A new fluffy Layer-3 🐕 The team behind the popular Shiba Inu memecoin has raised $12M for its new privacy-focused Layer-3 network.
The fundraising was conducted through the sale of its unreleased token, TREAT, to prominent investors such as Polygon Ventures, Mechanism Capital, Animoca Brands, and other non-US-based participants.
The TREAT token will function as the utility and governance token of the unnamed network, which will be built on top of the Shibarium Layer-2 solution.
According to a press release announcing the raise, the Layer-3 will utilize fully homomorphic encryption (FHE) technology, improving privacy for user transactions.
The team has also stated that TREAT will be the final non-stable token launched for the SHIB ecosystem.
Since the announcement, the price of the ecosystem's primary token, SHIB, has remained flat, while BONE and LEASH have fallen slightly by 6.4% and 1.9%, respectively.
Editor's Take:
Ironically, memecoins pivoting into a project with real utility has not had as much success as simply launching another memecoin. Despite it being a step in the right direction to introduce DeFi to a large community of crypto newcomers who entered the space through memecoins, the response has been lackluster thus far, as TVL on Shibarium remains just around $2.7M. | 
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