Keeta Network has the backing of heavyweight investors such as former Google CEO Eric Schmidt, but its technical performance, transparency, and market acceptance still face scrutiny.
Written by: Luke, Mars Finance
The cryptocurrency market is never short of surprises. When a previously obscure name—Keeta—suddenly burst onto the scene as a dark horse, with its token KTA skyrocketing in price within a short period and its market capitalization briefly surpassing $1.1 billion, it’s hard not to be curious: what exactly is going on here? Is this just another fleeting capital frenzy, or is there a truly disruptive new entity quietly knocking on the door of a new era? Especially when Keeta's name is closely linked to the currently hot RWA (Real World Assets) sector, this curiosity takes on added significance. After all, the narrative surrounding RWA is seen as the next industry trend that could unlock trillions in traditional assets, and any "seed player" that emerges at this time will naturally be scrutinized under a microscope. Could Keeta be the answer we are looking for?
Discussions surrounding Keeta are not limited to its technology alone. The investment endorsement from heavyweight figures like former Google CEO Eric Schmidt brings it a dazzling aura and capital attention. Its astonishing performance claims, such as a processing capacity of up to 10 million transactions per second (TPS) and a settlement time of 400 milliseconds, have caused a huge stir in the industry, accompanied by cautious skepticism from the tech community and market observers. Keeta's rise seems to be a product of the intertwining of multiple factors, including the RWA craze, celebrity effect, bold technological narratives, and the crypto market's search for high-growth L1 alternatives. This "perfect storm" of a rise has led to a rapid increase in market capitalization, but it has also placed it under the spotlight, facing more stringent real-world tests. This article will delve into the technical characteristics, market positioning, challenges, and future prospects of Keeta Network in the RWA field.
RWA Wave: The Next Stop in a Trillion-Dollar Market?
Before diving into 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, ranging from real estate, commodities, and artworks to bonds and carbon credits. The core idea is to use 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 trillions of dollars. As of December 2024, the RWA tokenization market size, excluding stablecoins, has reached $15.2 billion, while the total tokenization market size, including stablecoins, is as high as $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 multiple core advantages brought by RWA tokenization:
Enhanced liquidity: Transforming traditionally illiquid assets (such as real estate and private equity) into tokens that can be efficiently traded in secondary markets, thereby unlocking their inherent value.
Increased accessibility and 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 characteristics of blockchain ensure the immutability and traceability of transaction records, enhancing the transparency and security of asset ownership and transaction history.
Increased efficiency and reduced costs: The application of smart contracts can automate complex processes such as asset trading and dividend distribution, reducing reliance on intermediaries, thereby improving operational efficiency and lowering transaction costs.
Despite the promising outlook, the development of RWA tokenization is not without challenges. The uncertainty of the regulatory environment and the complexity of compliance are the foremost issues, as varying laws and regulations across different jurisdictions pose obstacles to the global circulation of RWA. Additionally, ensuring the accurate anchoring of on-chain token value to off-chain real asset value, the reliability and security of data provided by Oracles, the security vulnerabilities of smart contracts themselves, and the legal validity of tokenized ownership are all critical issues that the RWA sector urgently needs to address.
Nevertheless, there are already successful cases in the practice of RWA tokenization. For example, tokenized U.S. Treasury products have attracted significant institutional interest, such as BlackRock's BUIDL fund and Franklin Templeton's money market fund issued on Avalanche. Dubai real estate developer DAMAC partnered with MANTRA to tokenize $1 billion worth of assets (including real estate and data centers). Tether's issuance of the gold-backed stablecoin XAUT also provides a convenient avenue for the digital trading of physical gold. These cases demonstrate that RWA is not just a theoretical concept but is gradually being realized and showing its transformative potential. The narrative of RWA is particularly compelling because it is seen as a bridge connecting the vast traditional finance (TradFi) world with the emerging crypto space. Projects focusing on RWA, especially those like Keeta that emphasize compliance, aim to pave the way for institutional capital and mainstream users to enter the digital asset realm. The active participation of financial giants like BlackRock in tokenized Treasury bonds is a strong testament to this trend. The success of the RWA sector will greatly enhance the legitimacy and scale of the entire digital asset ecosystem, expanding it from a focus on speculation in crypto-native assets to encompass a broad range of real-world value. Therefore, Layer-1 public chains that can safely and compliantly handle RWA undoubtedly occupy a strategic high ground.
