Featured·L2sDeep Dives
The Expanding Business Model of Blockchains
Selling blockspace is no longer a defensible business for blockchains....
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Castle Labs Research
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March 2026The Evolution of Commodities
State of Commodities and a Quantitative Analysis of the Growth of these Markets Onchain
71 pages · free report→
May 2026The Vaultification of Finance
The evolution of Vaults as the infrastructure layer of institutional finance onchain
76 pages · free report→
June 2026The Full-Stack Privacy Ecosystem
Privacy as Infrastructure for User Protection and Institutional Adoption
64 pages · free report→
June 2026Real-World Assets: Bringing TradFi Onchain
Mapping the Growth of RWAs and Institutional Adoption
85 pages · free report→
July 2026The Renaissance of Onchain Options
Mapping the expansion of options as a trading instrument and the volatility that prices them
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July 2026The Verticalisation Thesis: How Blockchain Revenue Models Are Evolving
Covering the expansion of revenue streams by blockchains
53 pages · free report→
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Showing 1-13 of 151 articles
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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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·Deep DivesTrading
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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·DeFiMarkets
Putting RWAs to work in DeFi
The growth of RWAs has led to over $32 billion of assets flowing onchain.
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·Markets
Options from a Builder’s Perspective
A Gap Analysis with Interviews from Rysk, Derive, Panoptic, and GammaSwap.
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·Deep DivesTrading
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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·MarketsPredictions
Prediction Markets: From Curated Platforms to Open Protocols
In the last 18 months, Prediction markets (PMs) grew from roughly $2 billion in monthly volume to more than $30 billion, scaling rapidly from a niche category to a mature ecosystem.
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·DeFiMarkets
Composable TradFi: RWAs in DeFi
Mapping the growth of RWAs in DeFi
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·PrivacyDeep Dives
Privacy Ecosystem on Solana
This article is an excerpt from our research on the Full-Stack Privacy Ecosystem.
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·L2sDeep Dives
propAMMs: Better than CEX?
PropAMMs are all about onchain execution
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·Deep DivesL2s
Stacks POX Upgrade: Solving BTC Capital Problem with the Right Incentives
Over the last couple of years, since the launch of Bitcoin ETFs, BTC has become an increasingly institutionalised and legitimised asse.
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