Shiba Inu’s (SHIB) marketing lead Lucie just took to X to clarify certain confusions about the launch of the TreatforShib token popularly known as TREAT.

The Shiba Inu L3 Blockchain

According to the SHIB executive, the token has not been released yet. Although some journalists have made reports about how the crypto asset was launched in 2023. TREAT was one of the Layer-3 tokens that was recently highlighted in the latest version of Shiba Inu’s magazine called ‘The Shib.’

In the magazine, a looming Layer-3 blockchain was highlighted, sparking keen interest among crypto market participants. This was a result of Shiba Inu’s collaboration with Zama, and it will also be accompanied by an FHE (Fully Homomorphic Encryption) based layer 3 blockchain.

The move was perceived as one of Shiba Inu ecosystem’s approaches towards upscaling scalability on the Shibarium network, empowering high-volume transactions and supporting complex applications.

@treatsforShib, aka $TREAT from https://t.co/qFr258naCo, has NOT been released yet.

I’ve noticed some confused journalists posting that it was released in 2023.

NO, IT WASN’T.

ALWAYS VERIFY ON THE MAIN WEBSITE OR DISCORD.

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) May 3, 2024

Consequently, TREAT was touted as the token that would be utilized for governance and utility on the new L3. In other words, it would play the same role as BONE on Shiba Inu scaling solution Shibarium.

Shiba Inu’s TREAT and Growing Utility

So far, the TREAT token has seen utility by the Shiba Inu developer team. A few weeks ago, the team raised $12 million through TREAT utility and governance token to develop its new privacy-focused L3 blockchain and other initiatives.

Based on the published statement from Shib magazine, the round featured some of the largest crypto contributors and venture capital firms including Animoca Brands, Mechanism Capital, Cypher Capital, Shima Capital, Big Brain Holdings, Hercules Ventures, Morningstar Ventures, Woodstock Fund, DWF Ventures, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital and Spirit Dao.

Shiba Inu plans to use the secured fund to drive further development of the privacy-based L3 blockchain with Zama. Shytoshi Kusama, Shiba Inu’s developer, mentioned that TREAT will hit the crypto market this year, further underscoring the fact that the token is yet to be unveiled.

Meanwhile, Shibarium hit a new milestone with the successful completion of a hard fork, grabbing interest from the wider crypto community. This encompassed the successful Bor hard fork and the Heimdall hard fork.

The post Shiba Inu Executive Sends Crucial Message On TREAT Launch appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am