Abu Dhabi - Keel, a Solana-based onchain capital allocator, has launched the first season of its “Tokenization Regatta,” an open competition aimed at expanding real-world asset (RWA) activity on the Solana network. The announcement was made on 11 December at Solana Breakpoint in Abu Dhabi.
According to the company, the program will allocate up to $500 million to selected tokenized assets through a formal request-for-proposal (RFP) process followed by an evaluation period. The initiative is positioned as the first large-scale competition of its kind for RWAs on Solana.
Keel said the program is intended to increase liquidity in Solana’s tokenized-asset markets and provide a structured route for future issuers. The company estimates that the allocations could lift the value of Solana-based RWAs by more than 60 percent, though that figure is internal and has not been independently verified.
Cian Breathnach, founder and CEO of Matariki Labs and a contributor to Keel, said the project aims to address what he described as a gap between asset issuers and large-scale buyers. He noted that more than 40 institutions have engaged in preliminary discussions about participating.
The Regatta is part of a broader roadmap Keel outlined earlier this year at Solana Apex, where it indicated plans to deploy up to $2.5 billion over time to support tokenized-asset markets. Keel also has direct access to reserves from Sky’s decentralized stablecoin, USDS, which it uses to provide lending capacity within Solana-based DeFi platforms.
Ben Brophy, Head of Institutional Growth (Europe) at the Solana Foundation, said the initiative is one component of efforts to build market infrastructure suitable for institutional-scale token issuance and trading.
Applications for Season 1 open on 11 December. Issuers can apply under two categories: immediate deployment in Q1 2026, or longer-term development of a native tokenization pipeline. Proposals will be reviewed by contributors from Keel, the Sky Risk Council, Particula, and Kinetika Research. Short-listed candidates will be evaluated on factors such as tokenization structure, risk-adjusted yield, and liquidity.
