Shiba Inu Secures $12 Million for Development of Layer-3 Blockchain

Monday, 22 April 2024, 09:30

Shiba Inu secures $12 million funding from notable investors like Polygon Ventures and Mechanism Capital to develop a Layer-3 blockchain on top of Shibarium, aiming to enhance privacy and functionality. The new platform will introduce the TREAT token as its utility and governance token, focusing on fully homomorphic encryption technology to address privacy concerns. Shiba Inu's expansion plans include launching Shi token and organizing testnets for the layer-3 blockchain.
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Shiba Inu Secures $12 Million for Development of Layer-3 Blockchain

Shiba Inu Secures $12 Million for Layer-3 Blockchain Development

The Shiba Inu team has raised $12 million to develop a new layer-3 blockchain. The funds will be used to enhance privacy and functionality in the growing crypto ecosystem.

Key Points:

  • Investors include Polygon Ventures, Mechanism Capital, and Animoca Brands.
  • The new blockchain will be built on top of Shibarium, the project's Ethereum layer-2 blockchain.
  • Full commitment to privacy using fully homomorphic encryption technology from Zama.

The launch of the new layer-3 blockchain testnet is scheduled for the third quarter of this year, with a mainnet release to follow later on.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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