Keel, a new Solana-native onchain capital allocator, has officially launched to drive the next wave of DeFi and RWA adoption. Launching with an initial roadmap of $2.5 billion, Keel will allocate into DeFi and RWA liquidity, and yield-bearing tokenized assets. These allocations will act as an engine for ecosystem growth, and provide the depth and stability required to support institutional access to Solana’s capital markets.
Keel benefits from direct access to reserves of Sky’s decentralized stablecoin USDS, powering its ability to allocate capital across Solana efficiently. As the steward of USDS on Solana, the Keel team is already supporting the biggest Solana-native DeFi protocols, including Kamino, Jupiter, and Raydium.
Cian Breathnach, Founder and CEO of Matariki Labs and contributor to Keel, said, “Keel was founded on the belief that the next phase of growth for onchain finance needs more than new assets alone; it needs liquidity that can be accessed at speed and scale. Keel is the first to provide these enablers on Solana, delivering the capital and catalyzing force for the next stage of growth in onchain lending, borrowing, tokenization, and more.”
Keel sits at the intersection of DeFi and TradFi, and works alongside issuers and tokenization organizations to accelerate and scale Solana’s marketplace for RWAs and tokenized assets as both a capital allocator, directly holding yield-bearing tokenized assets; and through the provision of redemption and liquidation support at a scale currently unserviced on the network.
Lily Liu, President of the Solana Foundation, said, “Keel is enabling institutional-grade access to DeFi and real-world assets on Solana. As the only protocol centered on sustained revenues, the availability of this on-chain balance sheet from Keel will drive growth across TradFi and DeFi at a speed and scale that defines the network. This is a key step in cementing Solana’s position as the leading platform for internet capital markets.”
Keel will also act as a bridge between Solana DeFi protocols and the broader stablecoin economy, facilitating access to billions in liquidity for lending and borrowing markets to catalyze growth, and filling a similar structural gap on Solana to the Spark Liquidity Layer (SLL) on Ethereum, the first Sky Star, which, two years after launch, has a TVL of over $8 billion and spearheaded the onboarding of $1 billion in tokenized assets.
“Keel combines the passion and expertise of a Solana-native team with the proven scale, experience, and infra of the Sky ecosystem, to bring the next wave of institutional capital to DeFi on Solana,” said Rune Christensen, co-founder of Sky. “Keel is set to become the largest onchain balance sheet and allocator in the Solana ecosystem, partnering with the best in Solana to play a leading role in shaping the DeFi and RWA landscape.”