Shiba Inu Raises $12m for Layer 3 Network Development

The Shiba Inu project team has successfully secured $12 million in funding. This capital will support the development of a groundbreaking layer 3 network. Employing the advanced homomorphic encryption technology from Zama, the network aims to enhance privacy and security for users. The initiative has raised an impressive total of $73 million to date, signaling strong investor confidence.

Launch and Features of the New Layer 3 Network

Slated for a release in the third quarter of 2024, the test version of the layer 3 network promises to adhere to stringent regulatory standards while prioritizing community privacy and security. This development builds on the success of Shibarium, Shiba Inu’s layer 2 solution, which significantly scales Ethereum’s capabilities.

“Shiba Inu started with the vision of our founder, Ryoshi, and we’ve been so grateful to the community. Together, we have changed the face of crypto as we’ve worked towards that vision. We’ve crushed expectations by creating a full-fledged ecosystem with a core technology stack that no one else has, alongside community, games, AI, metaverse, DeFi, self-sovereign identity, and encryption.”

Shytoshi Kusama, Shiba Inu’s Lead Developer

The recent financial influx was realized through the sale of the TREAT token to several venture investors. Shytoshi Kusama, Shiba Inu’s lead developer, has maintained confidentiality regarding the full list of investors, confirming that no investors are from the United States. The funding process, spanning several months and concluding in early April, encompassed both pre- and seed investment rounds. Kusama has indicated that TREAT will represent the final token introduced within the ecosystem.

Previous Success and Investor Support

Notably, the Shibarium mainnet was launched by the Shiba Inu team in August 2023. This layer 2 solution quickly attracted a large user base, with active blockchain participants surpassing 100,000 shortly after launch and reaching one million by September 2023. 

The project has garnered backing from several prominent entities in the blockchain space, including Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Labs, Stake Capital, and Comma 3 Ventures. These partnerships underscore the broad support and confidence in Shiba Inu’s technological innovations and future potential in the cryptocurrency market.