New York – October 07, 2026 -- Orca and Loopscale have merged into a single entity called Formation, combining trading, credit and vault infrastructure to finance AI, robotics and defense companies that fall outside traditional capital market structures.
Formation targets a $3 trillion AI infrastructure financing gap
Apollo estimates nearly $3 trillion will be needed for AI infrastructure alone through 2028, capital that many frontier companies struggle to access because fixed underwriting, legal, servicing and distribution costs favor large, standardized deals. Formation says it will cut the cost and complexity of structuring, distributing and financing these assets by unifying origination, vault strategies and distribution on top of the existing Orca and Loopscale protocols.
Combined platform brings $550 billion in trading volume and $2 billion in loans
Orca, a decentralized exchange on Solana, has processed more than $550 billion in trading volume since 2021. Loopscale, a credit and vault infrastructure platform, holds more than $150 million in deposits and has facilitated over $2 billion in loans. The ORCA and xORCA token network will remain the foundation of the merged protocols.
Loopscale co-founder Luke Truitt takes CEO role at Formation
Luke Truitt, Loopscale co-founder, becomes Chief Executive Officer of Formation. Mary Gooneratne is Chief Operating Officer and Christopher Montagano, previously of Orca, becomes Chief Strategy & Legal Officer. Truitt said capital markets need to keep pace with the industries reshaping the economy as new financing needs emerge faster than traditional infrastructure evolves.
Formation lines up five partners including Figure and Securitize
Formation is already working with Figure, Shinhan Asset Management, Superstate, R3 and Securitize to bring new assets to market and expand distribution. Reid Simon, President of Digital Assets at Figure Technology Solutions, said his firm has originated more than $30 billion of credit onchain and scaled tokenized products to over $650 million in DeFi, and called the combined trading, credit and vault infrastructure critical for tokenized asset growth.
New products planned over 12 months with path to regulated U.S. markets
Over the next 12 months, Formation plans to roll out new tools for issuers and capital allocation strategies alongside its existing trading, lending and vault offerings, with a stated path into regulated U.S. capital markets.