According to reports, Shiba Inu (SHIB), the second largest meme coin in terms of market capitalization, is said to have brought in $12 million by selling their $TREAT tokens. This funding round reportedly drew the interest of prominent venture capital firms such as Animoca Brands, Polygon Ventures, and DWF Ventures, among others.
The objective of this funding is to create a layer-3 scaling solution for the protocol as the next step for Shibarium. This new blockchain will be constructed on Shibarium, and it will eventually utilize the security and stable liquidity features of the Ethereum protocol below it.
Directional growth tracks
The Shiba Inu cryptocurrency originated as a humorous coin, demonstrating the strength of its community. As a meme coin, Shiba Inu experienced remarkable growth in both user base and market value.
After the project peaked, the main developers of Shiba Inu decided to focus on finding clearer uses for it. This pursuit led to the creation of Shibarium, their scaling solution, which was introduced in August of the previous year. Shibarium has since become part of the group of layer-2 protocols that aim to alleviate Ethereum’s traffic issues.
From the beginning, Shibarium has achieved numerous milestones in terms of transaction numbers, new wallet registrations, and other significant metrics. The upcoming L3 chain is set to carry on this progression, enhancing Shiba Inu’s impact within the Web3 community.
Advancing Shiba Inu technology integration
Based on current information, Shiba Inu intends to implement Fully Homomorphic Encryption (FHE) technology, not through a typical layer-3 solution, but instead in collaboration with the startup Zama.
Although some people think Shibarium has a lot of ground to cover before matching other rival chains, the introduction of layer 3 could be seen as a significant setback in total. Some important figures within Ethereum’s community express opposition to a layer-3 blockchain. They argue that Ethereum L2 solutions, which have improved transactions on the blockchain since the London Upgrade, are doing an excellent job.
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2024-04-22 14:47