Shibarium sees brief outage amid Shiba Inu’s Layer-3 blockchain ambitions

Shiba Inu has secured $12 million in a funding round through the upcoming TREAT token private token sale to power the development of its anonymous, privacy-focused Layer 3 (L3) blockchain network.

According to a report on April 22nd post Lucie, head of marketing at Shib.io, posted on X (formerly Twitter) that investors participating in the funding round include Polygon Ventures, Mechanism Capital, Big Brain VC, Shima Capital, Animoca Brands, and DWF Ventures. was included.

Lucy said:

“Layer 3 introduces enhanced privacy features not available in Layer 2 networks. This allows us to provide users with more privacy options and security measures when interacting with our ecosystem. ”

This move reflects Shiba Inu’s continued strategic shift towards a versatile utility blockchain network. Notably, Memecoin began this pivot last year with the successful deployment of Shibarium, the ecosystem’s Ethereum Layer 2 (L2) scaling solution.

layer 3 network

Developers plan to leverage Zama City’s cutting-edge Fully Homomorphic Encryption (FHE) technology to build an L3 network on top of Shibarium.

Shiba Inu explained FHE technology is similar to a “magic box” because it allows direct manipulation of encrypted data without decryption. This technology ensures that sensitive information is hidden during calculations.

The developer plans to release a preliminary version of the L3 network in the third quarter of this year. The network prioritizes regulatory compliance along with robust security and privacy measures.

TREAT will serve as a utility and governance token for the new privacy-centric L3 blockchain.

Sybarium stops

Meanwhile, today Shibarium, Shiba Inu’s Ethereum Layer 2 network, experienced a brief outage due to network issues between validators.

Shiba Inu developer Karl Dahlia Said:

“[The] Network is backed up and now up and running [but] Some services, such as shibariumscan and external RPC, may remain down until the provided steps are implemented. ”

According to SybariumScan, Sybarium has gained significant popularity since its launch, reaching approximately 418 million total transactions. data.

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