The Event in Detail
Keel, a new Solana-native capital allocator operating under the Sky ecosystem, which evolved from MakerDAO, has officially launched. This new "star" project within Sky's modular framework is slated to deploy up to $2.5 billion of USDS stablecoin reserves into Solana-based decentralized finance (DeFi) protocols and Real-World Asset (RWA) markets. This move is part of Sky's strategic "Endgame" overhaul, aimed at simplifying governance and scaling DeFi adoption across multiple blockchains.
Initial integrations for Keel's capital deployment include established Solana DeFi applications such as Kamino, Jupiter, and Raydium. The USDS stablecoin, a decentralized, USD-pegged asset that rebranded from DAI, plays a central role in this strategy. It currently holds the position of the third-largest stablecoin by market capitalization, boasting approximately $5.3 billion and representing a 2.8% share of the stablecoin market.
To incentivize early participation, Sky is offering significant USDS rewards for liquidity providers on various Solana DeFi platforms. This includes 200,000 USDS in weekly rewards for USDC/USDS liquidity providers on Kamino Finance, an additional 100,000 USDS weekly for stablecoin suppliers to Kamino, and 100,000 USDS for suppliers to Drift Protocol. Save Finance users can also earn a share of 400,000 USDS in monthly rewards for supplying the stablecoin.
Financial Mechanics and Allocation Strategy
The planned deployment of up to $2.5 billion in USDS stablecoin reserves represents a substantial capital injection into the Solana ecosystem. This allocation strategy is deeply rooted in Sky's governance model, where SKY token holders stake their tokens and participate in on-chain voting via the Sky Atlas framework to approve protocol upgrades, risk parameters, and treasury allocations. The move signals a deliberate, governance-approved expansion of Sky's financial influence.
The use of USDS as the primary deployment asset underscores its role as a stable, decentralized, USD-pegged currency central to Sky's operations. Future plans, pending governance approval, include the rollout of SkyLink, a cross-chain bridge designed to facilitate seamless transfers of USDS and sUSDS (the savings version of the stablecoin) across various networks. The allocation specifically targets Solana's burgeoning on-chain lending, borrowing, and tokenization sectors, aiming to provide fundamental liquidity and foster innovation in these areas.
Business Strategy & Market Positioning
Keel's launch as a dedicated "star" within Sky's modular architecture highlights a focused expansion strategy, specifically targeting the Solana blockchain. This initiative is a core component of Sky's evolution from MakerDAO, emphasizing streamlined governance and a commitment to scaling DeFi adoption through accessible, user-controlled financial tools. By positioning USDS as a "major DeFi-native stablecoin on Solana," Sky aims to significantly increase the network's DeFi liquidity and Total Value Locked (TVL).
This strategic move aligns with Solana's broader efforts to bolster its DeFi ecosystem, which includes a $1 billion investment strategy focused on expanding DeFi applications such as lending, staking, and decentralized exchanges. Solana's ambition to develop a wider range of financial tools and enhance utility resonates with Keel's mission. Furthermore, the growing trend of Real-World Asset (RWA) tokenization on Solana is a crucial contextual factor. For instance, Forward Industries, Inc. has announced plans to tokenize its shares on the Solana blockchain and integrate them as collateral with platforms like Kamino, Drift, and Jupiter Lend, demonstrating the increasing institutional interest in Solana's RWA capabilities.
Broader Market Implications
The deployment of $2.5 billion in USDS by Keel is expected to have significant implications for the broader Web3 ecosystem. In the short term, it is projected to catalyze a substantial increase in capital flow and overall activity on Solana, potentially leading to a boost in Total Value Locked (TVL) for integrated DeFi protocols. Solana has already seen its TVL increase by 487% year-to-date to $8.34 billion, and this fresh capital could accelerate that growth.
Longer term, this initiative is poised to solidify Solana's position as a prominent hub for RWA tokenization and advanced DeFi strategies. It reinforces Sky's multi-chain strategy and is expected to enhance the utility and demand for the USDS stablecoin. For the wider Web3 space, Keel's launch signals a growing interest from established DeFi protocols in large-scale deployments on Solana, moving beyond speculative memecoin trading to embrace more fundamental financial applications. This strategic capital allocation contributes to the maturation of the blockchain industry and could drive further corporate adoption of tokenization, enhancing investor sentiment for Solana, RWA assets, and the overall DeFi sector.
source:[1] Keel Debuts as Sky's Solana-Focused 'Star' With a $2.5B Roadmap to Boost RWAs and DeFi (https://www.coindesk.com/business/2025/09/29/ ...)[2] What Is Sky (SKY) And How Does It Work? - CoinMarketCap (https://vertexaisearch.cloud.google.com/groun ...)[3] Sky, formerly Maker, launches USDS stablecoin on Solana - Cointelegraph (https://vertexaisearch.cloud.google.com/groun ...)