Shiba Inu secured $12 million in a funding spherical by a personal token sale of its upcoming TREAT token to bolster the event of an unnamed privacy-focused Layer-3 (L3) blockchain community.
In keeping with an April 22 put up on X (previously Twitter) by Lucie, the advertising and marketing lead at Shib.io, buyers that participated within the funding spherical included Polygon Ventures, Mechanism Capital, Large Mind VC, Shima Capital, Animoca Manufacturers, and DWF Ventures.
Lucie stated:
“The layer-3 will introduce enhanced privateness options that aren’t obtainable 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 the direction of changing into a flexible utility blockchain community. Notably, the memecoin started this pivot final yr with the profitable rollout of Shibarium, the ecosystem’s Ethereum Layer-2 (L2) scaling resolution.
Layer-3 community
Builders plan to leverage Zama’s cutting-edge, totally homomorphic encryption (FHE) expertise and construct the L3 community on high of Shibarium
Shiba Inu described the FHE expertise as akin to a “magic field” as a result of it allows direct operations on encrypted knowledge with out decryption. The expertise ensures delicate data stays hid throughout computations.
Builders plan to launch a preliminary model of the L3 community within the third quarter of this yr. The community will prioritize regulatory compliance alongside strong 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 quick outage right now because of networking points among the many validators.
Shiba Inu developer Kaal Dhairya stated:
“[The] community is again up and working now [but] some companies like shibariumscan or exterior RPCs can nonetheless stay down till the steps supplied are carried out.”
Since its launch, Shibarium has seen important adoption, pushing its complete transaction volumes to round 418 million, in keeping with Shibariumscan knowledge.
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