Orca passed a governance proposal prior to the Formation merger that dissolved the Orca governance council

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In Loopscale's lending market for Apollo's private credit fund token ECRED, an absence of secondary market liquidity capped total deposits between 10 million and 12 million dollars

Formation is a merged company formed by the Solana decentralized exchange Orca and the fixed-rate credit platform Loopscale

Dawn is a telecom infrastructure financing company that originates loans offchain using a Loopscale-powered vault

On Loopscale, USDC lending interest rates against collateralized ONYC tokens yielded 1% to 2% above standard market USDC deposit rates

Trading protocol fee revenues fluctuate cyclically with market volatility, whereas decentralized lending yields provide more stable recurring revenue

Following Orca's governance proposal ahead of its merger with Loopscale, Orca token holder voting rights were restricted primarily to token minting and changes in corporate control

The merger between Orca and Loopscale vertically integrates secondary market trading liquidity with an onchain credit and vault platform

Orca token holders represent the sole value-accruing stakeholder class across Formation's unified corporate structure

Secondary trading liquidity provides decentralized credit protocols the execution avenues necessary to liquidate collateral and unwind leveraged looping positions

Formation committed to converting pre-merger Loopscale points into Orca tokens upon the public release of Formation's unified product

Loopscale co-founder Luke was appointed Chief Executive Officer of Formation

Lending protocols in decentralized finance frequently waive protocol take rates on lending markets to compete for market share

Formation generates credit monetization through liquidations, risk management, and vault management fees rather than protocol-level lending take rates

Orca token holders approved a governance proposal that dissolved the Orca governance council

Formation operates under an ownerless Cayman Foundation that directly owns Orca Labs in the United States

Following the dissolution of the Orca governance council, Orca token holders retain governance voting authority over new token minting and changes in corporate control

Swell DAO paused deposits and withdrawals for swETH and rswETH tokens on October 23, 2026, stating operations would remain frozen until net asset values return to correct values

Uniswap's UNIfication governance initiative, approved in December 2025, included a direct one-time treasury burn of 100 million UNI tokens

Uniswap's UNIfication proposal published in November 2025 outlined plans to activate protocol fees on products including aggregator hooks, v4, and UniswapX to direct revenue toward UNI burns

Aerodrome on the Base network and Velodrome on the OP Mainnet merged their token governance into a single token named AERO