Shiba Inu: $12 Million Funding Round for New Blockchain

Shiba Inu (SHIB) is making another attempt to shed its image of a pure meme coin. It is announced via X that well-known crypto companies are investing $12 million in an upcoming new Shiba Inu blockchain called TREAT.

TREAT is to be set up as Layer 3, where Shiba Inu remains Layer 1 as an ERC-20 token and Shibarium, which was launched in August 2023 , represents Layer 2.

In an interview with The Street, Shiba Inu lead developer Shytoshi Kusama outlines the plans for TREAT. In the typical crypto industry, the opportunities for expansion for Shiba Inu are largely exhausted. But 95 percent of the world still has no idea what is possible with blockchain technology, said Kusama, who has so far remained anonymous.

With TREAT, he envisions a network that focuses on social interaction and Web3. This reminds observers of BASE , a layer 2 from Coinbase that was launched in August 2023.

Shiba Inu emphasizes that TREAT will use the innovative encryption technology Fully Homomorphic Encryption (FHE). This allows digital identities to be created and organized securely. Reference is made to the millions of members in the Shiba Inu community. The plans with the financial injection also include recognizing .SHIB as a top level domain. A testnet for TREAT is scheduled to go live in the third quarter of 2024, and the mainnet would then be possible by the end of the year. Shiba Inu expressly warns against scams that have already placed TREAT tokens on the markets.

Conclusion: Shiba Inu wants to grow up

In connection with TREAT, Shiba Inu mentions several times the goal of designing the project in accordance with legal regulations. This is a remarkable development for a meme coin that started out of nowhere in 2020 with an anarchic original concept (“Dogecoin Killer”). Shiba Inu presented the first plans for digital identities in the summer of 2023.

The success of BASE shows that there is certainly demand to exploit the possibilities of blockchain technology beyond established areas such as decentralized finance (DeFi). Shiba Inu now has its community and venture capital behind TREAT. It remains to be seen how the project develops in practice.

Because on Web3, from the perspective of the crypto industry, attractive content is the key to asserting yourself. If Shiba Inu succeeds in finding creative cooperation partners for TREAT, the project could deliver a few surprises.

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(Featured image by LeandrodeCarvalho via Pixabay)

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