Orca and Loopscale announced on October 7, 2026 that they have completed a merger to form Formation, a capital markets platform for the frontier economy. The combined team is led by Loopscale co-founder Luke Truitt as Chief Executive Officer and unites Orca's trading and liquidity infrastructure with Loopscale's credit and vault infrastructure. Formation will give emerging assets a path from issuance to financing and liquidity while expanding the range of assets and strategies available to capital allocators.
Strategic Merger Creates Formation
The new entity will operate under the Formation name while preserving both the Orca and Loopscale protocols as the foundation of the ORCA and xORCA token network. Formation will build new, unified capabilities across origination, vault strategies, and distribution on top of the existing protocols. This structure is designed to connect issuance, financing, and liquidity for assets that require a broader capital markets approach.
Closing the Gap Between Capital and Innovation
AI, energy, robotics, and defense companies are generating a new wave of capital demand that does not fit neatly into traditional market boxes. Apollo estimates that nearly US$3 trillion will be needed for AI infrastructure alone through 2028. Formation aims to broaden access to capital by reducing the cost and complexity of structuring, distributing, and financing assets.
Built on Proven Infrastructure
Orca, a decentralized exchange on Solana, has processed more than US$550 billion in trading volume since 2021, while Loopscale has over US$150 million in deposits and has facilitated more than US$2 billion in loans. Together, the two platforms bring a battle-tested operating history across trading, credit, and vault strategies. The combined infrastructure is intended to support assets from early liquidity through longer-term market adoption.
Leadership Perspective on Market Inflection
Luke Truitt, CEO of Formation, said the frontier economy is creating new business models and financing needs more rapidly than traditional market infrastructure is evolving to serve them. He added that every major technological revolution has been paired with a financial one. According to Truitt, capital markets must keep pace with the industries that are reshaping the economy.
Leadership and Initial Partnerships
Formation's leadership includes Luke Truitt as Chief Executive Officer, Mary Gooneratne as Chief Operating Officer, and Christopher Montagano as Chief Strategy & Legal Officer. The company is already working with Figure, Shinhan Asset Management, Superstate, R3, and Securitize to bring new assets to market and expand distribution. Reid Simon, President of Digital Assets at Figure Technology Solutions, said the unification of trading, credit, and vault strategies will support tokenized asset growth.
Roadmap and Regulated Market Access
Over the next 12 months, Formation plans to introduce new tools for issuers and capital allocation strategies alongside its existing trading, lending, and vault offerings. The company is building across origination, issuance, liquidity, credit, and distribution, with a path into regulated U.S. capital markets. Christopher Montagano, Chief Strategy & Legal Officer of Orca, said liquidity alone is not enough to scale an asset and that credit and distribution are the greater challenge.
By merging Orca's trading and liquidity infrastructure with Loopscale's credit and vault capabilities, Formation aims to create a more complete capital markets platform for the frontier economy. The combined entity expects to support emerging assets that require flexible structuring, financing, and distribution beyond standardized markets. Its early partnerships and leadership team position it to connect tokenized and traditional capital flows as demand grows.