FinanceShare
Keel Debuts as Sky’s Solana-Focused ‘Star’ With a $2.5B Roadmap to Boost RWAs and DeFi
The new protocol will channel USDS stablecoin reserves into Solana-based lending markets and real-world asset strategies.
By Krisztian Sandor|Edited by Nikhilesh De
Sep 30, 2025, 7:00 a.m.
What to know:
- Keel debuts on Solana with a roadmap to deploy as much as $2.5 billion into DeFi and RWA markets.
- The new protocol will receive an allocation from Sky’s USDS stablecoin reserves to deploy to Solana-based DeFi apps such as Kamino, Jupiter and Raydium.
- Keel joins Spark and Grove as the third autonomous unit, or “star,” of the Sky ecosystem, formerly known as MakerDAO.
Keel, a new Solana-native capital allocator, debuted on Tuesday with a roadmap to channel up to $2.5 billion across decentralized finance (DeFi) and tokenized asset markets in the Solana SOL$232.94 ecosystem.
Keel is structured as being part of the Sky ecosystem, the long-running DeFi protocol formerly known as MakerDAO, as one of its autonomous units called “stars.” That’s part of Sky’s major overhaul dubbed Endgame that includes creating smaller units, each of which is responsible for its own governance and innovation at the edge of the ecosystem. Sky is centered around issuing the USDS (USDS) and DAI$0.9996 decentralized stablecoins, which have a combined supply of over $7 billion.
STORY CONTINUES BELOW
Don’t miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.
Spark, the first of Sky’s stars, has grown to more than $10 billion in total value locked (TVL) on Ethereum while allocating funds to over $1 billion in tokenized assets. Grove, the second unit launched earlier this year, is focused on collateralized loan obligations.
Keel’s mandate is acting as an on-chain capital allocator that sits between Solana DeFi protocols and the broader stablecoin economy. It receives a dedicated balance sheet from the USDS stablecoin reserves to deploy and support Solana-native protocols to generate yield. Early integrations include Kamino, Jupiter and Raydium, Solana-hosted marketplaces where liquidity can serve as a foundation for lending markets, routing and liquidity pools.
“Keel was founded on the belief that the next phase of on-chain finance growth needs more than new assets alone; it needs liquidity that can be accessed at speed and scale,” said Cian Breathnach, CEO of Matariki Labs and a contributor to Keel. “Keel is the first to provide these enablers on Solana, delivering the capital and catalyzing force for the next stage of growth in on-chain lending, borrowing, tokenization and more.”
Keel’s plan could also help attract more tokenized real-world assets (RWA) to the Solana space, a fast-growing sector that aims to use blockchain rails to move and settle traditional financial assets like bonds, commodities and stocks.
Lily Liu, president of the Solana Foundation, called Keel “a key step” in positioning the blockchain as a leading marketplace for internet-scale capital markets. Rune Christensen, co-founder of Sky, added that Keel is set to become the largest capital allocator on Solana and will play a key role in shaping the DeFi and RWA landscape.
Read more: Blockchain-Based RWA Specialists Bring $50M to Apollo’s Tokenized Credit Strategy
SolanaDeFiMakerDAOReal World AssetsExclusive
More For You
China Financial Leasing Group to Raise $11M for Crypto Investment
By Jamie Crawley|Edited by Oliver Knight
38 minutes ago
China Financial will raise the capital through a new share subscription, issuing over 69 million new shares at a price of 1.25 Hong Kong dollars each.
What to know:
- China Financial Leasing Group says it plan to raise around 86.5 million Hong Kong dollars ($11.1 million), from which it will build a cryptocurrency investment platform.
- Approximately 94% of the net proceeds from the raise will be used for investment in securities of company in various sectors, with a focus on the crypto and blockchain industries and AI.
- The company added that it intends to focus on “establishing a crypto and AI digital asset investment platform,” in an announcement on Sunday.
