Solana DeFi protocols Orca and Loopscale announced their merger to form Formation, a New York-based company led by Luke Truitt, co-founder of Loopscale, as CEO. Formation combines Orca’s trading infrastructure, which has processed over $550 billion in volume since 2021, with Loopscale’s credit order book and vaults managing over $150 million in deposits and $2 billion in facilitated loans. The new entity targets artificial intelligence, energy, robotics, and defense companies, and plans to operate a tokenized securities venue under the SEC’s five-year innovation exemption granted in September. The ORCA token will serve as the unified token for all of Formation.
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