Shiba Inu will launch a new cryptocurrency

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Key facts: TREAT will be used on a layer 3 network, built on top of Shibarium. Financing rounds (pre-sale) were carried out for the token. The team behind Shiba Inu (SHIB) is moving forward with the launch of a new token to be called TREAT. For this, a fundraising round divided into three parts was carried out, each with valuations of $75 million, $100 million and $200 million, respectively, a source close to the development of the project told the press. This financing strategy allowed a diverse participation of the community of investors interested in the project such as: Animoca Brands, Polygon Ventures, Comma 3 Ventures, Big Brain Holdings, Cypher Capital, among others, highlighted a statement from Shiba Inu. The TREAT token, the central object of this new development phase, will play the role of Utility and governance token on Shiba Inu's new layer 3 networkKusama commented. Although the name of this network has not yet been revealed, it is known that it will be focused on privacy and will be built on Shibarium, a Shiba Inu Layer 2 network that operates as an Ethereum sidechain with its own accounting and whose native token is BONE. The launch of TREAT aligns with the broader vision for the Shiba Inu ecosystem, which includes other tokens such as SHIB, LEASH and BONE, each with their own functionalities and objectives within the system, the statement describes. It is important to note that the token has not been launched yet, however, on CoinGecko and CoinMarketCap, websites that are responsible for tracking the price and volume of cryptocurrencies, certain TREAT tokens are already registered. Kusama called these a “scam,” because the authentic TREAT token will be minted by The Shiba Inu Mint SA, a Panamanian corporation, and has no release date at the moment. Regarding layer 3, it uses FHE technology from its partner This new network of encryption was designed to solve multiple problems in cryptography, including privacy and trust for the community that revolves around Shiba Inu. However, questions arise about the real need to introduce a layer 3, especially when Shiba Inu's layer 2, Shibarium, has seen relatively low adoption since its launch in August 2023, with just 417 million transactions to date.

Daily transactions on Shibarium. Source: This movement seems more oriented towards financing and fundraising strategies than a prevailing technical need.