The Shiba Inu ecosystem has raised $12 million in funding through a token sale for their upcoming TREAT token. This investment will support the development of a new blockchain network focused on privacy. The successful fundraising represents a major milestone for the Shiba Inu project.
TREAT Token Fuels Development of Layer-3 Blockchain
The TREAT token, yet to be officially launched, will serve a dual purpose within the Shiba Inu ecosystem. It will function as a utility and governance token for a new Layer-3 blockchain network built upon the Ethereum Layer-2 network, Shibarium. This network prioritizes user privacy and aims to address concerns within the cryptocurrency space.
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Shiba Inu’s lead developer, Shytoshi Kusama, clarified that TREAT represents the final non-stable token planned for the Shiba Inu ecosystem. The project intends to introduce a new token named “Shi” later in 2024.
Currently, the ecosystem features established tokens like SHIB, the widely recognized meme coin; BONE, the governance token for Shibarium; and LEASH, a fixed-supply token offering benefits like BONE rewards for dedicated Shiba Inu users.
Investor Participation and Transparency
The $12 million funding round saw participation from various venture capital firms, including Polygon Ventures, Mechanism Capital, and Animoca Brands. Additionally, some controversy arose regarding the geographic location of certain investors. While Kusama initially stated none were US-based, further information revealed some participants might be headquartered in the US.
Kusama elaborated on the funding timeline, indicating the round began a few months prior and concluded in early April. He refrained from commenting on the valuation details. However, an anonymous source familiar with the situation suggested this was the first of multiple funding rounds, with valuations progressively increasing from $75 million to $200 million.
Combating Fraudulent Activity and Leveraging Cutting-Edge Technology
The Shiba Inu team has condemned fraudulent activity surrounding the unreleased TREAT token. Platforms like CoinGecko and CoinMarketCap have displayed trading volume for TREAT tokens, despite their inauthenticity. Kusama emphasized that the legitimate TREAT token will be launched by Shiba Inu Mint S.A., a Panamanian company.
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Apart from the TREAT token and its associated blockchain, the Shiba Inu ecosystem is actively developing a novel Layer-3 blockchain network utilizing fully homomorphic encryption (FHE) technology.
This technology, often referred to as the “holy grail” of cryptography, allows for end-to-end data encryption even during processing. This advancement holds significant potential for enhancing user privacy and security within the Shiba Inu ecosystem.
In a statement, the Shiba Inu team emphasized the project’s commitment to addressing privacy and security concerns for its existing community and future crypto enthusiasts. The $12 million funding round and ongoing development efforts with FHE highlight the Shiba Inu ecosystem’s dedication to innovation and building a future within the cryptocurrency space.
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