The Keeta Network has the backing of heavyweight investors such as former Google CEO Eric Schmidt, but its technological performance, transparency, and market acceptance still face scrutiny.
Written by: Luke, Mars Finance
There is no shortage of surprises in the cryptocurrency market. It's hard not to wonder when a previously unknown name – Keeta – suddenly bursts into view as a dark horse, and its token, KTA, soars in price in a short period of time, with a market cap of $1.1 billion at one point, hitting an all-time high, it's hard not to wonder: what exactly is being sold in this gourd? Is it another short-lived capital carnival, or is it a new species with real subversive power that is quietly knocking on the door of the times? This curiosity is especially deepened when Keeta's name is closely associated with the hot RWA (Real World Asset) track of the moment. After all, the RWA narrative is being seen as the next industry outlet that could leverage trillions of traditional assets, and any up-and-coming "seed player" at this point will naturally be scrutinized under the microscope. Keeta, would that be the answer to look forward to?
The discussion around Keeta isn't just about the technology itself. The investment endorsement of heavyweights such as former Google CEO Eric Schmidt has brought it a dazzling halo and a pursuit of capital. Its staggering performance claims, such as processing power of up to 10 million transactions per second (TPS) and a settlement time of 400 milliseconds, have caused a huge stir in the industry, but have also been accompanied by cautious skepticism from the technical community and market observers. Keeta's meteoric rise appears to be the product of a combination of factors such as the RWA craze, celebrity effect, bold technology narratives, and the crypto market's search for high-growth L1 alternatives. This "perfect storm" rise has not only brought about a rapid rise in market value, but also put it in the spotlight and faced a more severe reality test. This article will delve into Keeta Network's technical features, market positioning, challenges, and future prospects in the RWA space.
RWA Wave: The Next Stop for a Trillion-Dollar Market?
Before delving into an analysis of Keeta, it is necessary to understand its core battlefield - the tokenization of Real World Assets (RWA). In the context of blockchain, RWA refers to digital tokens that represent tangible or intangible assets existing in the real world. These assets range widely from real estate, commodities, and artworks to bonds, carbon credits, and more. The core idea is to utilize blockchain technology to give these traditional or physical assets a digital form, thereby building a bridge between the physical world, traditional finance, and the digital economy.
The market potential for RWA tokenization is enormous. According to industry analysis, the potential scale of the RWA tokenization market could reach several trillion dollars. As of December 2024, the market size for RWA tokenization, excluding stablecoins, has reached $15.2 billion, while the total tokenization market size, including stablecoins, has soared to $217.26 billion. Furthermore, predictions indicate that by 2034, the RWA tokenization market is expected to grow to $30.1 trillion. Behind this trend are the multiple core advantages brought by RWA tokenization:
Enhanced Liquidity: Transform traditionally illiquid assets (such as real estate, private equity) into tokens that can be efficiently traded in the secondary market, thereby unlocking their intrinsic value.
Enhance accessibility and achieve partial ownership: Through tokenization, high-value assets can be divided into smaller shares, lowering the investment threshold and allowing more investors to participate.
Improved transparency and security: The distributed ledger feature of the blockchain ensures the immutability and traceability of transaction records, enhancing the transparency and security of asset ownership and transaction history.
Improve efficiency and reduce costs: The application of smart contracts can automate the execution of complex processes such as asset transactions and dividend distributions, reducing reliance on intermediaries, thereby increasing operational efficiency and lowering transaction costs.
Despite the broad prospects, the development of RWA tokenization is not smooth sailing and still faces numerous challenges. The uncertainty of the regulatory environment and the complexity of compliance are the foremost issues, as varying laws and regulations in different jurisdictions pose obstacles to the global circulation of RWA. In addition, ensuring the accurate anchoring of on-chain token value to the actual value of off-chain assets, the reliability and security of data provided by Oracles, security vulnerabilities within smart contracts, and the legal validity of tokenized ownership are all critical issues that need to be addressed in the RWA space.
Despite this, there has been no shortage of success stories in the practice of RWA tokenization. For example, tokenized U.S. Treasury products have attracted the attention of a large number of institutional funds, such as BlackRock's BUIDL fund and Franklin Templeton's money market fund on Avalanche. Dubai-based real estate developer DAMAC has partnered with MANTRA to tokenize $1 billion worth of assets, including real estate and data centers. The gold issued by Tether supports the stablecoin XAUT and also provides a convenient way to digitally trade physical gold. These cases show that RWA is not just a theoretical idea, but also a gradual implementation and shows its potential for change. Much of what makes the RWA narrative so compelling is that it is seen as a bridge between the vast world of traditional finance (TradFi) and the emerging crypto space. Focusing on RWAs, especially compliance-focused projects like Keeta, aims to pave the way for institutional capital and mainstream users to enter the digital asset space. The active participation of financial giants such as BlackRock in tokenized Treasuries is a strong evidence of this trend. The success of the RWA track will greatly enhance the legitimacy and scale of the entire digital asset ecosystem, expanding it from speculation in crypto-native assets to accommodating a wide range of real-world value. Therefore, those Layer-1 public chains that can handle RWA safely and compliantly occupy the strategic commanding heights.
Keeta Network: The Challenger Born with a "Golden Key"
Keeta Network was born in such an era. Its officially stated mission is to unify the global payment network, achieve efficient and compliant circulation of RWA, and aims to become the universal underlying infrastructure for the transfer of all assets. Keeta aims to break the bottlenecks of traditional finance (TradFi) by providing near-instant, low-cost cross-border payment solutions.
