Thomas Daniels
The Shiba Inu project team has successfully secured a $12 million investment to propel the development of a pioneering Layer 3 network. This new initiative leverages the homomorphic encryption technology provided by Zama, previously attracting a substantial $73 million in funding. The anticipated test version of this Layer 3 network is slated for release in the third quarter of 2024, aiming to meet stringent regulatory standards while prioritizing the security and privacy of its users.
This financial boost was achieved through the sale of the TREAT token to a select group of venture investors. The forthcoming blockchain network emphasizes privacy and will be constructed atop Shibarium, Shiba Inu’s Layer 2 solution designed to enhance Ethereum scalability. Despite the significant interest from the investment community, Shytoshi Kusama, Shiba Inu’s lead developer, has opted to keep the full list of investors confidential, though he confirmed that no investors are based in the United States.
“Shiba Inu was conceived from the vision of our founder, Ryoshi, and the enduring support from our community has been integral. We have not only met but surpassed the broader expectations by cultivating a comprehensive ecosystem that incorporates a unique technology stack, community engagement, gaming, AI, the metaverse, DeFi, self-sovereign identity, and advanced encryption solutions,” stated Kusama.
Kusama further noted that the fundraising efforts, which spanned several months, concluded successfully in early April, encompassing both pre-seed and seed investment rounds. He also mentioned that TREAT is set to be the final token introduced within their ecosystem.
Among the backers of Shiba Inu’s ventures, notable names include Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Labs, Stake Capital, and Comma 3 Ventures. In a demonstration of their technological prowess, the Shiba Inu team launched the Shibarium mainnet in August 2023, a Layer 2 solution that significantly augments Ethereum’s capabilities. Shortly after its introduction, the platform saw its active user count surge from 100,000 to over one million by September of the same year.
