Loopscale Discloses Merger Details with Orca: No New Token to Be Issued, ORCA to Be the Sole Token for the New Brand, Points Will Continue to Accumulate

BlockBeats news, October 8 - Lending protocol Loopscale disclosed details of its merger with Solana ecosystem DEX Orca in its official documentation. According to the document:

· After the merger, Loopscale and Orca will continue to operate as products under Formation

· Loopscale points conversion will take place later this year, with specific details to be announced soon

· Points will continue to accumulate until the redemption event begins

· Loopscale will not issue a token; ORCA is the sole token of the Formation ecosystem

BlockBeats previously reported that Solana ecosystem DEX Orca and lending protocol Loopscale announced their merger, with the new entity renamed Formation. Loopscale co-founder Luke Truitt will serve as CEO, while Orca's Christopher Montagano will serve as Chief Strategy and Legal Officer.