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Loopscale and Orca are merging as Formation. The combined team operates as Formation, led by Loopscale co-founder Luke Truitt as CEO. Loopscale will continue running as normal and positions are unchanged.

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General

Loopscale and Orca are merging. The combined team will operate as Formation, bringing Loopscale’s credit and vault infrastructure together with Orca’s trading and liquidity infrastructure.
Credit works best next to deep liquidity. Loopscale prices risk and onboards asset issuers; Orca gives those assets secondary markets on Solana’s most battle-tested DEX. Together, an issuer can launch an asset with trading and credit live from day one, and lenders get a clearer exit and better collateral pricing.
Luke Truitt, co-founder of Loopscale, is CEO of Formation. Mary Gooneratne, co-founder of Loopscale, is Chief Operating Officer and Christopher Montagano, Chief Legal Officer of Orca, is Chief Strategy & Legal Officer.
No. Until further updates, both brands will continue as products under Formation.
Yes. In 2021, when Loopscale was known as Bridgesplit, the company raised $4.25M from CoinFund, Jump, Coinbase Ventures, Solana Ventures, and Room40. More information about this funding round is available in this press release.

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For Loopscale users

Nothing, all positions stay exactly as they are. You do not need to repay, withdraw, migrate or sign anything.
Yes. Lending, borrowing, Loops, Vaults and the Credit Order Book continue as normal.
Yes. Lending, borrowing, Loops, Vaults and the Credit Order Book continue as normal.
No. Loopscale’s programs, upgrade authority, multisig setup, bug bounty, and risk controls remain unchanged.

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Points

Points will convert later this year and details will be announced shortly. Stay active until then and follow along for details.
Yes. Points keep accruing until the conversion event. Early users have helped build Loopscale into one of Solana’s leading credit markets, and those contributions are not being ignored.
No. ORCA is the token for all of Formation, including Loopscale.
No. Loopscale’s programs, upgrade authority, multisig setup, bug bounty, and risk controls remain unchanged.
Thank you to every looper who has stuck with us through the past year and a half. We’re just getting started and excited to have you onboard to build Formation with us.

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Additional

Where can I get updates? More details about Formation will be released in the coming weeks. Visit formation.so and follow @formation_so and @Loopscale on X for the latest.