Shiba Inu (SHIB), a popular cryptocurrency project, has successfully raised $12 million to develop a new layer-3 blockchain. This funding was secured through the sale of its forthcoming TREAT token, exclusively to venture capital firms outside the United States. Major investors in this initiative include Polygon Ventures, Mechanism Capital, and Animoca Brands.

The introduction of this layer-3 blockchain aims to build upon Shiba Inu’s existing Shibarium, which is a second-layer blockchain built on Ethereum. This move will expand the Shiba Inu ecosystem and introduce new functionalities. The TREAT token, which is yet to be launched, will function as both a utility and governance token within this new infrastructure. The team planned the testnet launch of the new blockchain for the third quarter of the year, with a mainnet release to follow after comprehensive testing.

Shiba Inu

The upcoming project also features advanced security protocols, incorporating fully homomorphic encryption to ensure privacy and trust. The development underscores Shiba Inu’s commitment to addressing key challenges in the industry, such as privacy and security. In addition to these technical advancements, Shiba Inu plans to introduce another new token named Shi, slated for release later this year.

The Shiba Inu ecosystem involves three tokens called SHIB, BONE, and LEASH. Each token has different and specific functions; SHIB is the key token launched in 2020 while BONE is the ecosystem’s governance token. LEASH offers exclusive benefits to the ecosystem’s loyalists, so it is like a rewarding system.

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