PANews reported on October 31 that according to The Block, Nitro Labs, the team behind Solana's expansion infrastructure platform Termina, raised $4 million in a seed round of financing, led by Lemniscap, with participation from Animoca Ventures, Borderless Capital, Finality Capital, Race Capital and No Limit Holdings. In addition, undisclosed angel investors from the Solana Foundation, Jump Crypto and Spartan also joined this round of financing. Nitro Labs founder Yiwen Gao revealed that the round of financing was completed this summer and adopted a simple agreement for future equity (SAFE) structure with token warrants. He refused to disclose the company's valuation.
According to reports, Termina is an open source platform designed to enable developers to easily deploy customized Solana Rollup or SVM "network extensions", which are essentially Layer 2 networks. Yiwen Gao said: "Layer 2 networks and network extensions are essentially the same, but network extensions are Solana-specific terms and are considered to include a wider range of solutions and ultimate goals than Layer 2 networks." Termina is designed to support custom dApps for various use cases, including games, transactions, and DePIN.