BNB Tops $1.2K in 4% Rally as Chain Activity and Institutional Demand Accelerate
China Financial Leasing Group to Raise $11M for Crypto Investment
AI and HPC Hype Fuels Pre-Market Rally in Bitcoin (BTC) Mining Stocks
XRP Volumes on Aster DEX Mimic Those on Binance, Raising Questions About Market Frenzy
U.S. Government Shutdown, UK ETNs, Hedera Upgrade: Crypto Week Ahead
Polymarket Bettors Say U.S. Government Shutdown Will be Long But Won’t Break Records
Top Stories
XRP Volumes on Aster DEX Mimic Those on Binance, Raising Questions About Market Frenzy
Bitcoin Hits Record High Against Yen as Japan’s New PM Sanae Plans to Revive ‘Abenomics’
XRP, DOGE, SOL See Profit-Taking, Bitcoin’s New High (Maybe) Could Still Rise Higher
Polymarket Bettors Say U.S. Government Shutdown Will be Long But Won’t Break Records
Asia Morning Briefing: Why Russia-Linked Stablecoin Issuer A7A5 Could Exhibit at Token2049 Despite Singapore Sanctions
Bitcoin Surges to Record High Above $125K After $3.2B in Spot BTC Inflows
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Disclosure & Polices: CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services. Bullish owns and invests in digital asset businesses and digital assets and CoinDesk employees, including journalists, may receive Bullish equity-based compensation.
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FinanceShare
Keel Debuts as Sky’s Solana-Focused ‘Star’ With a $2.5B Roadmap to Boost RWAs and DeFi
The new protocol will channel USDS stablecoin reserves into Solana-based lending markets and real-world asset strategies.
By Krisztian Sandor|Edited by Nikhilesh De
Sep 30, 2025, 7:00 a.m.
What to know:
- Keel debuts on Solana with a roadmap to deploy as much as $2.5 billion into DeFi and RWA markets.
- The new protocol will receive an allocation from Sky’s USDS stablecoin reserves to deploy to Solana-based DeFi apps such as Kamino, Jupiter and Raydium.
- Keel joins Spark and Grove as the third autonomous unit, or “star,” of the Sky ecosystem, formerly known as MakerDAO.
Keel, a new Solana-native capital allocator, debuted on Tuesday with a roadmap to channel up to $2.5 billion across decentralized finance (DeFi) and tokenized asset markets in the Solana SOL$232.94 ecosystem.
Keel is structured as being part of the Sky ecosystem, the long-running DeFi protocol formerly known as MakerDAO, as one of its autonomous units called “stars.” That’s part of Sky’s major overhaul dubbed Endgame that includes creating smaller units, each of which is responsible for its own governance and innovation at the edge of the ecosystem. Sky is centered around issuing the USDS (USDS) and DAI$0.9996 decentralized stablecoins, which have a combined supply of over $7 billion.
STORY CONTINUES BELOW
Don’t miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.
Spark, the first of Sky’s stars, has grown to more than $10 billion in total value locked (TVL) on Ethereum while allocating funds to over $1 billion in tokenized assets. Grove, the second unit launched earlier this year, is focused on collateralized loan obligations.
Keel’s mandate is acting as an on-chain capital allocator that sits between Solana DeFi protocols and the broader stablecoin economy. It receives a dedicated balance sheet from the USDS stablecoin reserves to deploy and support Solana-native protocols to generate yield. Early integrations include Kamino, Jupiter and Raydium, Solana-hosted marketplaces where liquidity can serve as a foundation for lending markets, routing and liquidity pools.
“Keel was founded on the belief that the next phase of on-chain finance growth needs more than new assets alone; it needs liquidity that can be accessed at speed and scale,” said Cian Breathnach, CEO of Matariki Labs and a contributor to Keel. “Keel is the first to provide these enablers on Solana, delivering the capital and catalyzing force for the next stage of growth in on-chain lending, borrowing, tokenization and more.”
Keel’s plan could also help attract more tokenized real-world assets (RWA) to the Solana space, a fast-growing sector that aims to use blockchain rails to move and settle traditional financial assets like bonds, commodities and stocks.
Lily Liu, president of the Solana Foundation, called Keel “a key step” in positioning the blockchain as a leading marketplace for internet-scale capital markets. Rune Christensen, co-founder of Sky, added that Keel is set to become the largest capital allocator on Solana and will play a key role in shaping the DeFi and RWA landscape.
Read more: Blockchain-Based RWA Specialists Bring $50M to Apollo’s Tokenized Credit Strategy
SolanaDeFiMakerDAOReal World AssetsExclusive
More For You
China Financial Leasing Group to Raise $11M for Crypto Investment
By Jamie Crawley|Edited by Oliver Knight
38 minutes ago
China Financial will raise the capital through a new share subscription, issuing over 69 million new shares at a price of 1.25 Hong Kong dollars each.