Keeta Network: A Challenger Born with a "Golden Key"
Keeta Network was born in such a historical context. Its official mission is to unify the global payment network, achieve efficient and compliant circulation of RWA, and strive to become the universal underlying infrastructure for all asset transfers. Keeta aims to break the bottlenecks of traditional finance (TradFi) by providing near-instant, low-cost cross-border payment solutions.
Keeta stands out among numerous emerging public chain projects largely due to its powerful "halo effect." The most dazzling aspect is the endorsement from former Google CEO Eric Schmidt. In 2023, Schmidt led a $17 million seed round investment in Keeta through his venture capital firm Steel Perlot and personally took on the role of project advisor. Schmidt has publicly stated, "Keeta's technology is several orders of magnitude better in scalability and efficiency than existing solutions." The presence of such a heavyweight undoubtedly injects strong market confidence and media attention into Keeta. When Schmidt followed Keeta's official account on social media platform X, the price of the KTA token surged, highlighting his significant influence.
In terms of team composition, Keeta has also gathered members with relevant experience. Co-founder and CEO Ty Schenk is a software engineer who has previously been involved in the crypto payment sector and is 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) and left to create a new project in hopes of changing Nano's incentive mechanism and promoting institutional adoption.
This strong background and team experience serve as a "golden key" for Keeta, allowing it to gain far more attention and resources than ordinary startups from the outset. However, this also acts as a double-edged sword. A prominent background brings advantages but also means that the market has very high expectations. Any technical flaws, delays in the roadmap, or discrepancies between promises and reality will be magnified and may invite harsher criticism. If this "Google halo" cannot be supported by sustained real-world results, its brilliance may quickly fade. Keeta's subsequent development will become a typical case to observe how a startup manages market expectations and realizes grand visions under strong endorsements.
Looking Under the Hood: Keeta's Technical Arsenal and Compliance Design
Keeta Network claims that its high performance and compliance features stem from its unique technical architecture and design philosophy. Understanding these core components is key to assessing its potential.
Hybrid Engine: Interpreting dPoS and "Virtual DAG" Architecture
Keeta's core consensus mechanism is said to be a hybrid architecture of Delegated Proof of Stake (dPoS) and "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 theoretically has the capability to handle high-concurrency transactions, solving the bottleneck of linear confirmation 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 analysis from Delphi Digital, in Keeta's design, each account maintains its own transaction chain (forming an independent DAG), while cross-account interactions are handled through "virtual links," which are metadata references that logically connect transactions on one account chain to corresponding transactions on another account chain, thereby enabling large-scale parallel processing. However, in its white paper and existing technical documents, the focus remains primarily on the articulation of design concepts and goals, lacking more detailed implementation specifics and widely validated results on how to specifically overcome the inherent challenges of DAG and achieve its claimed millions of TPS.
Keeta claims that its network can achieve a processing speed of 10 million transactions per second (TPS) and a final transaction confirmation time of 400 milliseconds. This figure far exceeds that of centralized payment giants like Alipay (which peaks at around 544,000 TPS) and significantly outpaces other high-performance public chains like Solana (which claims about 65,000 TPS). However, such a vast discrepancy naturally raises widespread skepticism in the market. According to the test results in its white paper, Keeta reached a maximum of 13 million TPS in a testing environment with only 5 nodes, raising questions about the reference value of such a testing environment. Observations from PANews indicate that the current TPS of the Keeta testnet remains below 5,000. Third-party data platform Chainspect also shows that the theoretical maximum TPS of the Keeta testnet is 47,000, with real-time TPS fluctuating between 1,210 and 1,779. Keeta's official explanation is that the testnet does not support unlimited scaling intentionally due to the absence of transaction fees, and that a dedicated test network will be established for benchmarking in the future. In its white paper, Keeta attributes its high performance to factors such as the absence of a memory pool (mempool), client-guided validation skipping queues, two-phase voting to ensure speed and security, and the use of cloud servers (like Google Cloud or AWS).
