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Unlocking scale for DeFi and tokenized markets

Keel is the capital engine that powers growth and stability across DeFi, tokenized markets, and strategic reserve treasury allocations.

KEEL'S CAPITAL ENGINE

Dynamic capital allocation at scale

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As an onchain capital allocator, Keel brings stablecoin liquidity at scale to DeFi and tokenized asset markets.
Keel's Capital Engine dynamically reallocates capital, optimizing for risk-adjusted yield and providing stability and depth to onchain capital markets.
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Catalysts for the next wave of RWAs & tokenized assets

The world's assets are coming onchain, with an anticipated value of
$30 trillion by 2034
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As one of the largest buyers of tokenized assets and RWAs, Keel is working alongside issuers and organizations in the tokenization chain to scale onchain marketplaces for RWAs and tokenized assets.

Keel sits at the intersection of DeFi and traditional finance, serving as the bridge that links these two worlds together.

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Empowered by

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Sky (formerly MakerDAO) is the issuer of USDS, and one of DeFi's most established protocols with deep, overcollateralized stablecoin reserves.

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As a Star in Sky's Ecosystem, Keel and Sky have a symbiotic relationship. Keel is empowered by Sky's stablecoin reserves, which power Keel's allocations across Solana.

Keel empowers Sky, generating value for the protocol and holders of USDS by growing and diversifying source of yield for the Sky Allocation System, and driving adoption of USDS in multiple ecosystems.

Areas of focus

Savings

Delivering predictable, stable and continuously compounding yield on your stablecoins by bringing USDS - the Savings Standard - to new ecosystems.

Stablecoin Lending

Enabling greater leverage on high quality assets by dynamically allocating liquidity into collateralised lending markets across DeFi.

RWAs & Tokenized Yield

Supporting the growth of tokenized assets through allocation at scale into tokenized yield bearing assets across real-world assets (RWAs) and tokenized strategies.

Stablecoin Swap Liquidity

Reinforcing ecosystem depth and peg stability by providing swap liquidity for leading stablecoin pairs.

RWA Redemption & Secondary Liquidity

Improving RWA onchain liquidity, redemptions, and liquidations by bridging traditional finance and always-on DeFi markets.

Liquidity & TVL Bootstrapping

Bootstrapping new issuances and products from zero to one, using substantial stablecoin reserves rather than third-party capital.

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Built for stability and transparency

News & Insights

Keel in 2026: Expanding the Mandate

Keel was founded on a thesis: that institutional-scale capital allocation, deployed with rigorous risk management and di...

4 min read23 February 2026
Sky & 'The Stars': DeFi's Ideal Capital Allocators?

In the evolution of decentralized finance, the efficiency of capital allocation remains a primary benchmark of maturity....

4 min read27 December 2025
Exploring the Building Blocks of Tokenized Assets

Tokenized assets are blockchain-based ‘digital representations or direct tokenizations of underlying real-world or finan...

5 min read27 November 2025
Keel launches as a ‘Pioneer Star’ in the Sky Ecosystem

One year ago, at Solana Breakpoint, Rune, the co-founder of Sky, proudly presented that Sky was coming to Solana. Since ...

2 min read20 October 2025
Introducing, Keel: Solana's Capital Engine

EDIT: This post was published at Keel's launch in September 2025. Keel's mandate has since expanded — see Keel in 2026, ...

3 min read29 September 2025

FAQs

Keel dynamically and programmatically allocates stablecoin liquidity across DeFi protocols and tokenized assets in pursuit of risk-adjusted returns in excess of the cost of borrowing from Sky.
No, Keel is not a fund, vault, or bank. Keel is a decentralized protocol integrated with both Sky's stablecoin reserves and various DeFi and tokenized asset protocols. The protocol does not accept user deposits, nor is there any custody of funds or assets. Keel allocates a combination of protocol-owned liquidity and funds borrowed from Sky. Learn more about the relationship between Sky and Keel here.
No, allocation activity is not restricted to USDS, and Keel will operate in multiple high quality stablecoins.
Keel allocates across DeFi protocols and tokenized asset, RWAs and onchain strategies. It is constrained by Sky's Risk Capital framework to ensure robust and safe allocation activity, but is free to allocate within those constraints.
All liquidity is protocol-owned, meaning that none of Keel's assets or positions are held by custodians or externally owned accounts/wallets.
Keel's balance sheet is backed by protocol-owned liquidity and funds borrowed from Sky. Unlike many DeFi protocols, Keel does not rely on user deposits to scale allocation.
Yes, both Spark and Grove are also Pioneer Stars in the Sky Ecosystem, each with different areas of focus. You can broadly interpret Spark, Grove, and Keel as siblings; for more information on the Star Agent Framework, please refer to our documentation here.
Sky is a decentralized stablecoin platform that creates value through capital formation. At the core is USDS, a leading decentralized and over-collateralized stablecoin.

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