Orca and Loopscale Merge Into Formation — Nothing to Migrate
Orca and Loopscale will operate together as Formation, based in New York, with Luke Truitt as CEO. Both apps keep running; positions, loans, and vaults stay. The press release puts Orca's volume since 2021 above $550 billion.
What Happened
Orca and Loopscale announced their merger on October 7. The combined team operates as Formation, headquartered in New York City. Luke Truitt, co-founder of Loopscale, becomes CEO. Mary Gooneratne becomes Chief Operating Officer; the Orca and Loopscale FAQs also describe her as a Loopscale co-founder. Christopher Montagano, previously Chief Legal Officer of Orca, becomes Chief Strategy & Legal Officer.
Formation combines Orca’s trading and liquidity with Loopscale’s credit and vault infrastructure. Both brands continue for now as products under Formation. The protocols remain the foundation of the ORCA and xORCA token network. The release does not state financial terms of the merger.
What Changes for Users
For day-to-day use: nothing about how you access the apps.
- Orca: The app keeps running. Whirlpool positions, fees, and rewards stay as they are. Per the Orca FAQ, nobody needs to withdraw, migrate, or sign anything. Programs, upgrade authority, multisig, and the bug bounty stay unchanged. xORCA staking works as before.
- Loopscale: Per the Loopscale FAQ, all positions stay. Nobody needs to repay, withdraw, migrate, or sign anything. Lending, borrowing, Loops, vaults, and the credit order book continue. Programs, upgrade authority, multisig, bug bounty, and risk controls stay unchanged.
- Token: There is no separate Loopscale token. Both FAQs say ORCA is the token for Formation, including Loopscale. The Orca FAQ also says there is no dilution, no additional mint, and no change to supply. Loopscale points keep accruing and are due to convert later this year. The details have not been published.
Formation says it is already working with Figure, Shinhan Asset Management, Superstate, R3, and Securitize to bring new assets to market and expand distribution. Over the next 12 months the team plans to introduce new tools for issuers and capital-allocation strategies, alongside existing trading, lending, and vaults. That is a plan in the release, not a product already shipped. The press release itself notes that such statements are forward-looking and that planned products may not be available in every jurisdiction or to every person.
The Figure in the Press Release
The lead of the press release and formation.so say Orca has processed more than $550 billion in trading volume since 2021. Loopscale has facilitated more than $2 billion in loans and holds more than $150 million in deposits. This article uses those figures.
The “About Orca” boilerplate at the end of the same press release gives a lower figure, “more than $500 billion.” Where the release states two numbers, this text follows the lead paragraph and formation.so.
No Migration — and What That Means for Links
The official FAQs do not ask for a migration or a new signature. A page or message that, in the name of Orca, Loopscale, or Formation, asks you to “migrate,” “claim,” or connect a wallet contradicts that announcement. Ignore those links and check status only via orca.so, loopscale.com, and formation.so, and via @orca_so, @Loopscale, and @formation_so. How to recognize drainer pages is covered in Recognizing wallet drainers.
What to Watch
- Whether Formation actually ships the announced issuer tools within the next 12 months
- Whether programs, multisig, or upgrade authority are changed later — both FAQs currently say no
Sources
- PR Newswire — Press release, October 7, 2026
- Formation — Announcement
- Orca — Merger FAQ · Post on X
- Loopscale — Merger FAQ
- SOLANA·HUB knowledge: Recognizing wallet drainers