Canal has applied for Featured App status on Canton, with iSOL as its first working asset. The application describes at least 14 days of a controlled MainNet pilot covering SOL deposits, iSOL issuance and redemption.
Developed by ICE Labs, Canal is building a service that brings assets from other networks into Canton. iSOL is designed to give holders a SOL-backed asset they can move and use within Canton applications.
Approved institutions can deposit SOL and receive iSOL on Canton. To redeem it, the iSOL is removed from circulation and the underlying SOL is released through the Solana side of the service. Redemption is complete only when the SOL reaches the destination wallet.
The planned route for retail users is through wallets and trading venues that integrate the asset. Canal’s application lists Rocky wallet connectivity and related issuance and redemption flows as already supported. Other wallet and venue discussions remain at different stages.
Broader commercial use is targeted for mid-to-late October 2026, with a staged rollout dependent on Featured App activation and partner readiness. Canal’s public website still labels iSOL as in development and identifies its displayed reserve figures as demo data. The controlled pilot does not establish general public availability.
The wider plan includes BNB-backed cBNB, a future product carrying SOL staking yield, and assets linked to US dollar money market funds. These products have separate development and launch plans; the application does not establish that they are already available.
Featured App approval has not been confirmed. Canal still needs to implement and test the integration that identifies activity eligible for network rewards.
Read the Canal Featured App application.
