Orca and Loopscale merge to form Formation

4.1 Investments

Oct 8, 2026

Orca and Loopscale have merged to form Formation, combining trading and lending infrastructure and expanding into AI, energy, robotics, and defense sectors.

Orca, a decentralized exchange, and Loopscale, a lending platform—both operating on Solana—have merged to create a new entity called Formation. This merger combines Orca’s advanced trading infrastructure with Loopscale’s lending and investment vaults, resulting in a comprehensive platform for asset issuance, financing, and trading. Formation plans to expand its services beyond cryptocurrencies, targeting sectors such as artificial intelligence, energy, robotics, and defense. The company aims to support industries that require significant financing before reaching broader markets, addressing the high costs associated with traditional financing, especially for smaller deals. Luke Truitt will serve as CEO, while Christopher Montagano will take on the role of chief strategy and legal officer. Over the next year, Formation will introduce new tools for asset issuers and investment strategies, and is already collaborating with firms like Figure, Shinhan Asset Management, Superstate, R3, and Securitize. Both Orca and Loopscale’s protocols will continue to support the ORCA and xORCA token networks. Financial terms of the merger were not disclosed.