Shiba Inu secured $12 million in a funding spherical by way 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 submit on X (previously Twitter) by Lucie, the advertising lead at Shib.io, traders that participated within the funding spherical included Polygon Ventures, Mechanism Capital, Large Mind VC, Shima Capital, Animoca Manufacturers, and DWF Ventures.
Lucie mentioned:
“The layer-3 will introduce enhanced privacy features that are not available on the layer-2 network. This can provide users with more privacy options and security measures when interacting with the ecosystem.”
This transfer displays Shiba Inu’s continued strategic shift in direction of turning 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) know-how and construct the L3 community on prime of Shibarium
Shiba Inu described the FHE know-how as akin to a “magic box” as a result of it allows direct operations on encrypted knowledge with out decryption. The know-how 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 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 quick outage immediately on account of networking points among the many validators.
Shiba Inu developer Kaal Dhairya mentioned:
“[The] network is back up and running now [but] some services like shibariumscan or external RPCs can still remain down until the steps provided are implemented.”
Since its launch, Shibarium has seen vital adoption, pushing its complete transaction volumes to round 418 million, in line with Shibariumscan knowledge.
