Solana decentralized exchange Orca and lending protocol Loopscale are merging into a single company called Formation, the two teams announced Wednesday. The new firm is headquartered in New York and led by Loopscale co-founder Luke Truitt as CEO, with fellow co-founder Mary Gooneratne as chief operating officer and Orca's Christopher Montagano as chief strategy and legal officer. Neither announcement discloses financial terms.