Shiba Inu, well-known for its eponymous memecoin, has successfully secured $12 million through a token sale for its new blockchain venture. The funding round included contributions from major capital firms like Polygon Ventures and Mechanism Capital, emphasizing the industry’s support for innovative blockchain solutions.
Funding Details and Blockchain Development
In its latest financial endeavor, Shiba Inu sold its yet-to-be-released TREAT token to primarily non-U.S. investors, raising a substantial $12 million. This round marks a significant phase in the development of its privacy-focused Layer 3 blockchain, which builds upon its existing Shibarium, an Ethereum Layer 2 blockchain.
Investors in this round included names like Big Brain Holdings, Shima Capital, and several others, highlighting a broad base of institutional support. The funding was structured in tranches, valuating the project at $75 million, $100 million, and $200 million at different stages.
Introducing TREAT and Future Plans
The TREAT token is designed to serve as both a utility and governance token within the new blockchain ecosystem. Shiba Inu’s lead developer, Shytoshi Kusama, announced that TREAT would be the final non-stable token from their ecosystem, which already includes SHIB, BONE, and LEASH tokens. Furthermore, a new token named Shi is expected to be introduced later this year, adding to the ecosystem’s robust tokenomics.
Despite some reports of trading activity for TREAT tokens on platforms like CoinGecko and CoinMarketCap, Kusama warned that these were scams, as the official token has yet to be minted.
Technical Innovations and Compliance
The upcoming blockchain will incorporate fully homomorphic encryption (FHE) technology, aiming to set a new standard in data privacy and security in the blockchain space. This technology allows for the encryption of data in use, enabling private computations on encrypted data, thus offering a leap in privacy technology for blockchain applications.
The focus on compliance and privacy reflects Shiba Inu’s commitment to aligning with international laws while protecting user data. This approach not only enhances user trust but also positions the blockchain to potentially attract a wider audience, including the next billion users who are becoming crypto-curious.
Looking Forward
With a testnet release scheduled for the third quarter of the year followed by thorough testing before the mainnet launch, Shiba Inu is setting the stage for a significant expansion in the blockchain industry. The successful funding round and the promising technological innovations underscore the potential for Shiba Inu’s new blockchain to make a substantial impact on the crypto market and beyond.
This initiative represents a strategic move by Shiba Inu to not only enhance its technological foundation but also to solidify its position as a leader in the evolving blockchain landscape.