The reason why Keeta stands out from many emerging public chain projects is largely due to its strong "halo effect". One of the most dazzling is the endorsement of former Google CEO Eric Schmidt. In 2023, Schmidt, through his venture capital firm, Steel Perlot, led Keeta's $17 million seed round and personally served as project advisor. Schmidt has publicly stated that "Keeta's technology is orders of magnitude more scalable and efficient than existing solutions." The platform of this heavyweight has undoubtedly injected Keeta with strong market confidence and media attention. When Schmidt followed Keeta's official account on social media X, the price of the KTA token soared, demonstrating the magnitude of its influence.
In terms of team composition, Keeta has also brought together members with relevant experience. Co-founder and CEO Ty Schenk is a software engineer who previously worked in the cryptocurrency payment sector and was a former partner at Steel Perlot as well as the CEO of LFG Payments. Chief Technology Officer Roy Keene was a core developer of Nano (formerly RaiBlocks), who left due to a desire to change Nano's incentive mechanism and promote institutional adoption, leading to the creation of a new project.
This powerful background and team experience is like handing Keeta a "golden key," allowing it to gain far more attention and resources than ordinary startups in the early stages of the project. However, this is also like a double-edged sword. A prominent background brings advantages but also means that the market has extremely high expectations of it. Any technical flaws, delays in the roadmap, or gaps between promises and reality will be magnified infinitely and may draw harsher criticism. If this "Google halo" cannot be supported by sustained actual results, its brilliance may quickly dim. Keeta's subsequent development will serve as a typical case to observe how a startup manages market expectations and realizes grand visions under strong endorsements.
Under the Hood: Keeta's Technical Arsenal and Compliance Design
Keeta Network claims that its high performance and compliance features stem from its unique technological architecture and design philosophy. Understanding these core components is key to assessing its potential.
Hybrid Engine: Interpreting dPoS and the "Virtual DAG" Architecture
The core consensus mechanism of Keeta is said to be a hybrid architecture of delegated Proof of Stake (dPoS) and a virtual Directed Acyclic Graph (vDAG). The dPoS mechanism is known for its high efficiency, achieving consensus through a limited number of block producers, but this also brings potential centralization risks. The DAG structure, in theory, has the capability to handle high concurrent transactions, addressing the bottleneck problems of linear confirmations in traditional blockchains, but it also faces challenges such as high computational overhead, complex confirmation rules, and specific attack vulnerabilities.
Keeta claims that its "virtual DAG" is an innovative design. According to an analysis by Delphi Digital, in Keeta's design, each account maintains its own transaction chain (forming independent DAGs), while cross-account interactions are handled through "virtual links," which are metadata references that logically connect transactions from one account's chain to the corresponding transactions on another account's chain, enabling large-scale parallel processing. However, in its white paper and existing technical documents, the emphasis remains primarily on articulating design concepts and goals, lacking more detailed implementation specifics and widely validated results on how to specifically overcome the inherent challenges of DAGs and achieve its claimed tens of thousands of TPS.
Keeta claims that its network is capable of processing 10 million transactions per second (TPS) and 400 milliseconds of transaction finalization. This figure is far ahead of centralized payment giants such as Alipay (with a peak of about 544,000 TPS), and it is also significantly ahead of other high-performance public chains such as Solana (with a claimed TPS of about 65,000). However, this huge difference of orders of magnitude naturally raises widespread skepticism in the market. According to the test results in its whitepaper, Keeta achieved a maximum of 13 million TPS in a test environment with only 5 nodes, and it is questionable whether such a test environment is of sufficient reference value. According to PANews's observations, the current TPS of the Keeta testnet is basically below 5000. Chainspect, a third-party data platform, also showed that the theoretical maximum TPS of the Keeta testnet was 47,000, while the real-time TPS fluctuated in the range of 1210 to 1779. Keeta's official explanation for this is that the testnet has no transaction fees, so it deliberately does not support unlimited scaling, and will set up a dedicated testnet for benchmarks in the future. In its whitepaper, Keeta attributes the high performance to mempools, client-bootstrap validation skipping queues, two-phase voting for speed and security, and leveraging cloud servers such as Google Cloud or AWS.
Keeta performance claims compared to observed data
This table visually compares Keeta's core performance claims with multi-party observational data, clearly revealing the gap between ideals and reality, and placing it within the industry reference framework for consideration.
KeetaScript and KeetaVM: The Cornerstone of Verifiable Computation and Custom Rules
To support its compliance and RWA strategic focus, Keeta has introduced a new programming model, centered around KeetaScript and KeetaVM. KeetaScript is a domain-specific language (DSL) designed specifically for verifiable computation. Its main goal is to allow developers to define strict logical constraints, verification rules, and compliance conditions directly at the execution layer, rather than treating them as optional add-ons.
Combined with KeetaVM (Keeta Virtual Machine), KeetaScript forms a technology stack optimized for formal verification. This design makes Keeta theoretically very suitable for application scenarios that require deterministic guarantees, such as zero-knowledge rollups, trustless bridges, and programmable RWA tools. The Keeta whitepaper also mentions that the network has a scalable permission system and native token functionality, allowing asset issuers to control the interaction behaviors with their tokens.
Born for compliance: rule engine, digital identity (X.509 certificate) and KYC/AML
Keeta places compliance at the core of its architecture. Its built-in native token and rule engine allow participants to create and manage digital or real-world assets, embedding comprehensive control and compliance directly at the protocol level. This rule engine enables developers and businesses to enforce compliance requirements, transfer conditions, and behavioral logic at the asset level on a protocol basis. Token issuers can set rules such as whitelists, transaction limits, and specific certification requirements.
In terms of digital identity and KYC/AML (Know Your Customer / Anti-Money Laundering), Keeta claims that its design complies with the strict regulatory and operational requirements of financial institutions. Its white paper explicitly mentions the implementation of a digital identity and KYC/AML compliance framework through X.509 digital certificates. This mechanism allows trusted KYC providers to issue secure digital certificates for user accounts. These certificates support instant verification on the network while striving to protect user privacy and maintain high security standards.
