHE) expertise and construct the L3 community on prime of Shibarium
Shiba Inu described the FHE expertise as akin to a “magic field” as a result of it allows direct operations on encrypted information with out decryption. The expertise ensures delicate info stays hid throughout computations.
Builders plan to launch a preliminary model of the L3 community within the third quarter of this 12 months. The community will prioritize regulatory compliance alongside sturdy safety and privateness measures.
TREAT will function the utility and governance token for the brand new privacy-centric L3 blockchain.
Shibarium sees outage
In the meantime, Shiba Inu’s Ethereum layer-2 community Shibarium skilled a short outage at present because of networking points among the many validators.
Shiba Inu developer Kaal Dhairya stated:
“[The] community is again up and working now [but] some providers like shibariumscan or exterior RPCs can nonetheless stay down till the steps offered are carried out.”
Since its launch, Shibarium has seen important adoption, pushing its whole transaction volumes to round 418 million, in keeping with Shibariumscan information.
