Shiba Inu has secured $12 million in a funding round through a private token sale of its upcoming TREAT token to power its development of an anonymous, privacy-focused Layer-3 (L3) blockchain network.
According to the April 22nd post Investors participating in the funding round from Lucie’s X (formerly Twitter), Head of Marketing at Shib.io, include Polygon Ventures, Mechanism Capital, Big Brain VC, Shima Capital, Animoca Brands, and DWF Ventures.
Lucy said:
“Layer 3 introduces enhanced privacy features that are not available in Layer 2 networks. This gives users more privacy options and security measures when interacting with the ecosystem.”
This move reflects Shiba Inu’s ongoing strategic shift to become a multi-purpose utility blockchain network. Notably, memecoin began this transition last year with the successful launch of Shibarium, the ecosystem’s Ethereum Layer-2 (L2) scaling solution.
layer 3 network
Developers plan to leverage Zama’s cutting-edge fully homomorphic encryption (FHE) technology and build an L3 network on top of Shibarium.
Shiba Inu described FHE technology as similar to a “magic box” because it allows working directly on encrypted data without decryption. This technology ensures that sensitive information is hidden during computation.
Developers plan to release a preliminary version of the L3 network in the third quarter of this year. The network prioritizes compliance along with strong security and privacy measures.
TREAT serves as a utility and governance token for the new privacy-focused L3 blockchain.
Shibarium sees downtime.
Meanwhile, Shiba Inu’s Ethereum layer 2 network Shibarium went down briefly today due to networking issues between validators.
Shiba Inu developer Kaal Dhairya said:
“(The) network is currently back up and running. (However) some services, such as shibariumscan or external RPC, may still remain down until the provided steps are implemented.”
According to Shibariumscan data, Shibarium has seen significant adoption since launch, with total transaction volume reaching approximately 418 million.