Asset Tokenization on Keeta: Empowering RWA
Keeta's architecture natively supports asset tokenization. Users can create tokens to represent any asset, trade them, and release new liquidity. Although the public documentation does not detail the specific step-by-step process of RWA tokenization on Keeta, its core logic relies on its "built-in tokenization" feature and "rule engine." This means that KeetaScript and the rule engine will be used to define the attributes and compliance logic of these RWA tokens.
Keeta is considered an ideal platform for the transfer of stablecoins and real-world assets. Specific RWA use cases are more conceptually mentioned, such as "tokenized real estate, securities, or commodities," or as mentioned in its official Twitter, "on-chain credit and loans."
Keeta's design for RWA tokenization compliance seeks to balance regulatory requirements, user privacy, and system openness, which can be seen as a "compliance trilemma". With X.509 certificates and a system of trusted KYC providers, Keeta seeks to protect privacy by minimizing data exposure while verifying identity. However, the "trusted provider" model itself introduces a degree of centralization or permissionlessness, which may be necessary for institutional-grade RWAs, but is different from the completely permissionless DeFi philosophy. The goal of KeetaScript and the rules engine is to embed compliance into the asset itself, enhancing its robustness. The success of Keeta's compliance package will depend on its ability to strike a balance between meeting the needs of regulators and users, as well as its ecosystem of trusted KYC providers. This also reflects the evolution of the concept of "decentralization" itself when interacting with highly regulated traditional systems.
KTA Token: The Fuel Driving the Keeta Ecosystem
KTA token is the native utility and governance token of the Keeta Network, playing a core role in the ecosystem for paying transaction fees, participating in network consensus (through staking), and governance voting.
Token Economics and Distribution Mechanism
The total supply of KTA is 1 billion coins. As of early June 2025, the circulating supply is approximately 400 million coins.
According to more consistent and detailed sources, the initial allocation and lock-up/release plan for KTA is as follows:
It is worth noting that the KTA governance token was launched in March 2025 on the Ethereum Layer-2 network base in a "stealthy" manner without any prior market warm-up, which caused panic, uncertainty and suspicion (FUD) in the community in the early days, and even speculation about the project party being stolen or attempting to defraud. Founder Ty Schenk explained that the team didn't think about marketing at the time, hoping to avoid confusion with meme coins on the Ethereum mainnet and take advantage of the Basechain's lower gas fees and user base. The KTA token will be migrated to become the native token of its L1 after the Keeta mainnet goes live. This atypical token issuance strategy undoubtedly added drama to its early market performance.
Market Performance and Investor Sentiment
Since its launch, and especially after gaining the attention of big names, the KTA token has experienced significant price increases and market cap increases. For example, since its launch in March 2025, KTA prices have risen more than 74 times at one point, rising by 600% in two weeks in May. This strong market performance is mainly driven by multiple factors such as Eric Schmidt's endorsement, performance expectations against tens of millions of TPS, the popularity of the RWA track, and the "early" perception that a large number of tokens are still locked relative to other L1 projects.
Currently, KTA is mainly traded on decentralized exchanges (DEXs) and a few centralized exchanges (CEXs) such as BitMart, LBank, and BingX. The market generally expects that if it can be listed on more mainstream exchanges in the future, it may serve as a catalyst for further price increases of KTA.
The KTA's price spike before the mainnet was fully launched and its technical prowess was validated on a large scale reflects the "pre-mainnet premium" phenomenon in the market, where investors speculate based on expectations of future success. This is often accompanied by information asymmetry: project teams and early-stage investors are often more aware of the true capabilities and development progress of the technology than the general public, which relies more on white papers, market pitches, and limited testnet data. Keeta's "stealth launch" strategy, whether intentional or not, exacerbated this information asymmetry to a certain extent, and fueled the FOMO sentiment in the market after Schmidt and other factors were "discovered" in the future. This phenomenon is not uncommon in the cryptocurrency market and highlights the risks faced by retail investors when trading with incomplete information or over-reliance on market heat. In addition, although 50% of the community allocates tokens, the incentive plan and criteria were unclear before TGE, making it difficult to determine who actually controls these "community" tokens and who are the main beneficiaries of the early price increases.
A Long Road Ahead: Promises, Challenges, and the Path to Mainnet Launch
The blueprint outlined by Keeta Network is grand, but the road from concept to reality is fraught with challenges. The successful launch of the mainnet and its subsequent performance will be key in assessing its true value.
Mainnet Launch and Future Landscape
According to public information, the Keeta testnet was launched at the end of March 2025, accompanied by the release of a web wallet and blockchain explorer. The highly anticipated mainnet is scheduled to officially launch in June 2025 or during the summer. This is the most significant milestone for Keeta in recent times.
In the roadmap before the mainnet launch, Keeta plans to gradually improve its testnet functionalities:
April 2025: Integration of digital identity verification and certificate support in web wallets and block explorers.
May 2025: Integrate foreign exchange (FX) anchor points, supporting token exchanges at market exchange rates within the web wallet; deploy Base testnet anchor points to achieve cross-chain interoperability with external networks; launch a native mobile wallet (iOS and Android versions); roll out advanced token permission management features.
After June 2025: The Keeta wallet is expected to launch shortly after going live on the mainnet. This wallet is designed for unified management of fiat currencies, cryptocurrencies, stocks, digital identities, and other tokenized assets.
In addition, Keeta released the official Software Development Kit (SDK) documentation on May 16, 2025, and its developer portal (developers.mykeeta.com) and GitHub code repository are now online and actively maintained. Future plans also mention Layer-2 scaling solutions, enhanced interoperability, and expanded DeFi capabilities.
