Solana-based decentralized exchange Orca and lending protocol Loopscale have agreed to merge and operate under a new entity called Formation, according to The Block. The combined company will be led by Loopscale co-founder Luke Truitt as CEO, while Orca’s Christopher Montagano will take the role of chief strategy and legal officer. Formation said it will combine Orca’s trading infrastructure with Loopscale’s lending and investment vault capabilities. The company plans to expand into capital-intensive sectors including AI, energy, robotics, and defense. Over the next year, it expects to roll out asset issuance tools and new investment strategies. The two protocols will continue to serve as the foundation for the ORCA and xORCA token networks. Orca has processed more than $550 billion in trading volume since 2021, while Loopscale has facilitated more than $2 billion in loans. Terms of the transaction were not disclosed.
Solana-based decentralized exchange Orca and lending protocol Loopscale are merging and will operate under a new entity called Formation, according to The Block.
Loopscale co-founder Luke Truitt will serve as CEO. Orca’s Christopher Montagano will become chief strategy and legal officer.
Formation said it will combine Orca’s trading infrastructure with Loopscale’s lending and investment vault capabilities. The company plans to expand into capital-intensive sectors including AI, energy, robotics, and defense. Over the next year, it plans to launch asset issuance tools and new investment strategies.
The two protocols will remain the foundation of the ORCA and xORCA token networks. Orca has recorded more than $550 billion in trading volume since 2021, while Loopscale has facilitated more than $2 billion in loans.
Terms of the deal were not disclosed.
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