·Deep DivesRWAs
Beyond Tokenisation: Making RWAs Useful Onchain
These days, it’s all about RWAs, with a race involving every protocol and ecosystem, rushing to list new assets and boasting about their market size or asset count.
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Market Structure & Capital Flows
Castle Labs' broadest research lane is market structure: where liquidity sits, which venues capture flow, how capital moves across public and private markets, and what the data says before the narrative catches up. This is the home for our market maps, tokenisation work, exchange and venue analysis, volatility coverage, and macro-to-onchain research. It serves readers who need to understand not just what happened, but what changed in the structure of the market.
$25.7B
RWA protocol TVL tracked
$3.5B
BlackRock BUIDL TVL (largest)
25
RWA protocols tracked
Sources: DeFiLlama RWA protocols (2026-09-15).
Latest Markets Research
Showing 1-12 of 130 articles
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·Deep DivesDeFi
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.
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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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·L2sOptions
Markets UP, TradeXYZ’s new competitor Entropy, Kinetiq is back, and CLARITY soon?
PLUS: HyperEVM DEX activity, Ethena basis trade exposure, Fomo, and Lighter Robinhood instance.
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·L2sDeep Dives
The Expanding Business Model of Blockchains
Selling blockspace is no longer a defensible business for blockchains.
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·Deep DivesMarkets
The Birth of Bitcoin-Native Finance: Turning Idle BTC into Productive Capital
The Birth of Bitcoin-Native Finance: Turning Idle BTC into Productive Capital
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·Deep DivesMarkets
The Broken Link between Protocol Revenues and Token Performance
Since the beginning of the year, crypto protocols have cumulatively made $7.42 billion in revenue.
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·PrivacyDeep Dives
The New Security Bar for Onchain Finance
Private Today, Durable Tomorrow
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·OptionsDeep Dives
Prediction markets as option-like instruments
This article is an excerpt from our research on The Renaissance of Onchain Options, mapping the expansion of options (and prediction markets) as a trading instrument and the volatility that prices them, published in collaboration with BlockScholes.
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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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·OptionsMarkets
Options from a Builder’s Perspective
A Gap Analysis with Interviews from Rysk, Derive, Panoptic, and GammaSwap.
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·OptionsDeep Dives
The Rebirth of Onchain Options: An Ecosystem View
This article is an excerpt from our research on The Renaissance of Onchain Options, mapping the expansion of options (and prediction markets) as a trading instrument and the volatility that prices them, published in collaboration with Block Scholes.
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Research for your market
Castle works with protocols, investors, and market teams on category research, competitive analysis, and distribution.