The Shiba Inu team is developing a layer 3 network using Zama’s homomorphic encryption technology. This development has attracted funding of $73 million. A test version of the layer 3 network is scheduled to be launched in the third quarter of 2024.
This network will be designed to comply with regulatory requirements while ensuring the security and privacy of the community. The new blockchain is privacy-focused and built on top of Shibarium, a layer 2 solution for Ethereum. Shiba Inu’s lead developer, Shytoshi Kusama, has declined to disclose the complete list of investors, mentioning that none are based in the United States.
He has emphasized the vision of the founder, Ryoshi, and the positive impact the community has had in changing the face of crypto. The funding includes both pre- and seed rounds, and TREAT will be the last token in the ecosystem. Furthermore, it was reported that about a week later, active blockchain users exceeded 100,000 and reached one million in September 2023.
