POPA ReconOrca and Loopscale merge under new the name Formation
Orca and Loopscale merge under new the name Formation 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…
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