Loopscale Airdrop 2026: Points, ORCA and the Orca Merger

What the Orca merger into Formation changed for the Loopscale airdrop

Status note, 7 November 2026: Loopscale paused protocol activity on 5 November 2026 after a week of attacks on its SOL and USDC Genesis Vaults. Its post says the protocol APIs received more than 30,000 malicious requests per day and that all deposited user funds are secured. Loopscale says the vaults have been made whole, with no losses to user deposits. The app shows “App transactions temporarily halted” (checked 5 November 2026). Loopscale says it will reopen the interface soon and bring back loan repayments as quickly as possible to avoid accidental liquidations. No reopening date has been given.

The merger means there will be no Loopscale token: ORCA is the token for both apps, and your Loopscale points still convert later in 2026. Loopscale is a Solana lending protocol built around an order book instead of a shared lending pool, so loans have fixed rates and terms. On 7 October 2026 it announced a merger with Orca, the Solana DEX, under a new parent company called Formation. Loopscale co-founder Luke Truitt is Formation’s CEO. Both apps carry on as separate products.

At the time of the merger Loopscale had facilitated more than $2 billion in loans and held over $150 million in deposits. Orca has done more than $550 billion in trading volume since 2021.

For points farmers, this is what matters:

The line worth bookmarking is in the Formation FAQ: “Points will convert later this year and details will be announced shortly.” The same page tells users to stay active until then.

There is no claim page yet, so any site offering a Loopscale airdrop claim is fake. Loopscale says anyone offering a Loopscale token or airdrop isn’t affiliated with the team. The official places are app.loopscale.com, docs.loopscale.com, formation.so, and @formation_so and @Loopscale on X.

What isn’t confirmed: ORCA, ratio and date

Points will convert. None of this is confirmed yet:

• What points convert into. ORCA is the token, and formation.so talks about “the ORCA and xORCA token network”, but nothing says points become ORCA, xORCA or anything else.
• The ratio or pool size. No allocation, no supply percentage.
• The date. Only “later this year”.
• Beta Points. Points earned before 4 April 2025 are tracked separately as Beta Points. Whether they convert on different terms hasn’t been said.
• Orca users. Nothing has been announced for Orca LPs or xORCA stakers.
• A snapshot. No snapshot date has been announced, which is why staying active matters.

Is it still worth farming Loopscale points?

Yes, but only with money you’d be happy lending at the yield the app shows you, even if the points end up worth nothing.

Before the pause, Loopscale was telling people to keep going, and a vault deposit paid its normal yield while the points built up. Deposits are halted for now. The catch is you’re farming blind: no asset, no ratio, no date. And if the conversion does land in ORCA or xORCA, the fee split behind xORCA depends on whether the ORCA vote changes went through (more on that below).

So I wouldn’t loop hard just for points. A 3x Loop pays 3x the swap fees for a payout nobody can size yet. A plain vault deposit was the low-effort way to stay in, but there is nothing to deposit into until the app reopens. Your capital here is competing with other places to park USDC and lending farms like the one in our Kamino airdrop guide, so compare the base yield first.

How Loopscale points add up

You earn points four ways: lending (through Vaults or Advanced Lending), borrowing against supported collateral, running Yield Loops, and referrals. Deposited capital earns points even while it sits idle, but capital that’s actually lent out earns more. There’s no published points-per-dollar figure.

Yellow or blue stars next to an APY mean that position has a bonus points multiplier, and hovering over the star shows the boost. Some strategies also earn points from other protocols: Solayer, Adrastea, Meteora, Solana App Hub, Fragmetric, Flash Trade, RateX and marginfi. Those are paid out by the partner, not by Loopscale.

Referrals pay the referrer 5% of a referee’s non-referral points, with no cap on how many people you refer. The Loopscale link on this page is our referral link, and as far as Loopscale has said, there’s nothing extra for the person signing up. The old Twitter and Discord tasks aren’t on Loopscale’s current list of ways to earn points either.

Orca LPs get a direct tie-in: Loopscale lets you borrow at a fixed rate against Orca Whirlpool positions. You can’t borrow against Meteora DLMM positions yet, so as a DLMM LP myself, that one’s not for me.

