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Quick take:
Nitro Labs is building Termina, a scaling infrastructure that helps developers easily deploy layer-2 networks on Solana.
The company said Termina can be used to deploy a variety of dApps including gaming, trading and DePINs.
More than 20 projects are already building on the platform including apps native to the Solana blockchain and cross-chain apps.
Nitro Labs, the developers of scaling infrastructure platform Termina announced a $4 million seed round led by Lemniscap.
The fundraising also attracted participation from Animoca Ventures, Borderless Capital, Finality Capital, Race Capital and No Limit Holdings, with undisclosed members from Solana Foundation, Jump Crypto and Spartan joining as angel investors.
Nitro Labs founder Yiwen Gao told The Block the fundraising closed in the summer and was structured as a simple agreement for future equity (SAFE) with a token warrant.
Termina allows developers to easily deploy SVM networks (layer-2s) on the Solana blockchain. The platform can be used to deploy a variety of applications including blockchain gaming, trading, and decentralised Physical Infrastructure Networks (DePINs), Gao said, adding that more than 20 projects are already building on the Termina including apps native to the Solana blockchain and cross-chain apps.
“Layer 2 and network extensions are essentially the same,” Gao said. “The main thing is that network extension is a Solana-specific term and is supposed to encompass a wider range of solutions and end goals than Layer 2. Our core belief is that network extensions can offer more than just increased transaction throughput. They’re powerful tools for experimentation, innovation and meeting diverse needs beyond simple scaling.”
Termina is currently in the private alpha devnet phase and plans to launch its testnet later this year, with a mainnet and the Termina token scheduled to go live next year.
Commenting on his company’s leading role in fundraising, Shaishav Todi, managing partner of Lemniscap, said in a statement: “Termina is scaling the SVM to enhance developer engagement, accelerate blockchain deployments and drive user growth.”
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