Solana-based decentralized exchange Orca and lending platform Loopscale have agreed to merge and create a new entity called Formation. The combined company will be led by Loopscale co-founder Luke Truitt as CEO, while Orca’s Christopher Montagano will serve as chief strategy and legal officer. Formation said it plans to combine Orca’s trading infrastructure with Loopscale’s lending and investment vaults to offer a single path for emerging assets, covering issuance, financing, and trading. The company said it wants to expand beyond crypto trading and lending into capital-intensive sectors including AI, energy, robotics, and defense. Truitt said the pace at which the frontier economy is creating new business models and financing needs has outstripped the evolution of traditional market infrastructure. Formation also said traditional finance remains too expensive for smaller transactions, and that it aims to lower those costs and eventually connect to regulated U.S. capital markets. Over the next year, the company plans to roll out tools for asset issuers and new investment strategies, and said it is already working with Figure, Shinhan Asset Management, Superstate, R3, and Securitize on asset tokenization and distribution. Financial terms were not disclosed.
Solana-based decentralized exchange Orca and lending platform Loopscale said they are merging to create a new entity called Formation.
Under the new structure, Loopscale co-founder Luke Truitt will serve as CEO. Formation said it plans to combine Orca’s trading infrastructure with Loopscale’s lending and investment vaults to build a single path for emerging assets, spanning issuance, financing, and trading.
The company said it wants to extend its scope beyond crypto trading and lending into capital-intensive sectors such as AI, energy, robotics, and defense. Truitt said the frontier economy is creating new business models and financing needs faster than traditional market infrastructure is evolving.
Formation said traditional financing is too costly for smaller transactions. Its plan is to reduce those costs and eventually connect with regulated U.S. capital markets.
Over the next year, Formation said it will launch tools for asset issuers and new investment strategies. It also said it is already working with Figure, Shinhan Asset Management, Superstate, R3, and Securitize to support asset tokenization and distribution.
Orca’s Christopher Montagano will become Formation’s chief strategy and legal officer. He said liquidity alone is not enough to help assets scale.
Both sides said the existing protocols will remain the foundation of the ORCA and xORCA token networks. Financial terms of the merger were not disclosed.
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