General
What is happening?
What is happening?
Orca and Loopscale are merging. The combined team operates as Formation, bringing Orca’s trading and liquidity infrastructure together with Loopscale’s credit and vault infrastructure.
Why should I be excited about the businesses merging?
Why should I be excited about the businesses merging?
Orca is where assets on Solana find liquidity. Loopscale is where they find credit and users look for yield. Put together, an asset can launch, trade in a Whirlpool, be borrowed against, and then packaged up into a vault all on the same platform, with deep secondary liquidity backing every loan.
Who will lead the combined company?
Who will lead the combined company?
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.
Is the Orca brand going away?
Is the Orca brand going away?
No. Until further updates, both brands will continue as products under Formation.
For ORCA Holders
What happens to the ORCA token?
What happens to the ORCA token?
Nothing changes, the Orca and Loopscale protocols serve as the foundation of the ORCA and xORCA token network, and ORCA now represents all of Formation: Orca and Loopscale’s combined products, partners and development roadmap.ORCA holders have exposure to a credit and vault platform and its pipeline of real-world asset issuers on top of the DEX they already know. Orca Foundation has no equity holders, all value is ultimately owned by the ORCA token.
Will ORCA be diluted or will new tokens be minted?
Will ORCA be diluted or will new tokens be minted?
No. There is no dilution, no additional mint and no change to supply.
Does anything change with xORCA staking?
Does anything change with xORCA staking?
No. Staking and unstaking work exactly as they have for the past year.
For Orca Users and LPs
What happens to my Whirlpool positions?
What happens to my Whirlpool positions?
Nothing. Your positions, fees and rewards remain unchanged. You do not need to withdraw, migrate or sign anything.
Will the Orca app keep working?
Will the Orca app keep working?
Yes. Swaps, pools, vaults, and every other product will continue running as normal.
Does anything change with security or multisigs?
Does anything change with security or multisigs?
No. Orca’s programs, upgrade authority, multisig setup and bug bounty remain unchanged.
Where can I get updates?
Where can I get updates?
More details about Formation will be released in the coming weeks. Visit formation.so and follow @formation_so and @orca_so on X for the latest.