Comparison of Keeta's Performance Claims and Observed Data
This table visually compares Keeta's core performance claims with data from multiple observations, clearly revealing the gap between ideals and reality, and placing it within an industry reference framework.
KeetaScript and KeetaVM: The Cornerstones 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, validation 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 theoretically makes Keeta very suitable for applications requiring determinism guarantees, such as zero-knowledge rollups, trustless bridges, and programmable RWA tools. The Keeta white paper also mentions that the network features a scalable permission system and native token functionality, allowing asset issuers to control interactions with their tokens.
Born for Compliance: Rule Engine, Digital Identity (X.509 Certificates), 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 enterprises to enforce compliance requirements, transfer conditions, and behavioral logic at the asset level on the protocol level. 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 meets the stringent regulatory and operational requirements of financial institutions. Its white paper explicitly mentions the use of X.509 digital certificates to implement a digital identity and KYC/AML compliance framework. This mechanism allows trusted KYC providers to issue secure digital certificates for user accounts. These certificates support instant verification on the network while aiming 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 unlock new liquidity. Although the public documentation does not detail the specific step-by-step process for RWA tokenization on Keeta, its core logic utilizes its "built-in tokenization" feature and "rule engine." This means that KeetaScript and the rule engine will be used to define the properties and compliance logic of these RWA tokens.
Keeta is considered an ideal platform for stablecoin and real-world asset transfers. Specific RWA use cases are more conceptually mentioned, such as "tokenized real estate, securities, or commodities," or "on-chain credit and loans" as mentioned on its official Twitter.
Keeta's design for RWA tokenization compliance attempts to balance regulatory requirements, user privacy, and system openness, which can be seen as a "compliance trilemma." Through the X.509 certificates and trusted KYC provider system, Keeta aims to minimize data exposure while verifying identities to protect privacy. However, the "trusted provider" model itself introduces a degree of centralization or permissioning, which may be necessary for institutional-level RWA but differs from the completely permissionless DeFi concept. The goal of KeetaScript and the rule engine is to embed compliance into the assets themselves, thereby enhancing their robustness. Whether this entire compliance solution from Keeta can succeed will depend on its ability to balance the needs of regulatory bodies and users, as well as whether its "trusted KYC provider" ecosystem can effectively scale and maintain credibility. This also reflects the evolving nature of the "decentralization" concept when interacting with highly regulated traditional systems.
KTA Token: The Fuel Driving the Keeta Ecosystem
The KTA token is the native functional 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 tokens. As of early June 2025, the circulating supply is approximately 400 million tokens.
According to relatively consistent and detailed sources, the initial allocation and lock-up/release plan for KTA is as follows:
Notably, the KTA governance token was launched in March 2025 on the Ethereum Layer-2 network Base in a "stealth" manner, without any prior market warming, which initially caused panic, uncertainty, and skepticism (FUD) within the community, even leading to speculation about the project team being hacked or intending to commit fraud. Founder Ty Schenk explained that the team did not consider marketing at the time, hoping to avoid confusion with meme coins on the Ethereum mainnet and to take advantage of the lower gas fees and user base on the Base chain. The KTA token will migrate to become the native token of its L1 after the Keeta mainnet goes live. This atypical token issuance strategy undoubtedly adds drama to its early market performance.
Market Performance and Investor Sentiment
Since its launch, especially after gaining the attention of notable figures, the KTA token has experienced significant price increases and market capitalization growth. For example, since its launch in March 2025, the KTA price has surged over 74 times, increasing by 600% within two weeks in May. This strong market performance is primarily driven by Eric Schmidt's endorsement, expectations for performance targeting millions of TPS, the hot RWA sector, and the perceived "early" status relative to other L1 projects where a large number of tokens remain locked.
