Noveleader ๐ฐ
@noveleader
Research @castle_labs | Prev Research @TheBlockCo | Views are own
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We covered options renaissance in July. If you are excited about options and want to learn more, here is the detailed report we published with @BlockScholes a few months ago.
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RWAs have now reached $39b in tokenised value.
YTD, RWAs have grown at ~50x the velocity of stablecoins.
However, over the same period, active DeFi RWA TVL fell from 12.5% of net RWA value to 10.9%.
We need to match issuance pace with composability.
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One problem that is being actively solved across the fixed-rate lending stack is the cold-start problem.
You can now keep earning yield on your orders through a variable-rate pool and only commit capital once your order executes in the fixed-rate market. This removes the question of capital being "unproductive" while it is a resting order.
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These numbers gonna run wild
The ones with the most negative revenue correlation with other categories are RWAs, Prediction Markets, and Physical TCG.
A new revenue class in crypto is forming irrespective of how others perform.
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