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.
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.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
