Solana Ecosystem's Orca and Loopscale Merge to Form Formation

PANews reported on October 8, citing The Block, that Solana ecosystem DEX Orca and lending protocol Loopscale announced a merger, with the new entity renamed Formation. Loopscale co-founder Luke Truitt will serve as CEO, and Orca's Christopher Montagano will serve as Chief Strategy and Legal Officer. Formation will integrate Orca's trading infrastructure with Loopscale's lending and investment vaults, and plans to expand into capital-intensive sectors such as AI, energy, robotics, and defense. Over the next year, it will launch 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 over $550 billion in trading volume since 2021, and Loopscale has facilitated over $2 billion in loans. The terms of the deal were not disclosed.