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 accordance with an April 22 post 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 mentioned:
“The layer-3 will introduce enhanced privateness options that aren’t obtainable on the layer-2 community. This will 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 turning 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 resolution.
Layer-3 community
Builders plan to leverage Zama’s cutting-edge, totally 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 permits 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 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 at present because of networking points among the many validators.
Shiba Inu developer Kaal Dhairya said:
“[The] community is again up and operating 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 data.