Shiba Inu has secured $12 million in a funding round through a private token sale of its upcoming TREAT token to support the development of an unnamed privacy-focused Layer 3 (L3) blockchain network.
According to an April 22 job on
Lucy said:
“Layer 3 will introduce enhanced privacy features that are not available on the Layer 2 network. This can provide users with more privacy options and security measures when interacting with the ecosystem.
The move reflects Shiba Inu's continued strategic shift toward becoming a multi-purpose utility blockchain network. Notably, memecoin began this pivot last year with the successful deployment of Shibarium, the ecosystem's Ethereum Layer-2 (L2) scaling solution.
Layer 3 network
The developers plan to leverage Zama's cutting-edge Fully Homomorphic Encryption (FHE) technology and build the L3 network on top of Shibarium.
Shiba Inu describe FHE technology is similar to a “magic box” because it allows direct operations on encrypted data without decryption. The technology ensures that sensitive information remains hidden during calculations.
The developers plan to release a preview version of the L3 network in the third quarter of this year. The network will prioritize regulatory compliance as well as robust security and privacy measures.
TREAT will serve as the utility and governance token for the new privacy-centric L3 blockchain.
Shibarium experiences an outage
Meanwhile, Shiba Inu's layer 2 Ethereum network, Shibarium, experienced a brief outage today due to network issues between validators.
Kaal Dhairya, Shiba Inu Developer said:
“(The) network is back up and running (but) some services like shibariumscan or external RPCs may still remain unavailable until the steps provided are implemented.”
Since its launch, Shibarium has seen significant adoption, bringing its total transaction volume to approximately 418 million, according to Shibariumscan. data.