The Shiba Inu team has reportedly raised $12 million to develop a new layer-3 blockchain. This funding was secured through the sale of its upcoming token, TREAT, to non-US venture capital firms.
Notably, investors in the fundraising round included Polygon Ventures, Mechanism Capital, and Animoca Brands, among others.
Initiated a few months ago, the fundraising concluded earlier this month. The team executed fundraising in tranches, reaching valuations of $75 million, $100 million, and $200 million.
Shiba Inu TREAT’s Token
The TREAT token will serve as both the utility and governance token of Shiba Inu’s forthcoming layer-3 blockchain. This new platform is being constructed on top of Shibarium, the project’s Ethereum layer-2 blockchain.
Note that the Shiba Inu team has not yet launched the TREAT token. Any other token circulating with the same ticker is fake.
Highlighting a commitment to privacy, the blockchain integrates fully homomorphic encryption technology from cryptography firm Zama.
Utilization of Raised Funds
The raised funds will be channeled into the development of the layer-3 blockchain, expected to significantly enhance the capabilities of the Shiba Inu ecosystem.
Looking ahead, Shiba Inu plans to expand its ecosystem with the introduction of a new token, Shi, scheduled for release later this year.
Moreover, the launch of the new layer-3 blockchain testnet has been scheduled for the third quarter of this year, with a mainnet release to follow after thorough testing.
Currently, the ecosystem includes SHIB, BONE, and LEASH tokens, each serving a unique function within the network. Despite positive developments, there has been no significant impact on the price of SHIB in the past 24 hours.