Facing the Doubts: The "Ideal and Reality" of TPS, Transparency and Community Ecology
Despite Keeta's bright picture, the skepticism surrounding its core technical metrics never stops. As mentioned earlier, there is a huge gap between the claimed 10 million TPS and the data currently observed on the testnet (below 5,000 TPS or about 1210-1779 TPS shown by Chainspect). The Keeta team explained that the limited performance of the testnet was due to the fact that there were no transaction fees during the testing period and that there would be a dedicated benchmark network in the future. However, the market is still waiting for the final answer from the mainnet.
Information transparency is another major challenge faced by Keeta. There is still insufficient public information regarding the specific implementation details of how vDAG overcomes inherent technical challenges to achieve ultra-high TPS. Additionally, the ambiguity of the pre-TGE community incentive program and the unclear actual control of a large number of tokens (especially the community share) has also raised concerns in the market.
In terms of community ecosystem building, although Keeta has established official social media channels and actively interacts with the community through X Spaces and Discord, some analysts believe that its community activity and developer participation do not seem to fully match its market popularity. As of May 20, 2025, its official Twitter followers are around 12,000, although other sources claim that its followers have reached 75,000.
For any Layer-1 public chain, especially a project like Keeta with a grand promise, the launch of the mainnet is a decisive "moment of truth". Theoretical architecture design and performance testing in a lab environment must be validated and embodied in a real, decentralized mainnet environment. The current performance of the testnet, even with the team's explanation of "intentional limitations", is far from the ultimate goal. The mainnet needs to demonstrate a sustainable TPS that is much higher than the testnet, strong security, and the effective operation of its compliance framework and RWA capabilities in order to earn lasting trust in the market beyond the speculative boom. The crypto industry is rife with projects with strong narratives and funding backgrounds, but ultimately failing to deliver a technically competent mainnet. The performance of Keeta's mainnet will be a key indicator of its long-term viability and whether it can truly impact the RWA and cross-border payments space. If it fails to deliver satisfactory results at this critical juncture, its current high valuation may face a rapid revaluation.
The Competitive Landscape of Keeta in the RWA Track
With its dual emphasis on compliance and scalability, Keeta Network is trying to carve out a niche in the increasingly competitive RWA space. Its core differentiator is the deep integration of compliance (via KYC/AML, rules engine, X.509 digital identity authentication, etc.) into the protocol layer, supplemented by the promise of extremely high transaction throughput, so as to attract traditional financial institutions with strict compliance requirements to participate in the tokenization and flow of RWA.
Looking at the RWA track as a whole, Keeta is not without its competitors. Ethereum, with its first-mover advantage and large ecosystem, currently dominates the RWA space (about 57% market share), with multiple RWA token standards such as ERC-3643, ERC-1400, etc., but the scalability of its mainnet and high gas fees are still pain points. As a layer-2 scaling solution for Ethereum, Polygon provides low fees, high speed, and is compatible with EVM, making it more suitable for RWA projects for retail users. Avalanche, on the other hand, through its subnet architecture, allows developers to create private blockchains with customized compliance rules, which, combined with its high throughput and fast finality, makes it ideal for regulatory-sensitive projects, and Franklin Templeton's tokenized money market fund runs on the Avalanche subnet. Algorand also simplifies the issuance and management of RWAs with its Algorand Standard Assets (ASAs), built-in compliance tools, and high performance. In addition, public chains such as Stellar, Tezos, XDC Network, and Solana are also actively deploying in the RWA field, each with its own focus.
Among the many competitors, Keeta is trying to break through by creating a segment of "compliance scalability". While many L1 blockchains claim to be highly scalable (e.g., Solana) and others focus on RWA (e.g., Algorand's ASA or Avalanche's subnets), Keeta's core selling point is the combination of extreme scalability with a compliance framework that is deeply integrated into the protocol layer and designed for traditional finance. If Keeta can deliver on both fronts, it does have the potential to carve out a lucrative niche. The rules engine and KeetaScript are key to achieving this, allowing the RWA to be programmed with compliant logic from the start. This reflects the evolution of the blockchain space from a purely permissionless system to a solution that interfaces with the regulated world of traditional finance. Keeta's bet is that institutions will prioritize this "compliance scalability" when choosing an RWA platform, and will even be willing to compromise on absolute decentralization.
Conclusion: The Potential of Keeta and the Future of RWA - Opportunities and Risks Coexist
Keeta Network, with its grand vision of building high-speed and compliant RWA and payment infrastructure, has quickly become a market focus, bolstered by endorsements from heavyweight figures and a compelling (albeit not yet fully validated in scaled environments) technological narrative. If Keeta can successfully deliver on its technological promises, particularly in achieving breakthroughs in the scalable and compliant handling of RWA, it undoubtedly has the potential to profoundly change the management, trading, and accessibility of traditional assets.
However, the challenges faced by Keeta are equally severe. First is the urgency of technological validation: the market urgently needs to witness its claimed TPS and vDAG efficiency in a real, decentralized mainnet environment. Second is the establishment of market acceptance and trust: Keeta needs to emerge from the current speculative frenzy and gain genuine adoption from financial institutions and RWA issuers, which requires time and practice to prove its reliability and security. Third, transparency and community building: the project team needs to address concerns about information opacity and work to cultivate a more active and engaged developer and user ecosystem. Finally, execution risks cannot be ignored: Keeta must not only deliver its ambitious roadmap on time but also successfully navigate the complex and ever-changing RWA regulatory environment.
Overall, Keeta has many elements that make it a "potential stock," but it also harbors quite a few "concerns." Its future completely depends on whether it can steadily transform its ambitious goals into tangible realities. It could become a dark horse that disrupts the industry, or it may fall back into mediocrity if it fails to deliver on promises or cannot effectively break through in the intense competition of public chains.
