Nitro Labs Provides $4 Million for Termina: Pioneering Solana VM Network Extensions

On By Karl

San Francisco, United States, October 30, 2024, Chainwire

TerminaAnnounced a successful $4 million seed funding round to extend Solana Virtual Machine (SVM), an innovative, code-free platform. This investment will enable developers to create customizable Solana-based networks that can be optimized for performance, privacy, and specific use cases. The fundraising campaign was led by Lemniscap with participation from Race Capital, No Limit Holdings, Borderless Capital, Animoca Ventures, Finality Capital and key angel investors Solana Foundation, Jump Crypto, Spartan Capital and others.

After developing several applications on Ethereum, Nitro Labs, the team behind Termina, realized that these projects could not scale due to limitations regarding the security and cost of EVM. They realized the long-term potential of SVM with its strong community, security, and scalability and began building Termina. The team aims to address a major gap in the Solana development ecosystem. Even before Solana’s congestion problems this spring, a number of major projects had switched to mass solutions to meet the needs of their applications. These transitions revealed the severe lack of SVM infrastructure offerings in the area. Termina aims to improve the accessibility and flexibility of the Solana block space by allowing developers to quickly and efficiently deploy and manage purpose-built SVM networks.

Nitro Labs Founder Yiwen Gao said: “Our core belief is that network extensions can deliver more than just increased transaction throughput. Beyond simple scaling, they are powerful tools for experimentation, innovation, and meeting a variety of needs. Solana’s nascent L2 ecosystem is already diverging from Ethereum’s, and the latest “The term ‘network extensions’ aptly reflects this shift, with new use cases being unlocked.”

Lemniscap Managing Partner Shaishav Todi added: “For mainstream adoption, blockchain technology must deliver unique and engaging experiences that rival those on Web2. Termina is scaling SVM to increase developer engagement, accelerate blockchain deployments, and increase user growth. The Nitro team’s platforms “He has a clear vision for and is poised to become a key player in this field.”

Termina has made significant progress in the last few months since its initial launch. Alongside the team are more than 20 ecosystem partners, including both Solana-specific and cross-chain projects. This funding round will accelerate Termina’s growth, support open source development efforts, and pave the way for a testnet launch later this year.

About Termina

Termina It is an open-source platform dedicated to the distribution of Solana aggregations and other solutions that allows developers to create custom-tailored SVM L2s. Termina’s mission is to facilitate broader adoption of SVM technology and bring the next billion users to Solana. The founding team consists of industry veterans from Lyft, SpaceX, Sei Labs, RBC, and Solana Labs.

to contact

Termina team
[email protected]

Disclaimer: Press release sponsored by our commercial partners.

Daily Briefing Bulletin

Start each day with the most important news right now, plus original features, a podcast, videos and more.