
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.
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 — the $29B tokenised market, who is issuing, and where the assets actually get used
Mapping the expansion of options as a trading instrument and the volatility that prices them — co-authored with BlockScholes
Covering the expansion of revenue streams by blockchains
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Since the beginning of the year, crypto protocols have cumulatively made $7.42 billion in revenue.

Private Today, Durable Tomorrow

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.

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.

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.

This article is an excerpt from our research on the Full-Stack Privacy Ecosystem.

PropAMMs are all about onchain execution

Over the last couple of years, since the launch of Bitcoin ETFs, BTC has become an increasingly institutionalised and legitimised asse.

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.

Vaults are becoming DeFi's default entry point for institutions

2026 is one of the most eventful years for IPOs, with the biggest IPO calendar in a generation.

For the last cycle, crypto has been strengthening its infrastructure, but the core audience remained the same.