On Tuesday, September 30th, a new player emerged in the Solana ecosystem – Keel, a native capital allocator planning to direct up to $2.5 billion into decentralized finance and the tokenized assets market. The project is integrated into Sky, formerly known as MakerDAO, and has become one of its autonomous subunits called Stars.
Keel operates within Sky, a decentralized protocol issuing USDS and other assets with a total supply exceeding $7 billion. As part of its updated Endgame strategy, Sky is creating separate autonomous units. Each one is responsible for its own governance and implementation of new solutions. The first such subunit was Spark, which launched on Ethereum and accumulated more than $10 billion in locked liquidity, channeling over $1 billion into tokenized assets. The second unit, Grove, focused on securing debt obligations.
Keel’s Role in the Solana Ecosystem
According to the announcement, Keel has received a separate balance from USDS stablecoin reserves and will allocate capital within Solana protocols, serving as a bridge between DeFi and the stablecoin market. The goal is to support the ecosystem with rapid and scalable access to liquidity.
Initial integrations already include Kamino, Jupiter, and Raydium, which provide infrastructure for lending markets, routing, and liquidity pools.
Cian Breathnach, CEO of Matariki Labs and one of Keel’s contributors, said the project was created to provide the market not only with new assets but also with the capital needed to scale them. This should stimulate growth in lending, borrowing, and tokenization segments.
The plans also include bringing more tokenized real-world assets (RWA) into Solana – such as bonds, commodities, and equities.
Lily Liu, President of the Solana Foundation, called the launch of Keel a key step in developing the network as a platform for internet-scale capital markets.
Rune Christensen, co-founder of Sky, stated that Keel could become the largest capital allocator in the Solana ecosystem and influence the formation of the DeFi and RWA market.
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