The DEX Orca and the lending platform Loopscale from the Solana ecosystem have merged under a new name, Formation. The company will be led by Loopscale co-founder Luke Truitt. The terms of the deal were not disclosed.
Formation aims to bring together the entire asset lifecycle—issuance, financing, and trading—in one place. Its goal is to go beyond crypto trading and lending into capital-intensive industries such as AI, energy, robotics, and defense, where traditional financing for small deals is often too expensive.
In the future, the team plans to give businesses access to regulated U.S. capital markets. Over the next year, tools for issuers and new investment strategies will be launched; partners already include Figure, Shinhan Asset Management, Superstate, R3, and Securitize.
Both protocols will remain part of the ORCA and xORCA token ecosystems. Since 2021, Orca has processed over $55 billion in trading volume, while Loopscale has more than $150 million in deposits and has issued loans totaling $2 billion.