Loopscale
A fixed-rate lending protocol on Solana based on an order book
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Loopscale is a decentralized lending protocol on Solana that uses a Credit Order Book model instead of traditional pools. It enables direct matching between lenders and borrowers for fixed-rate, fixed-term loans. Lenders create limit orders specifying principal, collateral, interest rate, and duration; borrowers take loans at the best available market rate. The protocol supports various collateral types, including SPL tokens and LP tokens. Loans are managed programmatically via a repayment ledger, handling interest accrual and liquidations. Virtual Markets aggregate similar order conditions, and Vaults offer passive management strategies.
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About Loopscale
Loopscale is a modular, order book-based lending protocol built on Solana. Unlike traditional pooled lending models, it uses an open order book where lenders and borrowers negotiate fixed-rate, fixed-term loans directly, enabling more precise risk pricing and higher capital efficiency.
Its core product, Loops, is a leveraged yield strategy that recursively borrows and deposits the same asset (e.g., LSTs, LP tokens) within a single atomic transaction, amplifying returns while protecting users from rate volatility through fixed-rate loans.
Loopscale addresses key market pain points: pooled lending's one-size-fits-all rates and limited asset support, the lack of secondary liquidity for tokenized RWAs, and the complexity of managing leveraged positions across multiple steps. By replacing algorithmic rates with market-based pricing and supporting sophisticated collateral types, it enables more flexible and efficient credit markets.
In the past six months (2026-03-01 to 2026-09-01), Loopscale launched Loops 2.0, a major upgrade featuring a rebuilt execution engine, expanded asset coverage (including RWAs and bridged assets), and a new position management layer. It also introduced PRISM, a settlement layer aggregating secondary market partners for instant settlement of permissioned assets. The protocol saw total deposits reach $66M and lending deposits reach $44M, with the Loopscale App going live on the Solana dApp Store, driving a 50% increase in daily active users.
Loopscale, a Solana-based capital markets protocol, has reached two significant milestones. First, after six months of closed beta with over $750 million borrowed and 50,000+ users, the protocol officially went live, marking its transition from testing to full public availability. Second, following a security incident where an attacker exploited a pricing logic vulnerability to drain 5,726,724.97 USDC and 1,211.4 SOL from its USDC and SOL Genesis Vaults, Loopscale successfully recovered all stolen funds, ensuring zero user asset losses. This recovery demonstrated the protocol's resilience and commitment to user protection. Additionally, the team extended the grace period for borrowers by three days and announced a 12x points boost for depositors affected during the incident window, reinforcing trust as the platform prepares to fully restore all functionalities.
Key progress (Mar-Sep 2026):
Strong Q1 results: total deposits hit $141M with $66M lending deposits; ONyc grew 50% to $23M+ (43% market share); PRIME launched with Hastra, reaching $10M within weeks; syrupUSDC hit $15M in its first month; USX surpassed $15M; RWAs reached ~40% of total deposits; OnRe market grew to $53M; first licensed broker-dealer integration via AlphaLedger; launched EUR/GBP/BRL/MXN-denominated yield products.
Loops 2.0 launched: rebuilt execution engine, Jito Bundles integration, router aggregating 15+ venues, cumulative borrowing volume surpassed $2B.
PRISM launched: unified instant-settlement layer for permissioned RWAs combining Multiliquid, Fission, and Securitize.
Orca Vaults launched on Loopscale supporting USDC and USDG.
Future focus: expand RWA categories (tokenized equities, yield-bearing assets, collectibles), managed strategy vaults, local stablecoin expansion, and continued security audits.
Luke Truitt - Co-Founder & CEO at Loopscale. Previously co-founded AML Group, a defense tech company that won a DoD contract for AI in RF jamming evasion. Worked as a Quant Trading Intern at Optiver, Technical Product Manager at ARCO/Murray, Machine Learning Engineer at General Motors, Hardware Engineer at Tyrata, and Full Stack Web Developer at ProValens. Holds a B.S.E. in Computer Engineering with a minor in Finance from Duke University.
Mary Gooneratne - Co-Founder & COO at Loopscale. Previously co-founded Phoenix, a machine learning solutions company for the Department of Defense, which was acquired by Major League Hacking. Worked as a Machine Learning Research Engineer at Google, focusing on federated speech-to-text models, and as a Software Engineer at Google for internal supply chain software. Holds a B.E. in Electrical and Computer Engineering with a minor in Finance from Duke University.