PANews, October 31 - According to The Block, Nitro Labs, the team behind the Solana scaling infrastructure platform Termina, has raised $4 million in a seed round of financing. Lemniscap led the investment, with participation from Animoca Ventures, Borderless Capital, Finality Capital, Race Capital, and No Limit Holdings. Additionally, undisclosed angel investors from the Solana Foundation, Jump Crypto, and Spartan also joined this funding round. Nitro Labs founder Yiwen Gao revealed that this round of financing was completed this summer, using a Simple Agreement for Future Equity (SAFE) structure with token warrants, and declined to disclose the company's valuation.
It is reported that Termina is an open-source platform designed to allow developers to easily deploy custom Solana Rollups or SVM 'network scaling', which is essentially a Layer 2 network. Yiwen Gao stated, 'Layer 2 networks and network scaling are essentially the same, but network scaling is a Solana-specific term and is considered to encompass broader solutions and ultimate goals than Layer 2 networks.' Termina aims to support custom dApps for a variety of use cases, including gaming, trading, and DePIN.