The high market valuation that Keeta currently enjoys is largely based on expectations of its potential, known as the "pre-mainnet launch premium." However, truly sustainable value comes from the "execution premium"—successfully launching a robust mainnet, attracting significant RWA projects and partners (which currently lack strong public evidence), demonstrating the effectiveness of its compliance framework in real financial institution collaborations, and nurturing a vibrant developer ecosystem. The current market performance reflects hope, while the "execution premium" needs to be earned through proven utility and widespread adoption.
Regardless of whether Keeta ultimately succeeds or fails, its exploration in the RWA space will provide valuable lessons for the entire industry, especially in how to balance technological innovation, market expectations, compliance requirements, and the hard work needed to build truly transformative technology. RWA, as a key trend driving the integration of blockchain technology with the real economy, is still in its early stages of development, and Keeta is a noteworthy example to watch closely in this wave.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Deep dive into "11 Billion New Aristocrat" Keeta: Is it the "super high-speed train" of the RWA track, or just another "PPT myth"?
Written by: Luke, Mars Finance
There is no shortage of surprises in the cryptocurrency market. It's hard not to wonder when a previously unknown name – Keeta – suddenly bursts into view as a dark horse, and its token, KTA, soars in price in a short period of time, with a market cap of $1.1 billion at one point, hitting an all-time high, it's hard not to wonder: what exactly is being sold in this gourd? Is it another short-lived capital carnival, or is it a new species with real subversive power that is quietly knocking on the door of the times? This curiosity is especially deepened when Keeta's name is closely associated with the hot RWA (Real World Asset) track of the moment. After all, the RWA narrative is being seen as the next industry outlet that could leverage trillions of traditional assets, and any up-and-coming "seed player" at this point will naturally be scrutinized under the microscope. Keeta, would that be the answer to look forward to?
The discussion around Keeta isn't just about the technology itself. The investment endorsement of heavyweights such as former Google CEO Eric Schmidt has brought it a dazzling halo and a pursuit of capital. Its staggering performance claims, such as processing power of up to 10 million transactions per second (TPS) and a settlement time of 400 milliseconds, have caused a huge stir in the industry, but have also been accompanied by cautious skepticism from the technical community and market observers. Keeta's meteoric rise appears to be the product of a combination of factors such as the RWA craze, celebrity effect, bold technology narratives, and the crypto market's search for high-growth L1 alternatives. This "perfect storm" rise has not only brought about a rapid rise in market value, but also put it in the spotlight and faced a more severe reality test. This article will delve into Keeta Network's technical features, market positioning, challenges, and future prospects in the RWA space.
RWA Wave: The Next Stop for a Trillion-Dollar Market?
Before delving into an analysis of Keeta, it is necessary to understand its core battlefield - the tokenization of Real World Assets (RWA). In the context of blockchain, RWA refers to digital tokens that represent tangible or intangible assets existing in the real world. These assets range widely from real estate, commodities, and artworks to bonds, carbon credits, and more. The core idea is to utilize blockchain technology to give these traditional or physical assets a digital form, thereby building a bridge between the physical world, traditional finance, and the digital economy.
The market potential for RWA tokenization is enormous. According to industry analysis, the potential scale of the RWA tokenization market could reach several trillion dollars. As of December 2024, the market size for RWA tokenization, excluding stablecoins, has reached $15.2 billion, while the total tokenization market size, including stablecoins, has soared to $217.26 billion. Furthermore, predictions indicate that by 2034, the RWA tokenization market is expected to grow to $30.1 trillion. Behind this trend are the multiple core advantages brought by RWA tokenization:
Despite the broad prospects, the development of RWA tokenization is not smooth sailing and still faces numerous challenges. The uncertainty of the regulatory environment and the complexity of compliance are the foremost issues, as varying laws and regulations in different jurisdictions pose obstacles to the global circulation of RWA. In addition, ensuring the accurate anchoring of on-chain token value to the actual value of off-chain assets, the reliability and security of data provided by Oracles, security vulnerabilities within smart contracts, and the legal validity of tokenized ownership are all critical issues that need to be addressed in the RWA space.
Despite this, there has been no shortage of success stories in the practice of RWA tokenization. For example, tokenized U.S. Treasury products have attracted the attention of a large number of institutional funds, such as BlackRock's BUIDL fund and Franklin Templeton's money market fund on Avalanche. Dubai-based real estate developer DAMAC has partnered with MANTRA to tokenize $1 billion worth of assets, including real estate and data centers. The gold issued by Tether supports the stablecoin XAUT and also provides a convenient way to digitally trade physical gold. These cases show that RWA is not just a theoretical idea, but also a gradual implementation and shows its potential for change. Much of what makes the RWA narrative so compelling is that it is seen as a bridge between the vast world of traditional finance (TradFi) and the emerging crypto space. Focusing on RWAs, especially compliance-focused projects like Keeta, aims to pave the way for institutional capital and mainstream users to enter the digital asset space. The active participation of financial giants such as BlackRock in tokenized Treasuries is a strong evidence of this trend. The success of the RWA track will greatly enhance the legitimacy and scale of the entire digital asset ecosystem, expanding it from speculation in crypto-native assets to accommodating a wide range of real-world value. Therefore, those Layer-1 public chains that can handle RWA safely and compliantly occupy the strategic commanding heights.
Keeta Network: The Challenger Born with a "Golden Key"
Keeta Network was born in such an era. Its officially stated mission is to unify the global payment network, achieve efficient and compliant circulation of RWA, and aims to become the universal underlying infrastructure for the transfer of all assets. Keeta aims to break the bottlenecks of traditional finance (TradFi) by providing near-instant, low-cost cross-border payment solutions.
The reason why Keeta stands out from many emerging public chain projects is largely due to its strong "halo effect". One of the most dazzling is the endorsement of former Google CEO Eric Schmidt. In 2023, Schmidt, through his venture capital firm, Steel Perlot, led Keeta's $17 million seed round and personally served as project advisor. Schmidt has publicly stated that "Keeta's technology is orders of magnitude more scalable and efficient than existing solutions." The platform of this heavyweight has undoubtedly injected Keeta with strong market confidence and media attention. When Schmidt followed Keeta's official account on social media X, the price of the KTA token soared, demonstrating the magnitude of its influence.
