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Shibarium sees a brief hiatus amid Shiba Inu's ambitions at blockchain degree 3

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Shiba Inu has secured a $12 million funding spherical by the non-public token sale of its upcoming TREAT token to help the event of an unnamed privacy-focused Layer-3 (L3) blockchain community.

In line with April 22 submit at X (previously Twitter) Lucie, Head of Advertising and marketing at Shib.io, traders collaborating within the funding spherical included Polygon Ventures, Mechanism Capital, Huge Mind VC, Shima Capital, Animoca Manufacturers and DWF Ventures.

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Lucie mentioned:

“Layer 3 will introduce enhanced privateness options not out there within the Layer 2 community. This may present customers with extra privateness choices and safety measures when interacting with the ecosystem.”

The transfer displays Shiba Inu's continued strategic shift in direction of changing into a flexible utility blockchain community. Notably, memecoin started this pivot final yr with the profitable launch of Shibarium, an Ethereum Layer-2 (L2) ecosystem scaling resolution.

Layer 3 community

The builders plan to make use of Zama's cutting-edge Absolutely Homomorphic Encryption (FHE) expertise to construct an L3 community on high of Shibarium.

Shiba Inu described the FHE expertise as much like a “magic field” as a result of it permits direct operations on encrypted knowledge with out decryption. The expertise ensures that delicate info stays hidden throughout calculations.

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The builders plan to launch a preliminary model of the L3 community within the third quarter of this yr. The community will prioritize regulatory compliance together with strong safety and privateness measures.

TREAT will function the software and governance token for the brand new privacy-focused L3 blockchain.

Shibarium sees an outage

In the meantime, the Shibarium Shiba Inu Ethereum layer-2 community skilled a quick outage at present attributable to community points between validators.

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Shiba Inu developer Kaal Dhairya he mentioned:

“(The community) is now again up and working (however) some companies akin to shibariascan or exterior RPC should stay down till the steps listed are applied.”

Since its launch, Shibarium has seen vital adoption, pushing its complete transaction quantity to round 418 million, in response to Shibariumscan knowledge.

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