Solving the Cold-Start Problem in Fixed-Rate Lending
This excerpt is from our research on Fixed-Rate Lending: Market Structure and Protocol Design, highlighting new and emerging designs in the category.
DeFi & Onchain Finance
DeFi is becoming the operating layer for digital asset finance: vaults, lending markets, stablecoins, tokenised collateral, and structured yield products. Castle Labs tracks the infrastructure making that transition real, from Morpho and Aave to the curator model, RWA collateral, and the products that connect offchain capital to onchain execution. The reader question is practical: which systems are becoming durable financial infrastructure, and which are still yield theatre?
$36.6B
tracked vault stack TVL
$9.9B
Morpho TVL
13
core protocols tracked
Sources: DeFiLlama protocol data (2026-09-15).
Latest DeFi Research
Showing 1-12 of 33 articles
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·DeFiMarkets
The Ethena Week, Crypto Cards Hack, Solana Disinflation Doubled and Robinhood ATH Activity
PLUS: Stablecoins beyond USD, Fomo ATH Revenue, Kamino Fixed Rate, Morpho In-Kind Redemptions, and more
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·RWAsDeFi
Putting RWAs to work in DeFi
The growth of RWAs has led to over $32 billion of assets flowing onchain.
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·RWAsDeFi
Composable TradFi: RWAs in DeFi
Mapping the growth of RWAs in DeFi
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·RWAsDeep Dives
RWAs: A Blueprint for the Future of Mantle
While most metrics are down across the board, the RWA sector is the only one showing consistent growth, with tokenised stocks among the fastest-growing RWA categories right now.
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·Deep DivesDeFi
Vaults: The Infrastructure Layer for Institutional Finance Onchain
Vaults are becoming DeFi's default entry point for institutions
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·DeFiMarkets
From Neobanks to Onchain Banks
From Neobanks to Onchain Banks — research from Castle Labs.
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·RWAsDeFi
69 Trillion: The Tokenisation Opportunity
69 Trillion: The Tokenisation Opportunity — research from Castle Labs.
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·DeFiMarkets
The Fight for Yield is Over: Making DeFi More Accessible
The Fight for Yield is Over: Making DeFi More Accessible — research from Castle Labs.
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·OptionsTrading
Don’t Trade Cryptos, Trade Rates: A Boros Funding Rates Primer
Castle Labs research on Boros, Pendle’s yield-trading platform for funding rates, covering Yield Units, hedging use cases, vaults, liquidity, and power-user strategies.
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·DeFiMarkets
DeFi Will Win
DeFi Will Win — research from Castle Labs.
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·DeFiMarkets
Harmonix Finance: Innovating Yield Generation on HyperEVM and HIP-3 Markets
Harmonix Finance: Innovating Yield Generation on HyperEVM and HIP-3 Markets — research from Castle Labs.
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·RWAsDeFi
OpenEden: On The EDEN Token, Roadmap and Bringing more RWAs Onchain
OpenEden: On The EDEN Token, Roadmap and Bringing more RWAs Onchain — research from Castle Labs.
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