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 price surge of KTA before the mainnet is fully launched and its technical capabilities are widely validated reflects the phenomenon of "pre-mainnet premium" in the market, where investors speculate based on expectations of future success. This situation often accompanies information asymmetry: project teams and early investors typically have a better understanding of the true capabilities of the technology and development progress than the general public, who rely more on white papers, market promotions, and limited testnet data. Keeta's "stealth launch" strategy, whether intentional or not, has somewhat exacerbated this information asymmetry and, after factors like Schmidt were "discovered," fueled the market's FOMO sentiment. This phenomenon is common in the cryptocurrency market and highlights the risks faced by retail investors when trading based on incomplete information or excessive reliance on market hype. Furthermore, although the community allocation of tokens accounts for as much as 50%, the incentive plans and standards for this portion were not clear before the TGE, making it difficult for outsiders to determine the actual control of these "community" tokens and who the main beneficiaries of the early price surge are.
A Long Road Ahead: Commitments, Challenges, and the Path to Mainnet Launch
Keeta Network has outlined an ambitious blueprint, but the road from concept to reality is fraught with challenges. The successful launch of the mainnet and its subsequent performance will be key to 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 block explorer. The highly anticipated mainnet is scheduled to officially launch in June 2025 or during the summer. This is the most important milestone for Keeta in the near term.
In the roadmap leading up to the mainnet launch, Keeta plans to gradually improve its testnet functionality:
April 2025: Integration of digital identity verification and certificate support in the web wallet and block explorer.
May 2025: Integration of foreign exchange (FX) anchors to support token exchanges at market rates within the web wallet; deployment of Base testnet anchors to achieve cross-chain interoperability with external networks; launch of a native mobile wallet (iOS and Android); introduction of advanced token permission management features.
After June 2025: The Keeta wallet is expected to launch shortly after the mainnet goes live, designed to unify the management of fiat currencies, cryptocurrencies, stocks, digital identities, and other tokenized assets.
Additionally, Keeta released its official software development kit (SDK) documentation on May 16, 2025, and its developer portal (developers.mykeeta.com) and GitHub repository are now online and active. Future plans also mention Layer-2 scaling solutions, enhanced interoperability, and expanded DeFi capabilities.
Facing Doubts: The "Ideal and Reality" of TPS, Transparency, and Community Ecology
Despite Keeta's promising outlook, doubts surrounding its core technical metrics have never ceased. As mentioned earlier, there is a significant gap between its claimed 10 million TPS and the current observed data from the testnet (below 5,000 TPS or approximately 1,210-1,779 TPS as shown by Chainspect). The Keeta team explains that the limited performance of the testnet is due to the absence of transaction fees during testing, and a dedicated benchmarking network will be established in the future. However, the market is still waiting for the mainnet to provide a final answer.
Information transparency is another major challenge facing Keeta. There is still insufficient public information regarding how vDAG overcomes inherent technical challenges to achieve ultra-high TPS. Additionally, the lack of clarity regarding the community incentive plan before the TGE, as well as the ambiguity surrounding the actual control of a large number of tokens (especially the community share), has raised concerns in the market.
In terms of community ecology, 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 hype. As of May 20, 2025, its official Twitter account had approximately 12,000 followers, although other sources claim that the number has reached 75,000.
For any Layer-1 public chain, especially for projects like Keeta that make grand promises, the launch of the mainnet is a decisive "truth moment." The theoretical architectural design and performance testing in a lab environment must be validated and reflected in a real, decentralized mainnet environment. The current performance of the testnet, even with the team's explanation of "intentional limitations," is still far from the ultimate goal. The mainnet needs to demonstrate a sustainable TPS far exceeding that of the testnet, robust security, and effective operation of its compliance framework and RWA functions to earn lasting trust from the market beyond speculative hype. The cryptocurrency industry is filled with projects that have strong narratives and funding backgrounds but ultimately fail to deliver a technically sound mainnet. The performance of the Keeta mainnet will be a key indicator of its long-term viability and its ability to truly impact the RWA and cross-border payment sectors. If it fails to deliver satisfactory results at this critical juncture, its current high valuation may face rapid reassessment.
