Solana DeFi Firms Orca and Loopscale Merge Under New Formation Brand
Solana DEX Orca and lending protocol Loopscale are merging as Formation, a New York-based company led by Loopscale co-founder Luke Truitt. It plans to combine Orca’s trading infrastructure with Loopscale’s credit order book and vaults, targeting sectors such as AI, energy, robotics and defense. Formation is also exploring a tokenized-securities trading venue under an SEC innovation exemption and says it will pursue additional licenses; product availability may be restricted by legal requirements. Orca’s ORCA token will serve across Formation, while Loopscale points are expected to convert later this year. Existing Loopscale services and positions remain unchanged. The company plans to add issuer tools and capital-allocation strategies over the next year. No financial terms were disclosed.
