Solana liquidity protocol Orca and on-chain lending protocol Loopscale have completed a merger, according to a post on X by Formation co-founder Mary Gooneratne. The deal combines Orca’s trading and liquidity infrastructure with Loopscale’s credit and custody infrastructure. The merged team will operate under the name Formation, with Loopscale co-founder Luke Truitt serving as chief executive officer. Gooneratne said Formation is designed to give emerging assets a full path from issuance to financing and liquidity, while also expanding the range of assets and strategy choices available to capital allocators. The announcement identifies the new operating structure and leadership but does not disclose additional transaction terms in the post.
Solana liquidity protocol Orca and Solana-based lending protocol Loopscale have completed a merger, according to a post on X by Formation co-founder Mary Gooneratne.
Gooneratne said the combination brings together Orca’s trading and liquidity infrastructure with Loopscale’s credit and custody infrastructure. The merged team will operate under the name Formation, and Loopscale co-founder Luke Truitt will serve as chief executive officer.
Formation’s stated focus
Gooneratne said Formation aims to provide emerging assets with a full path from issuance to financing and liquidity. She added that the platform is also intended to broaden the range of available assets and strategy options for capital allocators.
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