October 31, 2024
In a major advancement for the Solana ecosystem, Nitro Labs, developers of the Termina platform, have announced the completion of a $4 million seed funding round. This round was spearheaded by Lemniscap, with participation from key investors such as Animoca Ventures, Borderless Capital, Finality Capital, Race Capital, and No Limit Holdings. The funding, finalized over the summer, was arranged through a simple agreement for future equity (SAFE) alongside a token warrant. Nitro Labs has chosen not to disclose the valuation of the startup at this time.
Termina is an open-source scaling infrastructure platform that enables developers to deploy custom Solana rollups or SVM network extensions, akin to Layer 2 networks. Yiwen Gao, founder of Nitro Labs, noted that while Layer 2 solutions primarily focus on transaction scalability, Solana's network extensions provide a wider range of functionalities. Termina supports various decentralized applications (dApps) across sectors such as gaming, trading, and decentralized physical infrastructure networks (DePIN). Currently, over 20 projects are in development on the platform, aimed at enhancing developer engagement and accelerating blockchain deployments.
Nitro Labs, headquartered in San Francisco and consisting of a small team of fewer than 10 employees, has ambitious plans for the future. The platform is currently in its private alpha devnet phase, with expectations for the testnet launch later this year and the mainnet projected to go live next year. Although there is no confirmed timeline for a potential token launch alongside the mainnet, the company aims to grow its team selectively as it continues to innovate within the blockchain space.
About Nitro Labs
Nitro Labs is a blockchain infrastructure company focused on developing innovative scaling solutions for the Solana ecosystem. Its flagship product, Termina, is an open-source platform enabling developers to deploy custom Solana rollups and network extensions. By providing robust tools for experimentation and innovation, Nitro Labs aims to address a wide range of use cases within the decentralized application landscape. The company's commitment to supporting developers positions it as a key player in the rapidly evolving blockchain space.
Website:Â https://www.termina.technology/
X:Â @Terminaxyz
About Investor
Lemniscap
Founded in 2018, Lemniscap is a venture capital firm that specializes in investing in blockchain technology and cryptocurrency projects. With a focus on fostering innovation in the blockchain ecosystem, Lemniscap supports companies that have the potential to transform industries and drive the adoption of decentralized technologies.
Location:Â George Town, Cayman Islands
Website:Â https://lemniscap.com/
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