Tomorrow at 3 PM ET I'm joining @masonlynaugh to talk about what's at stake for @solana builders and users in the midterms, along with legal/policy minds far greater than mine: @thecolinmclaren, @RebeccaRettig1 and @xethalis. Have worked the halls of Congress together, will be fun to chat live. Crypto policy gets made by the people who show up. Vote Nov 3 🗳️ Set a reminder 👇

DeFi has demonstrated the power of onchain financial infrastructure across the small universe of crypto assets. The much bigger opportunity is using that infrastructure to expand the universe of assets that capital markets can serve. Bringing together Orca and Loopscale as @formation_so puts us in a unique position to build toward that future.

Bullish to see @formation_so cofounder @cpmontagano in one of Korea’s biggest media outlets, making the case for why Solana will be the home of tokenized securities. Solana is Global.

A silent beast in the making? Loopscale and Orca merged, so we now have: - @orca_so → trading + LPing - @Loopscale → earning - @formation_so → public capital markets onchain @Luketruitt on Formation: “AI, robotics and factories need massive amounts of capital. Tokenization makes raising and investing in it cheaper and easier.”

The value of tokenization is rarely in trading itself. The opportunity in tokenized assets emerges when tokenization establishes net-new utility: usable as collateral, integrated into credit markets, and composable across financial applications. The race to build that infrastructure is being led by @Solana.

BREAKING: Two Solana DeFi teams are now one. @orca_so and @Loopscale have combined as @formation_so. Orca has been Solana's premier liquidity layer since 2021, with more than $500B traded. Loopscale has facilitated more than $2B in loans since April 2025. Together they put issuance, secondary markets and credit on one set of rails; permissioned for institutions, and permissionless for everyone else.

When I joined @orca_so in early 2022, DeFi had no clear path into American capital markets. We've spent years working with U.S. regulators to help open one. The SEC's Innovation Exemption carves a real path, and Formation plans to operate a tokenized securities venue under it. Liquidity alone isn't enough to scale an asset. It takes credit and distribution too, and that's what Orca and @Loopscale bring together in Formation. Thank you to the Orca community, LPs, and team, past and present. Let's build.

.@marygooneratne and I started Bridgesplit in late 2021 to build the rails for tokenized assets and DeFi to replace traditional financial products. The assets changed significantly over the last five years: NFTs, then tokenized collectibles, and now everything from reinsurance to home equity loans and public equities. In the year and a half since launch, Loopscale has funded over $2.5B in loans and holds $150M+ in deposits. We built it for what this space will need to become the foundational credit primitive of the real economy. Today Loopscale and Orca become Formation, an American DeFi company. We've worked with @cpmontagano and the Orca team for years, and I'm excited to formally build alongside them. Together we can take on much bigger challenges than either of us could have alone, and an embrace a bigger vision for what DeFi can enable. Thank you to the users, investors, and team members who got us here through many ups and downs and I'm grateful to have the opportunity to lead this team toward a more ambitious future for DeFi.

Great to join and share my perspective on vaults with @TokenRelations. TLDR the value sits in the finance, not the infrastructure, *but* operating both offers a durable advantage. A curator embedded in the underlying primitives can onboard new assets quickly, keep rates consistent with the broader market, and shape the venues their strategies run on. Beyond that, the advantage comes from relationships with asset issuers and with the platforms that hold distribution to allocators. Full survey below 🔥