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Solana DeFi\'s Orca and Loopscale merge, relaunch as Formation

Solana-based decentralised exchange Orca and lending platform Loopscale have merged and will launch under the new name Formation, The Block reported on Oct. 7. The combined company will be led by Loopscale co-founder Luke Truitt. Financial terms of the merger were not disclosed. Formation aims to combine Orca’s trading infrastructure and Loopscale’s lending and investment products to support asset issuance, fundraising and trading in one place.

Crypto

Hyperliquid CEO says few capture benefits of corporate growth, criticises Wall Street

Jeff Yan, co-founder and CEO of decentralised exchange Hyperliquid, said Wall Street’s traditional investment structure disadvantages retail investors and is not sustainable. Speaking at Token2049 in Singapore, he said pre-IPO growth gains are concentrated among a small group and the public gains access only after key growth stages. He said Hyperliquid is expanding market access through blockchain and perpetual futures, and cited the product’s structure as a growth driver.

Crypto

South Korea crypto market size seen at 603 trillion won, top in East Asia

South Korea is East Asia\'s largest cryptocurrency market, followed by Japan, Hong Kong, China and Taiwan. Blockchain analytics firm Chainalysis estimated South Korea\'s crypto economy at $449.1 billion for July 2025 to June 2026, up 12.3 percent from a year earlier. Active retail trading led growth, with AI-related tokens rising in won markets. Japan saw increased use of decentralised exchanges, while peer-to-peer trading dominated in China.