The development team behind the meme coin SHIB, Shiba Inu, announced yesterday (22nd) that they have raised $12 million in funding through the sale of their upcoming token TREAT. They plan to launch a Layer3 blockchain focused on privacy in Q3 of this year.
Shiba Inu’s development team, Shiba Inu, announced this week on Monday (22nd) that they have raised $12 million in funding by selling their token TREAT, which has not been officially released yet, to non-US investors. The investors include Polygon Ventures, Mechanism Capital, Animoca Brands, DWF Ventures, Stake Capital, Comma 3 Ventures, and other venture capital firms.
What is the new token TREAT? Shiba Inu stated that they are using Zama, a cryptographic technology company, to develop a new Layer3 blockchain on the Ethereum Layer2 network Shibarium, using fully homomorphic encryption technology. They plan to release a testnet in Q3, although the name of the network has not been announced yet. The focus of this new blockchain is “privacy.” Shytoshi Kusama, the main developer of SHIB, further explained that the token TREAT will serve as the utility and governance token of this new Layer3 network. It will also be the last non-stablecoin token to go live in the Shiba Inu ecosystem. Shytoshi Kusama also hinted at the upcoming launch of a new token called Shi later this year, but its functionality has not been disclosed.
However, investors should note that the token TREAT has not been officially released to the market, so the TREAT tokens currently available in the market are likely to be impersonators for fraudulent purposes. Investors should be cautious and avoid asset losses.
Overview of the Shiba Inu ecosystem: Innovations are abundant but effectiveness is low. Although SHIB is committed to diversified construction, in August 2023, they launched their own Ethereum Layer2 solution called Shibarium, using the new ERC20 token BONE ShibaSwap as gas fees, with a focus on the metaverse and GameFi fields. They also previously launched the DEX Shibaswap in July 2021, along with the issuance of Doge Killer (LEASH). However, they have not been able to shake off the label of a meme coin, and the adoption rates of these projects have been low. Whether they can successfully attract users to enter their ecosystem remains to be seen.
As of the time of writing, SHIB is currently trading at $0.00002668, with a 24-hour increase of 1.5%.
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