What to know:
- China Financial Leasing Group says it plan to raise around 86.5 million Hong Kong dollars ($11.1 million), from which it will build a cryptocurrency investment platform.
- Approximately 94% of the net proceeds from the raise will be used for investment in securities of company in various sectors, with a focus on the crypto and blockchain industries and AI.
- The company added that it intends to focus on “establishing a crypto and AI digital asset investment platform,” in an announcement on Sunday.
BNB Tops $1.2K in 4% Rally as Chain Activity and Institutional Demand Accelerate
China Financial Leasing Group to Raise $11M for Crypto Investment
AI and HPC Hype Fuels Pre-Market Rally in Bitcoin (BTC) Mining Stocks
XRP Volumes on Aster DEX Mimic Those on Binance, Raising Questions About Market Frenzy
U.S. Government Shutdown, UK ETNs, Hedera Upgrade: Crypto Week Ahead
Polymarket Bettors Say U.S. Government Shutdown Will be Long But Won’t Break Records
Top Stories
XRP Volumes on Aster DEX Mimic Those on Binance, Raising Questions About Market Frenzy
Bitcoin Hits Record High Against Yen as Japan’s New PM Sanae Plans to Revive ‘Abenomics’
XRP, DOGE, SOL See Profit-Taking, Bitcoin’s New High (Maybe) Could Still Rise Higher
Polymarket Bettors Say U.S. Government Shutdown Will be Long But Won’t Break Records
Asia Morning Briefing: Why Russia-Linked Stablecoin Issuer A7A5 Could Exhibit at Token2049 Despite Singapore Sanctions
Bitcoin Surges to Record High Above $125K After $3.2B in Spot BTC Inflows
In this article
Only 2 articles remaining this month.
About
Contact
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Videos
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Indices
- Mult-Asset Indices
- Reference Rates
- Strategies & Services
- Insights & Announcements
- Documentation & Governance
Events
Research
EthicsPrivacyTerms of UseCookie SettingsDo Not Sell My InfoBug Bounty Program
© 2025 CoinDesk, Inc.
Disclosure & Polices: CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services. Bullish owns and invests in digital asset businesses and digital assets and CoinDesk employees, including journalists, may receive Bullish equity-based compensation.
- NewsBack to menuNews
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FinanceShare
Keel Debuts as Sky’s Solana-Focused ‘Star’ With a $2.5B Roadmap to Boost RWAs and DeFi
The new protocol will channel USDS stablecoin reserves into Solana-based lending markets and real-world asset strategies.
By Krisztian Sandor|Edited by Nikhilesh De
Sep 30, 2025, 7:00 a.m.
What to know:
- Keel debuts on Solana with a roadmap to deploy as much as $2.5 billion into DeFi and RWA markets.
- The new protocol will receive an allocation from Sky’s USDS stablecoin reserves to deploy to Solana-based DeFi apps such as Kamino, Jupiter and Raydium.
- Keel joins Spark and Grove as the third autonomous unit, or “star,” of the Sky ecosystem, formerly known as MakerDAO.
Keel, a new Solana-native capital allocator, debuted on Tuesday with a roadmap to channel up to $2.5 billion across decentralized finance (DeFi) and tokenized asset markets in the Solana SOL$232.94 ecosystem.
Keel is structured as being part of the Sky ecosystem, the long-running DeFi protocol formerly known as MakerDAO, as one of its autonomous units called “stars.” That’s part of Sky’s major overhaul dubbed Endgame that includes creating smaller units, each of which is responsible for its own governance and innovation at the edge of the ecosystem. Sky is centered around issuing the USDS (USDS) and DAI$0.9996 decentralized stablecoins, which have a combined supply of over $7 billion.
STORY CONTINUES BELOW
Don’t miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.
Spark, the first of Sky’s stars, has grown to more than $10 billion in total value locked (TVL) on Ethereum while allocating funds to over $1 billion in tokenized assets. Grove, the second unit launched earlier this year, is focused on collateralized loan obligations.
Keel’s mandate is acting as an on-chain capital allocator that sits between Solana DeFi protocols and the broader stablecoin economy. It receives a dedicated balance sheet from the USDS stablecoin reserves to deploy and support Solana-native protocols to generate yield. Early integrations include Kamino, Jupiter and Raydium, Solana-hosted marketplaces where liquidity can serve as a foundation for lending markets, routing and liquidity pools.
