Loopscale
A fixed-rate lending protocol on Solana based on an order book
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About Loopscale
Loopscale is an order-book lending protocol on Solana that launched in April 2025, replacing pooled liquidity with an on-chain credit book: lenders post the collateral they accept, the rate they require and a duration, borrowers take the offer directly, and the rate and maturity lock at execution. That answers the way pooled models let rates swing with utilisation and spread every borrower's risk across all depositors; each loan is isolated and each collateral type priced separately. Vaults automate allocation above the book, and Loops combine borrow, swap and redeposit into one transaction for leverage.
Collateral spans SPL and Token-2022 assets, LSTs such as JitoSOL, RateX principal tokens and RWAs including ACRED and USDG, with curators deciding which assets and LTVs a vault accepts. The borrower opens, the vault or lender quotes, oracle prices trigger liquidation, and the contract settles. Loops 2.0 arrived in April 2026. Collateral is concentrated in three credit assets, ONyc, ACRED and PRIME, and fixed maturities mean a lender who exits early can only transfer the position.
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.
Loopscale lived a full arc in 2026, from expansion to merger. First-quarter deposits reached $141 million with real-world assets near 40%: OnRe's reinsurance token ONyc grew from $15 million to $23 million, Maple's syrupUSDC hit $15 million within a month, Figure-backed PRIME reached $10 million in weeks and Apollo's ACRED concentrated nearly 95% of its Solana issuance on the platform. Loops 2.0 arrived in April, making atomic borrowing against yield-bearing tokens and vault LP collateral standard.
Regulated collateral kept flowing: on 1 September Securitize's high-yield credit fund HINC went live as collateral, letting qualified investors borrow USDG against shares with net asset value posted daily on-chain by RedStone, the third Securitize product on the venue. On 7 October Loopscale and Orca announced a merger into Formation with Luke Truitt as chief executive, combining Orca's $550 billion of cumulative volume with Loopscale's credit order book into one issuance, trading and lending company that plans a tokenised securities venue under the SEC innovation exemption within twelve months.
Loopscale, the newly merged company, targets financing gaps in capital-intensive sectors such as AI, energy, robotics and defence, serving issuers through fixed-rate order books and curated vaults, with the near-term focus on post-merger governance and token arrangements and deeper institutional RWA collateral.
Luke Truitt — Co-founder; became CEO of Formation after Loopscale merged with Orca (Oct 2026).
Mary Gooneratne — Co-founder & COO.