In terms of team composition, Keeta has also brought together members with relevant experience. Co-founder and CEO Ty Schenk is a software engineer who previously worked in the cryptocurrency payment sector and was a former partner at Steel Perlot as well as the CEO of LFG Payments. Chief Technology Officer Roy Keene was a core developer of Nano (formerly RaiBlocks), who left due to a desire to change Nano's incentive mechanism and promote institutional adoption, leading to the creation of a new project.
This powerful background and team experience is like handing Keeta a "golden key," allowing it to gain far more attention and resources than ordinary startups in the early stages of the project. However, this is also like a double-edged sword. A prominent background brings advantages but also means that the market has extremely high expectations of it. Any technical flaws, delays in the roadmap, or gaps between promises and reality will be magnified infinitely and may draw harsher criticism. If this "Google halo" cannot be supported by sustained actual results, its brilliance may quickly dim. Keeta's subsequent development will serve as a typical case to observe how a startup manages market expectations and realizes grand visions under strong endorsements.
Under the Hood: Keeta's Technical Arsenal and Compliance Design
Keeta Network claims that its high performance and compliance features stem from its unique technological architecture and design philosophy. Understanding these core components is key to assessing its potential.
Hybrid Engine: Interpreting dPoS and the "Virtual DAG" Architecture
The core consensus mechanism of Keeta is said to be a hybrid architecture of delegated Proof of Stake (dPoS) and a virtual Directed Acyclic Graph (vDAG). The dPoS mechanism is known for its high efficiency, achieving consensus through a limited number of block producers, but this also brings potential centralization risks. The DAG structure, in theory, has the capability to handle high concurrent transactions, addressing the bottleneck problems of linear confirmations in traditional blockchains, but it also faces challenges such as high computational overhead, complex confirmation rules, and specific attack vulnerabilities.
Keeta claims that its "virtual DAG" is an innovative design. According to an analysis by Delphi Digital, in Keeta's design, each account maintains its own transaction chain (forming independent DAGs), while cross-account interactions are handled through "virtual links," which are metadata references that logically connect transactions from one account's chain to the corresponding transactions on another account's chain, enabling large-scale parallel processing. However, in its white paper and existing technical documents, the emphasis remains primarily on articulating design concepts and goals, lacking more detailed implementation specifics and widely validated results on how to specifically overcome the inherent challenges of DAGs and achieve its claimed tens of thousands of TPS.
Keeta claims that its network is capable of processing 10 million transactions per second (TPS) and 400 milliseconds of transaction finalization. This figure is far ahead of centralized payment giants such as Alipay (with a peak of about 544,000 TPS), and it is also significantly ahead of other high-performance public chains such as Solana (with a claimed TPS of about 65,000). However, this huge difference of orders of magnitude naturally raises widespread skepticism in the market. According to the test results in its whitepaper, Keeta achieved a maximum of 13 million TPS in a test environment with only 5 nodes, and it is questionable whether such a test environment is of sufficient reference value. According to PANews's observations, the current TPS of the Keeta testnet is basically below 5000. Chainspect, a third-party data platform, also showed that the theoretical maximum TPS of the Keeta testnet was 47,000, while the real-time TPS fluctuated in the range of 1210 to 1779. Keeta's official explanation for this is that the testnet has no transaction fees, so it deliberately does not support unlimited scaling, and will set up a dedicated testnet for benchmarks in the future. In its whitepaper, Keeta attributes the high performance to mempools, client-bootstrap validation skipping queues, two-phase voting for speed and security, and leveraging cloud servers such as Google Cloud or AWS.
Keeta performance claims compared to observed data
This table visually compares Keeta's core performance claims with multi-party observational data, clearly revealing the gap between ideals and reality, and placing it within the industry reference framework for consideration.
KeetaScript and KeetaVM: The Cornerstone of Verifiable Computation and Custom Rules
To support its compliance and RWA strategic focus, Keeta has introduced a new programming model, centered around KeetaScript and KeetaVM. KeetaScript is a domain-specific language (DSL) designed specifically for verifiable computation. Its main goal is to allow developers to define strict logical constraints, verification rules, and compliance conditions directly at the execution layer, rather than treating them as optional add-ons.
Combined with KeetaVM (Keeta Virtual Machine), KeetaScript forms a technology stack optimized for formal verification. This design makes Keeta theoretically very suitable for application scenarios that require deterministic guarantees, such as zero-knowledge rollups, trustless bridges, and programmable RWA tools. The Keeta whitepaper also mentions that the network has a scalable permission system and native token functionality, allowing asset issuers to control the interaction behaviors with their tokens.
Born for compliance: rule engine, digital identity (X.509 certificate) and KYC/AML
Keeta places compliance at the core of its architecture. Its built-in native token and rule engine allow participants to create and manage digital or real-world assets, embedding comprehensive control and compliance directly at the protocol level. This rule engine enables developers and businesses to enforce compliance requirements, transfer conditions, and behavioral logic at the asset level on a protocol basis. Token issuers can set rules such as whitelists, transaction limits, and specific certification requirements.
In terms of digital identity and KYC/AML (Know Your Customer / Anti-Money Laundering), Keeta claims that its design complies with the strict regulatory and operational requirements of financial institutions. Its white paper explicitly mentions the implementation of a digital identity and KYC/AML compliance framework through X.509 digital certificates. This mechanism allows trusted KYC providers to issue secure digital certificates for user accounts. These certificates support instant verification on the network while striving to protect user privacy and maintain high security standards.
