Shiba Inu (SHIB), one of the leading memecoins in the crypto market, is undergoing a significant transformation as it aims to establish itself in the decentralized finance (DeFi) space. Crypto venture capitalists (VCs), including Animoca Brands, Big Brain Holdings, Mechanism Capital, DWF Ventures, and Spirit Dao, have invested $12 million in SHIB for a stake in the ecosystem’s upcoming “layer three” blockchain. This investment will be represented by a new utility and governance token called TREAT.
TREAT will serve as the utility and governance token for the nascent chain, positioning it as the final non-stable token within the SHIB ecosystem. The team behind Shiba Inu, led by the pseudonymous developer “Shytoshi Kusama,” expressed their excitement about the project’s progress in a press release, stating: “Through the involvement of these venture capital firms and their strategic partners, we are expanding not only our network of trusted partners, but also exponentially increasing what Shiba Inu can truly be capable of for our community, The ShibArmy.”
The new TREAT blockchain will function as a “layer three” network built on top of Shibarium, a layer-2 scalability-focused network that operates on the Ethereum platform. Shibarium already has its native token, BONE, which was launched in July 2021. However, the full functionality of the Shibarium bridge was not achieved until August of the following year. Additionally, the ecosystem includes LEASH, a fixed supply token that rewards loyal SHIB holders with various benefits, including more BONE tokens.
The TREAT blockchain aims to enhance privacy within the network’s transactions through the implementation of “Fully Homomorphic Encryption” (FHE). This technology, described by IBM as innovative, enables secure data utilization without the need for decryption, thereby fostering a zero-trust environment.