The Competitive Landscape of Keeta in the RWA Sector
Keeta Network, with its dual emphasis on compliance and scalability, is attempting to carve out a niche in the increasingly competitive RWA space. Its core differentiating advantage lies in deeply integrating compliance (through KYC/AML, rule engines, X.509 digital identity authentication, etc.) at the protocol level, coupled with a commitment to extremely high transaction throughput, thereby attracting traditional financial institutions with strict compliance requirements to participate in the tokenization and circulation of RWA.
Looking at the entire RWA sector, Keeta is not without competitors. Ethereum, with its first-mover advantage and large ecosystem, currently dominates the RWA space (approximately 57% market share), boasting various RWA token standards such as ERC-3643 and ERC-1400, but its mainnet's scalability and high gas fee issues remain pain points. Polygon, as a Layer-2 scaling solution for Ethereum, offers low fees and high speed, and is EVM-compatible, making it more suitable for retail-oriented RWA projects. Avalanche, through its subnet architecture, allows developers to create dedicated blockchains with customized compliance rules, and its high throughput and fast finality make it an ideal choice for regulation-sensitive projects, such as Franklin Templeton's tokenized money market fund operating on Avalanche subnets. Algorand has also simplified the issuance and management of RWA with its Algorand Standard Assets (ASA) and built-in compliance tools, while maintaining high performance. Additionally, public chains like Stellar, Tezos, XDC Network, and Solana are also actively positioning themselves in the RWA space, each with its own focus.
Among many competitors, Keeta is trying to break through by creating a niche market of "compliance scalability." While many L1 public chains claim to have high scalability (like Solana), and others focus on RWA (like Algorand's ASA or Avalanche's subnets), Keeta's core selling point is the combination of extreme scalability with deep integration at the protocol level and a compliance framework designed for traditional finance. If Keeta can deliver strong results in both areas, it could indeed carve out a lucrative niche market. Its rule engine and KeetaScript are key to achieving this goal, enabling RWA to be programmed with compliance logic from the outset. This reflects a trend in the blockchain space from purely permissionless systems to solutions that can interface with the regulated traditional financial world. Keeta's bet is that institutions will prioritize this "compliance scalability" when choosing RWA platforms, even willing to make some compromises on absolute decentralization.
Conclusion: Keeta's Potential and the Future of RWA—Opportunities and Risks Coexist
Keeta Network, with its grand vision of building a high-speed, compliant RWA and payment infrastructure, has quickly become a market focus, bolstered by endorsements from heavyweight figures and a compelling (though not yet fully validated in a scaled environment) technical narrative. If Keeta can successfully deliver on its technical promises, particularly breakthroughs in 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 Keeta faces are equally daunting. First is the urgency of technical 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 move beyond the current speculative hype and earn 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 on its ambitious roadmap on time but also successfully navigate the complex and ever-changing RWA regulatory environment.
Overall, Keeta possesses many elements that could make it a "potential stock," but it also harbors several "hidden concerns." Its future entirely depends on whether it can steadily transform its grand goals into tangible realities. It could become a disruptive dark horse in the industry or fall back into mediocrity due to failure to deliver on promises or inability to effectively break through in the fierce public chain competition.
The current high valuation enjoyed by Keeta is largely based on expectations of its potential, the so-called "pre-mainnet premium." However, truly sustainable value comes from "execution premium"—successfully launching a robust mainnet, attracting significant RWA projects and partners (currently lacking 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 practicality and widespread adoption.
Regardless of Keeta's ultimate success or failure, its exploration in the RWA sector will provide valuable lessons for the entire industry, particularly in how to balance technological innovation, market expectations, compliance needs, and the arduous efforts required 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 in this wave.
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