Keel, a Solana-native capital allocator, has officially launched as part of the Sky ecosystem, formerly known as MakerDAO, with plans to deploy up to $2.5 billion from Sky's USDS stablecoin reserves into decentralized finance (DeFi) and real-world asset (RWA) markets on Solana. The announcement was made on September 30, 2025, at the APEX Singapore event, marking Keel as the third autonomous "star" unit in Sky's Endgame overhaul, following Spark and Grove.
The protocol will channel funds to support Solana-native protocols, including early integrations with Kamino, Jupiter, and Raydium, which provide infrastructure for lending, routing, and liquidity pools. Sky issues USDS and DAI stablecoins with a combined supply exceeding $7 billion, and Keel receives a dedicated allocation from these reserves to act as an on-chain capital engine. Cian Breathnach, CEO of Matariki Labs and a Keel contributor, stated, "It needs liquidity that can be accessed at speed and scale," emphasizing Keel's role in catalyzing growth for on-chain lending, borrowing, and tokenization.
Lily Liu, President of the Solana Foundation, highlighted that Keel aims to position Solana as a leading marketplace for internet-scale capital markets and tokenized traditional financial assets like bonds and commodities. Rune Christensen, co-founder of Sky, added that Keel is set to become the largest capital allocator on Solana, playing a key role in shaping the DeFi and RWA landscape. The launch underscores Solana's growing appeal for institutional capital and innovation in blockchain finance.
