Shiba Inu's TREAT Raises $12M in Private Sale for Upcoming Layer-3 Blockchain

The popular meme coin project Shiba Inu recently raised $12 million in a private token sale for TREAT, the upcoming native token for their new L3 blockchain built on top of Shibarium. Animoca Brands, Polygon's investment arm, and venture capital firms like Morningstar Ventures participated in the funding round.

Shiba Inu Raises $12 Million in Private Sale for TREAT, Native Token of Upcoming Layer-3 Blockchain

The Shiba Inu meme coin project has successfully concluded a private token sale for TREAT, the native token of its upcoming Layer-3 blockchain, raising $12 million.

The private sale was heavily participated in by industry heavyweights, including Polygon's investment arm, Animoca Brands, Morningstar Ventures, Mechanism Capital, Big Brain Holdings, DWF Ventures, Stake Capital, and Shima Capital.

TREAT is poised to serve as the "utility and governance token" of Shiba Inu's new Layer-3 blockchain, which will be powered by French technology firm Zama's fully homomorphic encryption (FHE) and built upon its Shibarium Layer-2 network slated for launch in mid-2023.

According to Shytoshi Kusama, a prominent developer within the Shiba Inu ecosystem, TREAT will be the "final" token of the burgeoning ecosystem, which already boasts SHIB, BONE, and LEASH.

The capital generated from the private sale will significantly accelerate the development of the yet-to-be-named Layer-3 blockchain. This new chain aims to "solve multiple problems plaguing the crypto space, including privacy and trust for the broad Shiba Inu community," Kusama stated.

With a market capitalization approaching $16 billion, Shiba Inu (SHIB) currently ranks as the second-largest meme coin, trailing only Dogecoin (DOGE). The year 2023 has witnessed a resurgence in the popularity of meme coins, which are typically characterized by their lack of inherent utility.

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