Deep dives are Castle Labs' high-conviction format: one protocol, mechanism, or ecosystem examined through architecture, tokenomics, competitive position, adoption data, and market context. This is where flagship reports sit alongside long-form protocol analysis. The audience expectation is institutional-grade synthesis: fewer shallow takes, more evidence, better maps, and clear conclusions that survive contact with the data.
State of Commodities and a Quantitative Analysis of the Growth of these Markets Onchain
The evolution of Vaults as the infrastructure layer of institutional finance onchain
Privacy as Infrastructure for User Protection and Institutional Adoption
Mapping the Growth of RWAs and Institutional Adoption
Mapping the expansion of options as a trading instrument and the volatility that prices them
Covering the expansion of revenue streams by blockchains
A report on the protocols building fixed-rate and fixed-maturity credit products
A comparative analysis of perp trading venues across design, GTM and microstructure
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Liquidity Providers (LPs) on Decentralised Exchanges (DEXs) have long faced a structural problem during market movements: as prices move on Centralised Exchanges (CEXs), which are hubs for spot liquidity and perform price discovery, DEXs still quote prices before the market moves, giving arbitrageur
Solana is now the top chain by application revenue.
Artificial Intelligence (AI) is a pivotal technology, and as its use grows, it demands more computational throughput than ever.
This excerpt is from our research on Mapping the Perpetual Trading Ecosystem: A Comparative Analysis of Perp Trading Venues across Design, GTM and Microstructure, highlighting the perp ecosystem, including the key growth enablers, the architecture on which the protocols are built, and the GTM strate
Onchain options in three families: Derive and Paradex order books, binary markets on Polymarket, Kalshi and HIP-4, and option yield products from Rysk and Hegic.
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.
RWA perp volume went from under $1 billion in October 2025 to over $120 billion in August. How Variational swaps compare with perps on funding and execution cost.
This excerpt is from our research on Fixed-Rate Lending: Market Structure and Protocol Design, highlighting new and emerging designs in the category.
Blockspace is cheap and easy to copy, so chains are going after ecosystem and product revenue. Arbitrum, Polygon, MegaETH and Sophon show the two routes.
Only ~1.5% of active BTC earns yield. How CeFi lending, DeFi and Bitcoin L2s compare on trust, and how Stacks builds BTC-native finance with sBTC and stBTC.
Crypto protocols made $7.42 billion in revenue so far in 2026, yet PUMP is down 60% since launch despite $315 million in buybacks, and HYPE is up 1,400%.
Public balances and quantum-vulnerable signatures are the two security gaps in onchain finance. How Starknet's strkBTC handles privacy, compliance and post-quantum risk.
Castle works with protocols, investors, and market teams on category research, competitive analysis, and distribution.
