Current outcome
Orca and Loopscale have completed their merger and operate under the Formation brand, led by CEO Luke Truitt; Formation is headquartered in New York, plans to finance AI, energy, robotics, and defense assets, and intends to launch a tokenized securities venue under the SEC Innovation Exemption within 12 months; ORCA will serve as the token for all of Formation, while Loopscale points keep accruing and will convert later this year.
Progress timeline
2 material updates- #01
【Orca 与 Loopscale 合并，合并后团队将以「Formation」名义运营】
Solana liquidity protocol Orca and on-chain lending protocol Loopscale have completed a merger and will operate under the new name Formation, led by Loopscale co-founder Luke Truitt as CEO, combining trading/liquidity infrastructure with credit and custody infrastructure to offer assets an end-to-end path from issuance to financing and liquidity.
Source evidence: foresightnews
- #02
Solana DeFi Firms Orca and Loopscale Merge Under New Formation Brand
Formation is headquartered in New York; plans to finance AI, energy, robotics, and defense assets and to launch a tokenized securities venue under the SEC Innovation Exemption within 12 months; ORCA will serve as the token for all of Formation, Loopscale points keep accruing and will convert later this year; management adds Mary Gooneratne as COO and Christopher Montagano as chief strategy and legal officer.
State after update: Orca and Loopscale have completed their merger and operate under the Formation brand, led by CEO Luke Truitt; Formation is headquartered in New York, plans to finance AI, energy, robotics, and defense assets, and intends to launch a tokenized securities venue under the SEC Innovation Exemption within 12 months; ORCA will serve as the token for all of Formation, while Loopscale points keep accruing and will convert later this year.
Source evidence: Decrypt