Keel, a new native Solana capital allocation platform, launched on Tuesday with an ambitious strategy to deploy up to $2.5 billion across decentralized finance (DeFi) and tokenized asset markets within the Solana (SOL) ecosystem.
Operating as part of the Sky ecosystem—the established DeFi protocol previously known as MakerDAO—Keel functions as one of its autonomous "stars." This structure is part of Sky's comprehensive Endgame transformation, which involves creating smaller, independently governed units to drive innovation. Sky specializes in issuing USDS and DAI decentralized stablecoins, with a combined circulating supply exceeding $7 billion.
Spark, Sky's inaugural star, has achieved over $10 billion in total value locked (TVL) on Ethereum and allocated more than $1 billion to tokenized assets. Grove, the second unit launched this year, focuses on collateralized loan obligations.
Keel serves as an on-chain capital allocator connecting Solana DeFi protocols with the broader stablecoin economy. It utilizes dedicated capital from USDS stablecoin reserves to support Solana-native protocols and generate yield. Initial integrations include major Solana platforms Kamino, Jupiter, and Raydium—marketplaces providing foundational liquidity for lending, routing, and liquidity pools.
"Keel was established on the principle that the next evolution of on-chain finance requires more than new assets; it demands liquidity accessible at speed and scale," stated Cian Breathnach, CEO of Matariki Labs and Keel contributor. "As the first to deliver these capabilities on Solana, Keel provides both capital and catalytic force for advancing on-chain lending, borrowing, tokenization, and beyond."
Keel's initiative is also positioned to attract more tokenized real-world assets (RWA) to Solana—a rapidly expanding sector leveraging blockchain technology to transfer and settle traditional financial instruments including bonds, commodities, and stocks.
Lily Liu, President of the Solana Foundation, described Keel as "a pivotal step" in establishing Solana as a premier platform for internet-scale capital markets. Rune Christensen, Sky co-founder, emphasized that Keel is poised to become Solana's largest capital allocator and will significantly influence the future development of DeFi and RWA markets.