Shiba Inu closer to reward token TREAT launch, raises $12 million funds 

Shiba Inu announced that the meme coin secured $12 million from investors for the development of its reward token TREAT. The project unveiled plans to work on a next-generation Fully Homomorphic Encryption (FHE) blockchain. 

Shiba Inu prepares for TREAT launch

The meme coin ecosystem led by Shytoshi Kusama is working on the SHIB metaverse’s upcoming reward token, TREAT. Shiba Inu’s announcement revealed that TREAT will be tied to the Shiba Collectible Card Game. The token will provide balance to the ecosystem’s stablecoin “Shi.”

The announcement did not include details about the stablecoin. Developers noted that a limited supply of TREAT will be reserved for longtime backers of the project. 

1/ Today’s a HUGE day for us, #SHIBARMY! 🚀

We’re thrilled to announce that we’ve secured a monumental $12M from strategic VC partners led by @cypher_capital to unleash our next-gen Fully Homomorphic Encryption (FHE) blockchain via $TREAT — the final non-stable token in the… pic.twitter.com/OqUIUDjmTf

— Treat (@treatsforShib) April 22, 2024

Shiba Inu project’s developers have previously discussed a decentralized stablecoin and discussed how it could avoid issues like Terra/Luna sister tokens faced when the algorithmic stablecoin imploded in 2022. The team initially planned a 2022 launch for SHI, however this was delayed with no definite timeline. 

When describing TREAT, SHIB developers say it is the newest addition to the Shiba Inu Ecosystem. The token is considered as the final step in Ryoshi’s vision for decentralization. Tokens like SHIB, LEASH, BONE, SHI and TREAT are all expected to perform their respective functions in the ecosystem. 

One of the key features of TREAT is that the token is expected to provide liquidity to SHI. The new token will replace BONE as the reward token for ShibSwap.

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