Solana’s long-running decentralized exchange Orca and the credit platform Loopscale have combined into a single company called Formation, headquartered in New York.
The October 7, 2026 announcement places Loopscale co-founder Luke Truitt in the chief executive role, with fellow Loopscale co-founder Mary Gooneratne as chief operating officer and Orca’s Christopher Montagano as chief strategy and legal officer.
Financial terms of the transaction were not disclosed.
Formation is designed to link secondary trading, lending, and capital-allocation tools so that an asset can move from launch through financing and distribution without separate counterparties for each step.
Orca contributes its liquidity layer, including concentrated-liquidity pools and market-maker strategies, along with permissioned pools limited to approved participants.
Loopscale supplies an order-book credit market that supports fixed-rate, asset-specific terms and can accept complex collateral, including fully permissioned instruments and liquidity-provider positions.
Vault products then package yield, credit, and market-making strategies for allocators and help issuers connect with the participants needed to grow an asset.
Existing users face no immediate migration.
Both applications continue to run as before, and current trading positions, loans, and vault deposits remain in place.
The two protocols stay the foundation of the ORCA and xORCA token network; documentation indicates that no new token will be issued and that Loopscale points will keep accruing until a later conversion whose details are still pending.
The brands themselves are expected to continue as products under the new company until further updates.
Scale figures cited in the announcement underscore the combined footprint.
Orca has handled more than $550 billion in trading volume since 2021.
Loopscale reports more than $150 million in deposits and has facilitated over $2 billion in loans.
Leadership argues that pairing deep secondary markets with credit and distribution creates a reinforcing loop: better liquidity improves exit options and collateral pricing, credit generates additional reasons to hold an asset and drives trading, and vaults channel allocator capital into both.
The strategic focus extends beyond typical crypto markets into capital-intensive sectors such as artificial intelligence, energy, robotics, and defense.
Truitt has described the “frontier economy” as generating financing needs faster than conventional market infrastructure can adapt, noting that major technological shifts have historically been accompanied by financial ones.
Apollo estimates cited by the company put AI infrastructure requirements near $3 trillion through 2028, with more than half expected to come from external capital.
Formation’s thesis is that programmable markets and reusable on-chain infrastructure can lower the fixed costs of underwriting, legal work, servicing, and distribution, thereby reducing what the team calls the “minimum viable asset”—the smallest issuance that is economically practical to bring to market.
Partnerships already under way include Figure, Shinhan Asset Management, Superstate, R3, and Securitize.
Examples referenced in the announcement include a reinsurance fund that has grown past $250 million with on-chain credit helping compress its cost of capital, a telecom debt product launched in under 30 days with more than $10 million deposited in the first day, and Figure assets that have reached nine-figure assets under management through decentralized credit and secondary markets.
Over the next 12 months the company plans issuer and originator tools, additional capital-allocation strategies, protocol upgrades for credit and market-making, and new assets spanning fixed income and equities.
It also intends to pursue a tokenized securities venue under the US Securities and Exchange Commission’s (SEC) innovation exemption framework issued in September, along with licenses needed to broaden offerings, connecting U.S. issuers with global capital and US investors with tokenized assets. The effort builds on nearly two years of regulatory engagement by the Orca team.