Asset Tokenization on Keeta: Empowering RWA
Keeta's architecture natively supports asset tokenization. Users can create tokens to represent any asset, trade them, and release new liquidity. Although the public documentation does not detail the specific step-by-step process of RWA tokenization on Keeta, its core logic relies on its "built-in tokenization" feature and "rule engine." This means that KeetaScript and the rule engine will be used to define the attributes and compliance logic of these RWA tokens.
Keeta is considered an ideal platform for the transfer of stablecoins and real-world assets. Specific RWA use cases are more conceptually mentioned, such as "tokenized real estate, securities, or commodities," or as mentioned in its official Twitter, "on-chain credit and loans."
Keeta's design for RWA tokenization compliance seeks to balance regulatory requirements, user privacy, and system openness, which can be seen as a "compliance trilemma". With X.509 certificates and a system of trusted KYC providers, Keeta seeks to protect privacy by minimizing data exposure while verifying identity. However, the "trusted provider" model itself introduces a degree of centralization or permissionlessness, which may be necessary for institutional-grade RWAs, but is different from the completely permissionless DeFi philosophy. The goal of KeetaScript and the rules engine is to embed compliance into the asset itself, enhancing its robustness. The success of Keeta's compliance package will depend on its ability to strike a balance between meeting the needs of regulators and users, as well as its ecosystem of trusted KYC providers. This also reflects the evolution of the concept of "decentralization" itself when interacting with highly regulated traditional systems.
KTA Token: The Fuel Driving the Keeta Ecosystem
KTA token is the native utility and governance token of the Keeta Network, playing a core role in the ecosystem for paying transaction fees, participating in network consensus (through staking), and governance voting.
Token Economics and Distribution Mechanism
The total supply of KTA is 1 billion coins. As of early June 2025, the circulating supply is approximately 400 million coins.
According to more consistent and detailed sources, the initial allocation and lock-up/release plan for KTA is as follows:
It is worth noting that the KTA governance token was launched in March 2025 on the Ethereum Layer-2 network base in a "stealthy" manner without any prior market warm-up, which caused panic, uncertainty and suspicion (FUD) in the community in the early days, and even speculation about the project party being stolen or attempting to defraud. Founder Ty Schenk explained that the team didn't think about marketing at the time, hoping to avoid confusion with meme coins on the Ethereum mainnet and take advantage of the Basechain's lower gas fees and user base. The KTA token will be migrated to become the native token of its L1 after the Keeta mainnet goes live. This atypical token issuance strategy undoubtedly added drama to its early market performance.
Market Performance and Investor Sentiment
Since its launch, and especially after gaining the attention of big names, the KTA token has experienced significant price increases and market cap increases. For example, since its launch in March 2025, KTA prices have risen more than 74 times at one point, rising by 600% in two weeks in May. This strong market performance is mainly driven by multiple factors such as Eric Schmidt's endorsement, performance expectations against tens of millions of TPS, the popularity of the RWA track, and the "early" perception that a large number of tokens are still locked relative to other L1 projects.
Currently, KTA is mainly traded on decentralized exchanges (DEXs) and a few centralized exchanges (CEXs) such as BitMart, LBank, and BingX. The market generally expects that if it can be listed on more mainstream exchanges in the future, it may serve as a catalyst for further price increases of KTA.
The KTA's price spike before the mainnet was fully launched and its technical prowess was validated on a large scale reflects the "pre-mainnet premium" phenomenon in the market, where investors speculate based on expectations of future success. This is often accompanied by information asymmetry: project teams and early-stage investors are often more aware of the true capabilities and development progress of the technology than the general public, which relies more on white papers, market pitches, and limited testnet data. Keeta's "stealth launch" strategy, whether intentional or not, exacerbated this information asymmetry to a certain extent, and fueled the FOMO sentiment in the market after Schmidt and other factors were "discovered" in the future. This phenomenon is not uncommon in the cryptocurrency market and highlights the risks faced by retail investors when trading with incomplete information or over-reliance on market heat. In addition, although 50% of the community allocates tokens, the incentive plan and criteria were unclear before TGE, making it difficult to determine who actually controls these "community" tokens and who are the main beneficiaries of the early price increases.
A Long Road Ahead: Promises, Challenges, and the Path to Mainnet Launch
The blueprint outlined by Keeta Network is grand, but the road from concept to reality is fraught with challenges. The successful launch of the mainnet and its subsequent performance will be key in assessing its true value.
Mainnet Launch and Future Landscape
According to public information, the Keeta testnet was launched at the end of March 2025, accompanied by the release of a web wallet and blockchain explorer. The highly anticipated mainnet is scheduled to officially launch in June 2025 or during the summer. This is the most significant milestone for Keeta in recent times.
In the roadmap before the mainnet launch, Keeta plans to gradually improve its testnet functionalities:
In addition, Keeta released the official Software Development Kit (SDK) documentation on May 16, 2025, and its developer portal (developers.mykeeta.com) and GitHub code repository are now online and actively maintained. Future plans also mention Layer-2 scaling solutions, enhanced interoperability, and expanded DeFi capabilities.
Facing the Doubts: The "Ideal and Reality" of TPS, Transparency and Community Ecology
Despite Keeta's bright picture, the skepticism surrounding its core technical metrics never stops. As mentioned earlier, there is a huge gap between the claimed 10 million TPS and the data currently observed on the testnet (below 5,000 TPS or about 1210-1779 TPS shown by Chainspect). The Keeta team explained that the limited performance of the testnet was due to the fact that there were no transaction fees during the testing period and that there would be a dedicated benchmark network in the future. However, the market is still waiting for the final answer from the mainnet.
Information transparency is another major challenge faced by Keeta. There is still insufficient public information regarding the specific implementation details of how vDAG overcomes inherent technical challenges to achieve ultra-high TPS. Additionally, the ambiguity of the pre-TGE community incentive program and the unclear actual control of a large number of tokens (especially the community share) has also raised concerns in the market.
