Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Solana scaling infrastructure developer Nitro Labs raises $4 million in seed funding

Solana scaling infrastructure developer Nitro Labs raises $4 million in seed funding

The BlockThe Block2024/10/30 22:22
By:Yogita Khatri

Nitro Labs, the developer of Termina, has raised $4 million in a seed funding round.Termina is a Solana scaling infrastructure platform that aims to help developers deploy SVM “network extensions.”

Solana scaling infrastructure developer Nitro Labs raises $4 million in seed funding image 0

Nitro Labs, the team behind Termina, a Solana scaling infrastructure platform, has raised $4 million in a seed funding round.

The round was led by Lemniscap , with participation from Animoca Ventures, Borderless Capital, Finality Capital, Race Capital and No Limit Holdings, Nitro Labs said Wednesday. Additionally, undisclosed angel investors from Solana Foundation, Jump Crypto and Spartan joined the round.

The seed round closed this summer, structured as a simple agreement for future equity (SAFE) with a token warrant, Yiwen Gao, founder of Nitro Labs, told The Block. Gao declined to disclose the startup's valuation.

What is Nitro Labs' Termina?

Termina is an open-source platform that aims to enable developers to easily deploy custom Solana rollups or SVM "network extensions," essentially Layer 2 networks.

"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 aims to support custom dapps across various use cases, including gaming, trading and decentralized physical infrastructure networks (DePIN).

"Termina is scaling the SVM to enhance developer engagement, accelerate blockchain deployments and drive user growth," Shaishav Todi, managing partner of Lemniscap, said in a statement.

More than 20 projects are currently building on Termina, spanning both Solana-native and cross-chain projects, Nitro Labs said. The platform's testnet is expected to launch later this year.

Currently, Termina is in its private alpha devnet phase, with its mainnet anticipated to go live next year. When asked if Termina's token will launch alongside the mainnet, Gao shared that no timeline has been set yet for a token launch.

Nitro Labs, based in San Francisco, has fewer than 10 employees, and Gao plans to grow the team selectively.

The Funding newsletter: Stay updated on the latest crypto funding news and trends with my bimonthly newsletter, The Funding. It's free. Sign up  here !


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!