Costs and risks before you deposit

• Opening a position takes a small SOL deposit for Solana account rent. You get it back when you close and delete the position.
• Vaults can charge a management fee and a withdrawal fee (often zero). Standard withdrawals go through a queue: you request, the curator unwinds positions, then you claim. That can take a while. Some vaults let you skip the queue with an instant withdrawal for a higher fee. Withdrawals aren’t guaranteed to be instant.
• Vault curators don’t only lend. Depending on the mandate they can loop, buy fixed-yield assets or market-make rate markets, so read what your vault actually does.
• Loans run from 1 day to 3 months. Quick Borrow defaults to 1-day terms. Healthy loans refinance automatically at the end of the term, and if a refinance fails you get a 2-day grace period before liquidation.
• Liquidation only takes enough collateral to bring your loan back to a healthy LTV, not your whole position.
• Each Loop leverage step needs AMM swaps, and each swap pays fees, so a 3x Loop pays 3x the fees. Origination and slippage costs come on top.
• In April 2025 an attacker took $5.8 million by exploiting how Loopscale priced RateX PT collateral. The funds were returned after a 10% whitehat bounty. The merger leaves Loopscale’s contracts and security setup as they are.

The ORCA fee-split vote (13 to 20 October 2026)

Orca tokenholders voted on cutting xORCA stakers’ share of protocol fees from 40% to 10%. The re-run vote opened on 13 October 2026 and the cool-off ended on 20 October 2026. I haven’t been able to confirm the outcome from Orca or Formation, so check the proposal on Realms to see whether the changes went through. This only matters if you hold ORCA or xORCA, or you’re thinking of buying some as a side bet on the points conversion.

Right now 40% of Orca’s protocol fees buy ORCA for the xORCA staking vault. The proposal would change the split to:

• 10% to the xORCA vault
• 10% to a team-managed account for open-market ORCA buybacks
• 80% to the team for development

It would also move 14.2 million ORCA and about 70,000 SOL to team control, dissolve the Governance Council, and limit future tokenholder votes to minting new ORCA.

The first vote, opened on 5 October, was cancelled on 8 October so xORCA holders could take part. The re-run opened on 13 October with 5 days of voting plus a 2-day cool-off, and needed at least 3,000,000 Yes votes and more Yes than No. The cool-off ended on 20 October 2026. The full text is in the proposal on Orca’s forum.

I wouldn’t buy ORCA as a hedge on Loopscale points until you’ve checked the result on Realms. That’s not a call on price. If the changes went through, stakers go from 40% of fees to 10%, and xORCA is a much weaker hold.

FAQ

Is there a Loopscale airdrop?

Not as its own token. Loopscale points will convert later in 2026, and ORCA is the token for all of Formation. What the points convert into and at what ratio hasn’t been announced.

Will Loopscale launch a LOOP token?

No. Loopscale has confirmed it will not launch its own token. ORCA is the token for both Orca and Loopscale.

When do Loopscale points convert?

“Later this year”, meaning 2026. No exact date, ratio or snapshot has been published, and points keep accruing until then.

Is there an Orca airdrop for Loopscale users?

Not yet. Loopscale points convert later in 2026, but nobody has said they become ORCA, and nothing has been announced for Orca LPs or xORCA stakers. Any “Orca airdrop claim” page is fake.

Do I need to migrate or withdraw my Loopscale positions after the merger?

No. You don’t need to repay, withdraw, migrate or sign anything. The merger changed none of that. Separately, Loopscale has paused activity since 5 November 2026, so see the status note at the top.

Do Loopscale Beta Points still count?

Points earned before 4 April 2025 are kept separately as Beta Points. Loopscale hasn’t said whether they convert on different terms from standard points.

Can I borrow against Orca LP positions on Loopscale?

Yes. Loopscale supports fixed-rate borrowing against Orca Whirlpool positions. Meteora DLMM positions aren’t supported as collateral.

Is the Loopscale airdrop claim site real?

No. There is no claim yet. Loopscale says anyone offering a Loopscale token or airdrop isn’t affiliated with the team. Only use app.loopscale.com, formation.so and the @formation_so and @Loopscale accounts.

Is Loopscale paused, and are my funds safe?

Yes, activity has been paused since 5 November 2026. Loopscale says all deposited user funds are secured and the attacked SOL and USDC Genesis Vaults have been made whole. No reopening date has been given. This is the second incident on the Genesis Vaults after the April 2025 exploit. In 2025 repayments, collateral top-ups and closing loops came back first and vault withdrawals later, but that is no promise for this pause. Check app.loopscale.com for the current status.