In April 2024, the Shiba Inu team achieved a remarkable milestone by raising $12 million through a token sale. This funding is earmarked for the development of Shibarium, a groundbreaking Layer-3 blockchain.
Shibarium envisioned as a Layer-3 blockchain sitting atop the Ethereum network. Layer-3 solutions aim to tackle the scalability challenges of Ethereum by processing transactions off-chain and settling them on the main chain. Shibarium boasts key features like privacy, utilizing fully homomorphic encryption (FHE) technology for enhanced transaction privacy, and security, with support from cryptography experts at Zama. Moreover, it aims to boost regulatory compliance to attract institutional investors.
The $12 million was raised through the sale of a new token named TREAT. Notably, the investors were non-US strategic partners, including big names like Polygon Ventures, Mechanism Capital, and Animoca Brands.
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