Thrilled and grateful to announce the next chapter: Orca and Loopscale are merging to become Formation. @truittluke and I started in 2021 with a shared belief that crypto’s promise extends far beyond crypto assets. Bringing offchain assets onchain is a massive market. But, we believe the transformational opportunity is lowering what we call the “minimum viable asset”:  the point at which something becomes economical to finance. Technology dramatically lowered the cost of starting a software company or selling online but capital markets have not kept pace. The industries emerging now need financial infrastructure to scale with them. This is what we are setting out to do. Orca has processed more than $550B in trading volume. Loopscale has facilitated over $2B in loans and holds more than $150M in deposits. Orca and Loopscale are two of the leading protocols on @Solana. And together, we are able to offer a unified path from issuance to secondary liquidity, credit, and vault distribution on a single platform. I’m incredibly proud of what we’ve built, what we’ve learned, and the team we now have to pursue this ambition at a much greater scale. And to everyone who traded, borrowed, lent, deposited, or supported us in any fashion along the way, thank you and L.F.G. ♥️

A very exciting day for our team and users: @Loopscale and @orca_so are joining forces as Formation @formation_so. We’ve spent years building towards realizing the potential of onchain financial infrastructure and we now, together, have the team, technology, and ambition to expand what those markets can finance. This is the start of a much bigger chapter for us and for the ecosystem more broadly.