Shiba Inu (SHIB) grabs $12 million in funding to develop L3
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After reaching its climax, the project’s core developers shifted their goals to explore more defined utility for Shiba Inu. This utility drive culminated in the , its layer-2 scaling solution, in August of last year. Shibarium effectively joined the hoard of layer-2 protocols helping to solve Ethereum’s congestion woes.
Since its inception, Shibarium has hit many milestones in its transaction count, registered wallet addresses and other core metrics. The forthcoming L3 chain will build on this innovation to further expand Shiba Inu’s influence in the Web3 ecosystem. According to reports, Shiba Inu is not planning to launch the layer-3 solution as usual. As such, it is deploying Fully Homomorphic Encryption technology through start-up Zama.with other competing chains, the development of layer 3 might be considered a major detraction overall.
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