Shiba Inu managed to obtain 12M fund to develop a Layer-3 blockchain network

Shiba Inu has obtained $12 million in a funding round via a private token selling of its forthcoming TREAT token to strengthen the building of a privacy-oriented Layer 3 blockchain network.

As per the Marketing Head of Shib.io, Lucie, investors who took part in the funding round were Polygon Ventures, Big Brain VC, Mechanism Capital, Shima Capital, DWF Ventures and Animoca Brands. In her opinion, Layer 3 will bring in improved functions that are not accessible on the Layer 2 network. This will offer users further privacy opportunities and safety factors while connecting with the ecosystem.

This speaks highly of Shiba Inu’s continuing inclination to become a multifaceted utility blockchain network. In 2023, the memecoin experienced a well-defined release of Shibarium, the ecosystem’s Ethereum Layer 2 upgrading service.

Builders intend to utilize Zama’s advanced, fully homomorphic encryption (FHE) technology and create the L3 network on top of Shibarium. The FHE technology allows direct functioning of encrypted data without decryption. It ascertains certain information to be hidden at the time of computations.

Builders intend to deliver an initial type of the L3 network by Q3 of 2024. It will come with advanced safety features and privacy-related factors. TREAT will act as the utility and governance token for the L3 blockchain.

In the meantime, Shiba Inu’s Ethereum Layer 2 network, Shibarium, faced a short disturbance related to networking factors amongst the authenticators. In the words of a developer at Shiba Inu, Kaal Dhairya, the network is now fully functional, except for certain services such as Shibarium scan and external RPCs.

From the time of its inception, Shibarium has been greatly accepted and increased its volume of transactions to approximately 418 million.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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