Summary
TLDR: Shiba Inu team raised $12 million to develop a new layer-3 blockchain by selling TREAT tokens to non-US venture capital firms. The blockchain will be built on top of Shibarium and will integrate encryption technology for privacy. Funds will be used for development, with plans to introduce a new token called Shi and launch a testnet in the third quarter of this year. Despite positive developments, there has been no significant impact on the price of SHIB. Shibarium experienced a temporary outage due to networking issues among validators.
Key Points
1. The Shiba Inu (SHIB) team raised $12 million to develop a new layer-3 blockchain through the sale of its upcoming token, TREAT, to non-US venture capital firms.
2. The TREAT token will serve as both the utility and governance token of Shiba Inu’s forthcoming layer-3 blockchain, which will be built on top of Shibarium, the project’s Ethereum layer-2 blockchain.
3. The funds raised will be used for the development of the layer-3 blockchain, with plans to expand the ecosystem by introducing a new token, Shi, and launching a testnet for the new blockchain in the third quarter of the year.