Shiba Inu, the development team behind the meme coin SHIB, announced on August 22 that it has raised $12 million in funding through the sale of its upcoming token TREAT to non-US investors. The investors include Polygon Ventures, Mechanism Capital, Animoca Brands, DWF Ventures, Stake Capital, Comma 3 Ventures, and others.
What is the new token TREAT? Shiba Inu stated that it is using Zama, a cryptographic technology company, to develop a new Layer3 blockchain on the Shibarium Ethereum Layer2 network. The team plans to release a testnet in Q3, although the name of the blockchain has not been announced yet. The focus of this new blockchain is “privacy.” Shytoshi Kusama, the main developer of SHIB, further explained that the token TREAT will serve as the utility and governance token for this new Layer3 network. It will also be the final non-stablecoin to be launched in the Shiba Inu ecosystem. Kusama also hinted at the upcoming launch of a new token called Shi, although its functionality has not been disclosed.
However, investors should be aware that the TREAT token has not been officially released to the market yet. Therefore, any TREAT tokens currently circulating in the market are likely to be imposters used for fraudulent activities. Investors should exercise caution to avoid asset losses.
Overview of the Shiba Inu ecosystem: Innovative but with limited success. Despite its efforts in diversifying its offerings, SHIB launched its own Ethereum Layer2 solution called Shibarium in August 2023. It uses the new ERC20 token Bone ShibaSwap (BONE) as gas fees and focuses on the metaverse and GameFi sectors. In addition, SHIB previously launched the DEX Shibaswap and introduced Doge Killer (LEASH) in July 2021. However, these projects have struggled to overcome the meme coin label and have not gained significant user adoption. Whether they can successfully attract users to their ecosystem remains to be seen.
At the time of writing, SHIB is trading at $0.00002668, with a 1.5% increase in the past 24 hours.
Read more:
– Meme coins on the rise! DOGE, SHIB, PEPE, FLOKI… seeing double-digit gains
– Overview of the current development in the Shiba Inu ecosystem
– Launch mishap! Shibarium, the L2 blockchain for Shiba Inu, experiences an 8-hour downtime, and BONE price drops by 20%.