“Keel was founded on the belief that the next phase of on-chain finance growth needs more than new assets alone; it needs liquidity that can be accessed at speed and scale,” said Cian Breathnach, CEO of Matariki Labs and a contributor to Keel. “Keel is the first to provide these enablers on Solana, delivering the capital and catalyzing force for the next stage of growth in on-chain lending, borrowing, tokenization and more.”
Keel’s plan could also help attract more tokenized real-world assets (RWA) to the Solana space, a fast-growing sector that aims to use blockchain rails to move and settle traditional financial assets like bonds, commodities and stocks.
Lily Liu, president of the Solana Foundation, called Keel “a key step” in positioning the blockchain as a leading marketplace for internet-scale capital markets. Rune Christensen, co-founder of Sky, added that Keel is set to become the largest capital allocator on Solana and will play a key role in shaping the DeFi and RWA landscape.
Read more: Blockchain-Based RWA Specialists Bring $50M to Apollo’s Tokenized Credit Strategy
SolanaDeFiMakerDAOReal World AssetsExclusive
More For You
China Financial Leasing Group to Raise $11M for Crypto Investment
By Jamie Crawley|Edited by Oliver Knight
38 minutes ago
China Financial will raise the capital through a new share subscription, issuing over 69 million new shares at a price of 1.25 Hong Kong dollars each.
What to know:
- China Financial Leasing Group says it plan to raise around 86.5 million Hong Kong dollars ($11.1 million), from which it will build a cryptocurrency investment platform.
- Approximately 94% of the net proceeds from the raise will be used for investment in securities of company in various sectors, with a focus on the crypto and blockchain industries and AI.
- The company added that it intends to focus on “establishing a crypto and AI digital asset investment platform,” in an announcement on Sunday.
BNB Tops $1.2K in 4% Rally as Chain Activity and Institutional Demand Accelerate
China Financial Leasing Group to Raise $11M for Crypto Investment
AI and HPC Hype Fuels Pre-Market Rally in Bitcoin (BTC) Mining Stocks
XRP Volumes on Aster DEX Mimic Those on Binance, Raising Questions About Market Frenzy
U.S. Government Shutdown, UK ETNs, Hedera Upgrade: Crypto Week Ahead
Polymarket Bettors Say U.S. Government Shutdown Will be Long But Won’t Break Records
Top Stories
XRP Volumes on Aster DEX Mimic Those on Binance, Raising Questions About Market Frenzy
Bitcoin Hits Record High Against Yen as Japan’s New PM Sanae Plans to Revive ‘Abenomics’
XRP, DOGE, SOL See Profit-Taking, Bitcoin’s New High (Maybe) Could Still Rise Higher
Polymarket Bettors Say U.S. Government Shutdown Will be Long But Won’t Break Records
Asia Morning Briefing: Why Russia-Linked Stablecoin Issuer A7A5 Could Exhibit at Token2049 Despite Singapore Sanctions
Bitcoin Surges to Record High Above $125K After $3.2B in Spot BTC Inflows
In this article
Only 2 articles remaining this month.
About
Contact
News
Videos
Podcasts
Cryptocurrencies
Data
Indices
- Mult-Asset Indices
- Reference Rates
- Strategies & Services
- Insights & Announcements
- Documentation & Governance
Events
Research
EthicsPrivacyTerms of UseCookie SettingsDo Not Sell My InfoBug Bounty Program
© 2025 CoinDesk, Inc.
Disclosure & Polices: CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services. Bullish owns and invests in digital asset businesses and digital assets and CoinDesk employees, including journalists, may receive Bullish equity-based compensation.
- NewsBack to menuNews
- PricesBack to menuPrices
- DataBack to menuData
- IndicesBack to menuIndices
- ResearchBack to menuResearch
- EventsBack to menuEvents
- SponsoredBack to menuSponsored
- VideosBack to menuVideos
- PodcastsBack to menuPodcasts
- NewslettersBack to menuNewsletters
- WebinarsBack to menuWebinars
English
Select Language
EnglishenEspañolesFilipinofilFrançaisfrItalianoitPortuguêspt-brРусскийruУкраїнськаukDeutschdeNederlandsnl한국어ko中文zhuguêspt-brРусскийruУкраїнськаukDeutschdeNederlandsnl한국어ko中文zh