In terms of community ecosystem building, although Keeta has established official social media channels and actively interacts with the community through X Spaces and Discord, some analysts believe that its community activity and developer participation do not seem to fully match its market popularity. As of May 20, 2025, its official Twitter followers are around 12,000, although other sources claim that its followers have reached 75,000.
For any Layer-1 public chain, especially a project like Keeta with a grand promise, the launch of the mainnet is a decisive "moment of truth". Theoretical architecture design and performance testing in a lab environment must be validated and embodied in a real, decentralized mainnet environment. The current performance of the testnet, even with the team's explanation of "intentional limitations", is far from the ultimate goal. The mainnet needs to demonstrate a sustainable TPS that is much higher than the testnet, strong security, and the effective operation of its compliance framework and RWA capabilities in order to earn lasting trust in the market beyond the speculative boom. The crypto industry is rife with projects with strong narratives and funding backgrounds, but ultimately failing to deliver a technically competent mainnet. The performance of Keeta's mainnet will be a key indicator of its long-term viability and whether it can truly impact the RWA and cross-border payments space. If it fails to deliver satisfactory results at this critical juncture, its current high valuation may face a rapid revaluation.
The Competitive Landscape of Keeta in the RWA Track
With its dual emphasis on compliance and scalability, Keeta Network is trying to carve out a niche in the increasingly competitive RWA space. Its core differentiator is the deep integration of compliance (via KYC/AML, rules engine, X.509 digital identity authentication, etc.) into the protocol layer, supplemented by the promise of extremely high transaction throughput, so as to attract traditional financial institutions with strict compliance requirements to participate in the tokenization and flow of RWA.
Looking at the RWA track as a whole, Keeta is not without its competitors. Ethereum, with its first-mover advantage and large ecosystem, currently dominates the RWA space (about 57% market share), with multiple RWA token standards such as ERC-3643, ERC-1400, etc., but the scalability of its mainnet and high gas fees are still pain points. As a layer-2 scaling solution for Ethereum, Polygon provides low fees, high speed, and is compatible with EVM, making it more suitable for RWA projects for retail users. Avalanche, on the other hand, through its subnet architecture, allows developers to create private blockchains with customized compliance rules, which, combined with its high throughput and fast finality, makes it ideal for regulatory-sensitive projects, and Franklin Templeton's tokenized money market fund runs on the Avalanche subnet. Algorand also simplifies the issuance and management of RWAs with its Algorand Standard Assets (ASAs), built-in compliance tools, and high performance. In addition, public chains such as Stellar, Tezos, XDC Network, and Solana are also actively deploying in the RWA field, each with its own focus.
Among the many competitors, Keeta is trying to break through by creating a segment of "compliance scalability". While many L1 blockchains claim to be highly scalable (e.g., Solana) and others focus on RWA (e.g., Algorand's ASA or Avalanche's subnets), Keeta's core selling point is the combination of extreme scalability with a compliance framework that is deeply integrated into the protocol layer and designed for traditional finance. If Keeta can deliver on both fronts, it does have the potential to carve out a lucrative niche. The rules engine and KeetaScript are key to achieving this, allowing the RWA to be programmed with compliant logic from the start. This reflects the evolution of the blockchain space from a purely permissionless system to a solution that interfaces with the regulated world of traditional finance. Keeta's bet is that institutions will prioritize this "compliance scalability" when choosing an RWA platform, and will even be willing to compromise on absolute decentralization.
Conclusion: The Potential of Keeta and the Future of RWA - Opportunities and Risks Coexist
Keeta Network, with its grand vision of building high-speed and compliant RWA and payment infrastructure, has quickly become a market focus, bolstered by endorsements from heavyweight figures and a compelling (albeit not yet fully validated in scaled environments) technological narrative. If Keeta can successfully deliver on its technological promises, particularly in achieving breakthroughs in the scalable and compliant handling of RWA, it undoubtedly has the potential to profoundly change the management, trading, and accessibility of traditional assets.
However, the challenges faced by Keeta are equally severe. First is the urgency of technological validation: the market urgently needs to witness its claimed TPS and vDAG efficiency in a real, decentralized mainnet environment. Second is the establishment of market acceptance and trust: Keeta needs to emerge from the current speculative frenzy and gain genuine adoption from financial institutions and RWA issuers, which requires time and practice to prove its reliability and security. Third, transparency and community building: the project team needs to address concerns about information opacity and work to cultivate a more active and engaged developer and user ecosystem. Finally, execution risks cannot be ignored: Keeta must not only deliver its ambitious roadmap on time but also successfully navigate the complex and ever-changing RWA regulatory environment.
Overall, Keeta has many elements that make it a "potential stock," but it also harbors quite a few "concerns." Its future completely depends on whether it can steadily transform its ambitious goals into tangible realities. It could become a dark horse that disrupts the industry, or it may fall back into mediocrity if it fails to deliver on promises or cannot effectively break through in the intense competition of public chains.
The high market valuation that Keeta currently enjoys is largely based on expectations of its potential, known as the "pre-mainnet launch premium." However, truly sustainable value comes from the "execution premium"—successfully launching a robust mainnet, attracting significant RWA projects and partners (which currently lack strong public evidence), demonstrating the effectiveness of its compliance framework in real financial institution collaborations, and nurturing a vibrant developer ecosystem. The current market performance reflects hope, while the "execution premium" needs to be earned through proven utility and widespread adoption.
Regardless of whether Keeta ultimately succeeds or fails, its exploration in the RWA space will provide valuable lessons for the entire industry, especially in how to balance technological innovation, market expectations, compliance requirements, and the hard work needed to build truly transformative technology. RWA, as a key trend driving the integration of blockchain technology with the real economy, is still in its early stages of development, and Keeta is a noteworthy example to watch closely in this wave.