Loopscale has outlined new details of its merger with Solana-based decentralized exchange Orca in an official document. The lending protocol said both Loopscale and Orca will continue operating as products under Formation, the new entity created through the merger. It also said a conversion for Loopscale points will take place later this year, with more specifics to be released soon. Until the redemption event begins, users’ points will continue to accrue. The document also makes clear that Loopscale will not launch its own token, and that ORCA will remain the only token in the Formation ecosystem. BlockBeats had previously reported that Orca and Loopscale were combining under the Formation name, with Loopscale co-founder Luke Truitt taking the CEO role and Orca’s Christopher Montagano becoming chief strategy and legal officer.
Loopscale on Oct. 8 published merger details in an official document covering its combination with Solana-based decentralized exchange Orca.
According to the document, Loopscale and Orca will continue to operate as products under Formation after the merger.
Points conversion set for later this year
Loopscale said its points conversion will take place later this year, with specific details to be announced soon. Points will keep accruing until the redemption event begins.
No Loopscale token planned
The document also said Loopscale will not issue a token. ORCA will be the only token in the Formation ecosystem.
Formation leadership was announced earlier
BlockBeats previously reported that Solana ecosystem DEX Orca and lending protocol Loopscale had agreed to merge, with the combined entity renamed Formation. Loopscale co-founder Luke Truitt was named CEO, while Orca’s Christopher Montagano took the role of chief strategy and legal officer.
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