TLDR
- Keel protocol launches on Solana with roadmap to deploy up to $2.5 billion from Sky’s stablecoin reserves
- Third autonomous “star” unit from Sky ecosystem (formerly MakerDAO) focuses on Solana DeFi and tokenized assets
- Initial partnerships include major Solana protocols Kamino, Jupiter, and Raydium for lending and liquidity
- Sky operates USDS and DAI stablecoins with combined $7 billion supply across its ecosystem
- Launch positions Solana to compete for tokenized real-world asset market growth
A new capital allocation protocol called Keel went live on Solana this week. The platform plans to deploy as much as $2.5 billion into DeFi applications and tokenized asset markets.
Keel operates as part of the Sky ecosystem. Sky is the rebranded version of MakerDAO, one of the oldest DeFi protocols.
The protocol represents Sky’s third autonomous unit, known as a “star.” These stars emerged from Sky’s Endgame restructuring plan.
Each star operates independently with its own governance structure. Sky manages the USDS and DAI stablecoins, which together hold over $7 billion in total supply.
Sky’s first star, Spark, has accumulated more than $10 billion in total value locked on Ethereum. Spark has deployed over $1 billion into tokenized assets.
Grove launched as the second star earlier in 2025. Grove specializes in collateralized loan obligations.
Deploying Capital Across Solana
Keel functions as a bridge between Solana DeFi protocols and the stablecoin economy. The protocol receives USDS stablecoin reserves from Sky to deploy across Solana.
These funds will support Solana-native protocols and generate yield for the ecosystem. Keel has already integrated with Kamino, Jupiter, and Raydium.
These three platforms provide essential infrastructure for Solana DeFi. They handle lending markets, transaction routing, and liquidity pools.
Cian Breathnach leads Matariki Labs and contributes to Keel development. He explained that on-chain finance needs accessible liquidity at scale.
“Keel is the first to provide these enablers on Solana,” Breathnach said. The protocol aims to catalyze growth in lending, borrowing, and tokenization.
Targeting Real-World Assets
Keel’s deployment strategy could attract more tokenized real-world assets to Solana. The RWA sector brings traditional financial assets onto blockchain networks.
Bonds, commodities, and stocks can be tokenized and traded on-chain. This market has expanded rapidly across multiple blockchain platforms.
Lily Liu, president of the Solana Foundation, welcomed the launch. She described Keel as a key step for Solana’s position in capital markets.
Rune Christensen co-founded the original MakerDAO project. He stated that Keel will become Solana’s largest capital allocator.
Christensen expects the protocol to shape both DeFi and RWA development on Solana. The platform launched with its partner integrations already active.
The deployment of $2.5 billion would represent one of the largest capital commitments to Solana DeFi. Sky’s stablecoin reserves provide the funding for this expansion.
Keel joins a growing number of cross-chain DeFi protocols. These platforms aim to distribute liquidity across multiple blockchain ecosystems.
The protocol’s launch comes as Solana continues to grow its DeFi ecosystem. Solana has attracted developers building lending platforms, decentralized exchanges, and asset tokenization projects.
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