Loopscale Airdrop 2026: Points, ORCA and the Orca Merger

The Loopscale airdrop won’t be a LOOP token. ORCA covers both apps after the Orca merger, points convert later in 2026, and an ORCA vote ends 16 Oct. The merger into a new company called Formation was announced on 7 October 2026, and Loopscale has said plainly that it will not launch its own token.

The farming hasn’t changed. Points still build up on lending, borrowing, Loops and referrals, and Loopscale is telling users to stay active until the conversion. Your existing positions are untouched and there’s nothing to sign. Nobody knows yet what the points turn into, at what ratio, or when.

Short version: keep a vault deposit open, don’t loop hard for points, and don’t buy ORCA as a hedge until the 16 October vote is done. If you want something with clearer terms, here are the other Solana airdrops we’re tracking.

Open the Loopscale app and connect a wallet

Go to the Loopscale app (our referral link) and click Connect. Any Solana wallet works. I’d use Solflare. Phantom has fallen off massively and feels slower now, and Solflare is way better. If you’re starting from zero, pick one from our wallet rundown.

Keep a little SOL in the wallet. Each position needs a small rent deposit, which you get back when you close the position.

Deposit into a vault

This is the low-effort way to earn points. Open the Earn (vaults) section, pick a vault, and read its mandate, allocation, fees and risk info before you deposit. Then use the Deposit panel.

The vault gives you share tokens for your slice of it. A curator deploys the money according to the vault’s mandate (lending, looping, fixed-yield assets and so on), and you earn the vault’s yield plus points. Getting out goes through a queue by default: request, wait for the curator to unwind, then claim. Some vaults offer a pricier instant withdrawal.

If you’d rather set your own rates and terms, Advanced Lending also earns points, but you manage the positions yourself.

Borrow against your collateral (optional)

Borrowing against supported collateral also earns points. On the Borrow page, pick the token you want, choose your collateral and amount, set your LTV and confirm.

Quick Borrow uses 1-day terms that refinance automatically. Advanced Borrow lets you choose longer fixed terms, up to 3 months where there’s liquidity. Stay well below the maximum LTV. Liquidation only takes what’s needed to restore a healthy LTV, but it still costs you.

Open a Loop only if you understand the leverage

On the Loops page, pick a Loop and check whether it’s market-neutral or exposed to price moves. Then choose your leverage, slippage and fixed-rate duration. Longer durations cut rate risk but can cost more.

Every leverage step needs swaps that each pay fees, so a 3x Loop pays 3x the fees. Keep an eye on the liquidation threshold on the Loop’s detail view.

Check your points and multipliers

Look for yellow or blue stars next to APYs. They mark bonus point multipliers, and hovering shows the boost. Partner points from integrated protocols show the partner’s logo and are paid out by that partner.

Then leave your position open. Points keep accruing until the conversion, and there is nothing to claim yet.

What the Orca merger changed for the Loopscale airdrop

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:

What	Where it stands now
Token	No Loopscale token. ORCA is the token for all of Formation, Loopscale included
Points	Still accruing. They convert later in 2026, details to be announced
Your positions	Untouched. Nothing to repay, withdraw, migrate or sign
Lending, borrowing, Loops, Vaults	Running as normal
Contracts and security	Same programs, upgrade authority, multisig, bug bounty and risk controls

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. Here’s how fake claim pages drain wallets if you want the full pattern.

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.

Loopscale points timeline: Beta Points before 4 April 2025, the April 2025 exploit, the Formation merger on 7 October 2026, the ORCA vote from 11 to 16 October 2026, the cool-down to 18 October, and the points conversion later in 2026 — Key Loopscale points dates, from the Beta Points cutoff to the points conversion later in 2026.

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.

Loopscale is openly telling people to keep going, and a vault deposit pays its normal yield while the points build up, so sitting in one doesn’t cost you anything extra. 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 could change in a few days (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 is the low-effort way to stay in. 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. If you’re already farming Fragmetric’s points or following our marginfi walkthrough, check which Loopscale strategies stack with them.

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.

If you’re new to this, read how lending and borrowing work on Solana before you borrow.

The ORCA fee-split vote (11 to 16 October 2026)

Orca tokenholders vote from 11 to 16 October 2026 on cutting xORCA stakers’ share of protocol fees from 40% to 10%. 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 was cancelled so xORCA holders had time to take part. The re-run opens on 11 October at about 10am ET and closes on 16 October at about 10am ET, followed by a cool-down to 18 October. It passes with at least 3,000,000 ORCA voting Yes and more Yes than No votes. Only deposited ORCA counts, so xORCA holders have to unstake first (a 7-day wait, with an NFT claim ticket) or swap into ORCA before voting closes. If you want to vote from xORCA, start unstaking now. The full text is in the proposal on Orca’s forum.

I wouldn’t buy ORCA as a hedge on Loopscale points until this vote is settled. That’s not a call on price. If it passes, 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. Loans, vault deposits and Loops carry on as normal.

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.