Orca and Loopscale merged into Formation. The Solana DEX and lending protocol want to finance AI, energy, robotics and defense companies onchain, from issuance to loans and trading.

Loopscale co-founder Luke Truitt is CEO, and Orca’s Christopher Montagano becomes chief strategy and legal officer. Terms weren’t disclosed. ORCA and xORCA stay the core tokens, but a tokenholder proposal would cut automatic xORCA buybacks from 40% of fees to 10%, add 10% for team-run buybacks and send 80% to operations. Orca has handled $550B+ in volume since 2021, Loopscale has $150M+ in deposits and $2B+ in loans.

ORCA is up about 70% in a week to around $2.76, per CoinGecko.

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