Shiba Inu, the team behind the popular SHIB memecoin has successfully raised $12 million through the sale of its upcoming TREAT token. This funding will be used to develop a novel Layer 3 blockchain designed to prioritize user privacy. News of this major deal, reached by Shiba Inu’s enigmatic leader, Shytoshi Kusama during the Token2049 event, was revealed in a recent post on The Shib Daily.
Kusama sent the crypto community into a frenzy with a cryptic message during the prestigious Token2049 event in Dubai. Kusama posted on Telegram,
Need some help, everyone. I’m sitting with someone VERY important. Can we give a warm woof? And welcome? Thanks in advance!
Later, Kusama updated the message, sharing his gratitude to his followers. His message read, “Thank you all. The deal is done. Stay tuned.”
The TREAT token is designed to play a central role in the upcoming privacy layer. It would function as the engine powering this new network, allowing developers to integrate it smoothly with Shibarium.
The token serves a dual purpose within the Shiba Inu ecosystem. It functions as both a utility and governance token for the upcoming Layer 3 blockchain. Shiba Inu asserted that this blockchain will be built upon Shibarium, their existing Ethereum Layer 2 solution. Notably, TREAT has not yet been officially released, despite some trading volume appearing on CoinGecko and CoinMarketCap. Shiba Inu has denounced this activity as a scam.
Shiba Inu has planned to leverage fully homomorphic encryption (FHE) technology from Zama for its new blockchain. FHE is a powerful encryption technique that allows computations to be performed on encrypted data without decryption. This approach aims to address privacy concerns within the cryptocurrency space and enhance trust in Shiba Inu’s vast user base. The new blockchain is also intended to comply with evolving regulatory requirements.
A testnet launch for the Shiba Inu Layer 3 blockchain is expected in the third quarter of 2024. Following thorough testing, a mainnet launch will occur. Shiba Inu has remained tight-lipped about the official name of the blockchain to prevent exploitation by scammers.
