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.
Sources: DeFiLlama RWA protocols (2026-11-01).
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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
Marco, CEO of Jumper, joins Tom at Castle Labs to discuss what comes after bridge aggregation: why cross-chain movement is becoming invisible, how Jumper is separating from LI.FI, and whether one interface can become the front end for onchain finance.
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.
Stablecoins are becoming app-specific dollars.
Raydium has been one of Solana's key protocols; its infrastructure is now fundamental to tokenised stocks, which have taken over Solana.
Tokenised stocks have crossed $3B, but most of that capital still sits idle.
EtherFi has been one of the fastest-growing neobanks for both crypto natives and retail users.
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.
Today, the lending category has $28.5 billion in active loans, and almost all of that demand comes from variable-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.
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.
Castle works with protocols, investors, and market teams on category research, competitive analysis, and distribution.
