Co-Founder @castle_labs | prev @ryskfinance
London, England
Joined April 2021
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Four years ago, I made the @castle_labs logo on Midjourney.
It wasn't professional or chic, but we didn't care.
We always let our research do the talking, not our brand.
In the same vein, we never really marketed ourselves publicly, and I'm sure, because of that, many people still don't know what Castle is or does.
We grew from a community of crypto enthusiasts to a firm working alongside, competing with, and winning work from many of the industry's household names. No fancy brand. No marketing. No VC funding. Just the quality of our work, the integrity of our team, and the satisfaction of our clients.
That's what carried us here.
We are a small, obsessive team. Two founders, all-in.
Leaner and faster, with the experience of firms ten times our size.
Today I'm excited to announce our new brand, one that encompasses who we are, what we're about, and where we're going.
If you want to work with us, my DMs and @francescoweb3's are open.
Atomist 🏰 retweeted
"Perp DEXs are basically what bridges were three years ago."
@zord4n of @jumperapp argues that perp liquidity is about to fragment across many more order books, and that aggregation will matter again, just like it did for bridges.
Atomist 🏰 retweeted
Solana RWA Market Cap Grows From $700 Million to $4.3 Billion in One Year
According to a Castle Labs report on the Solana ecosystem, on-chain RWA market capitalization on Solana grew from about $700 million to $4.3 billion over the past year. Over the same period, Ethereum RWA grew from $15.5 billion to $16.6 billion. Solana’s share of total RWA relative to Ethereum rose from roughly 4.5% to 26%. The report also noted Solana’s application revenue over the past 30 days reached $193.1 million, ranking first among the networks tracked, ahead of Hyperliquid at $86.5 million and Ethereum at $53.8 million.
Atomist 🏰 retweeted
RWAs on @solana grew by more than 6x over the past year, from $700m to $4.3b.
In relative terms, Solana's RWA market cap was just 4.5% of Ethereum's in Q4 2025, and today it is 26%.
Atomist 🏰 retweeted
Onchain perps keep growing. Their tokens don't.
★ The venue side (@castle_labs, Oct 15)
→ Tracked onchain perp open interest is $13.33B, up 8.8% in 30 days.
→ @HyperliquidX holds 58% of it: $7.70B, +11% over 30d.
→ @Aster_DEX is 2nd at 9.7%, @variational_io 3rd at 7.4% (+18% in 30d), @Lighter_xyz 4th at 5.3%.
→ Last 24h: Hyperliquid traded $13.68B, 42% of the $32.78B across tracked venues. That's ~15% of what @binance futures did.
★ The token side (CoinGecko, 7d / 30d)
→ HYPE ~$77.8: −8.4% / −1.0%
→ LIT ~$2.94: −17.2% / −33.3%
→ ASTER ~$0.69: −2.8% / flat
→ dydx-chain:native: −13.2% / +7.5%
★ Why the gap
→ OI grew over the month, but the last 7 days were red almost everywhere: Hyperliquid −12%, Lighter −20%, Variational −9%. Tokens are trading that weekly cooling, not the monthly growth.
→ Growth is concentrating. Hyperliquid alone took most of the gains, while edgeX (−29% in 30d) and Lighter shrank.
→ Lighter's token is down a third in a month while its OI fell only 5.6%. That's a token supply/sentiment story more than a usage story.
→ Caveat: I use OI rather than volume on purpose. @DefiLlama delisted Aster's volume over its correlation with Binance volume, so volume rankings are noisy.
If a perp DEX keeps winning share but its token doesn't follow, what exactly is the token capturing?
Atomist 🏰 retweeted
$PRL perps are now live on Entropy (HIP-3).
Since launch, the perps have traded over $3.3m, with $865k in OI and a peak hourly volume of $1.1m, making it Entropy's 6th-largest market by 24h volume.
Due to thin liquidity, it follows a pre-listing methodology with OI limits. The perp will eventually transition to a standard perp as more liquid venues become available.
1/ We are excited to list PEARL, and are extremely aligned with our friends @prlnet in their mission to make the frontier of inference more useful and efficient.
Atomist 🏰 retweeted
Had a really nice chat with Atomist at @castle_labs
Tune in
Bridging was only the start for @jumperapp
Now it’s building toward one place to trade, earn and manage capital onchain.
We sat down with @zord4n to discuss:
✦ Jumper's shift
✦ What users actually value
✦ Why distribution, not just product, decides who wins.
Really enjoyed this conversation with @zord4n
A great product- and user-led discussion about building consumer apps
The key takeaway that @jumperapp has witnessed firsthand: users say they prioritise security, but consistently choose speed, price and UX
Bridging was only the start for @jumperapp
Now it’s building toward one place to trade, earn and manage capital onchain.
We sat down with @zord4n to discuss:
✦ Jumper's shift
✦ What users actually value
✦ Why distribution, not just product, decides who wins.
Atomist 🏰 retweeted
Aave v4 @coinbase tokenised stocks hub on @base has reached over $10m in deposits since its end-of-September launch.
The ecosystem around it is growing, with @superformxyz Earn Stocks and @Dialectic_Group vaults.
Both run carry strategies, using depositors' tokenised stocks as collateral on Aave. The borrowed liquidity then funds higher-yielding strategies, with depositors receiving the spread (yield minus the borrow rate) while keeping their stock exposure.
This helps unlock yield on tokenised equities, which has grown to $3.34B in value, up from just $687m since the start of the year.
As supply grows, tokenised equities need to offer more than price exposure, and yield is the clearest way to do that.
Atomist 🏰 retweeted
More apps are taking control of the economics of their stablecoin deposits to drive stickiness and better incentivise users.
@ether_fi recently announced its own stablecoin to do the same.
@laert from @m0 explains why this matters in our latest pod: "The yield belongs to those builders. The ones doing the hard work of building a customer base, building balances off that customer base, building flows, and moving value forward."
He also adds that how the yield moves "to their end users or to their end partners is a function of what they’re trying to incentivise."
The creativity of launching a whole new chain to pump the bags of an NFT platform, in hindsight, is pretty fucking impressive
GG Pacman, the best to ever grift it
Congratulations on the huge win here @PacmanBlur
You launched Blast with the sole intent of pumping your worthless $BLUR bags through a scammy staking program
Absolute masterclass in marketing and extraction
I am bullish *my bags*
I am bullish on Robinhood Chain.
I am bullish on Solana.
I am bullish on Ethereum.
I am bullish on Base.
I am bullish on Hyperliquid.
I am bullish on Lighter.
I am bullish on Variational.
I am bullish on Uniswap.
I am bullish on Aerodrome.
I am bullish on Aave.
I am bullish on Morpho.
I don't give a flying f*ck what people have to say about "competition" in this space right now.
We are less than 1% of global spot markets volume, less than 1% of global derivatives markets volume, and less than 1% of global lending desk volume.
We're still early.
Zoom out.
Just in time for your weekend reading
Mapping the Perpetual Trading Ecosystem
A Comparative Analysis of Perp Trading Venues across Design, GTM and Microstructure
Read the full report here: docsend.com/v/sjv2g/mapping_…
Atomist 🏰 retweeted
On @Raydium @solana @launchonsf and memes
With @ben_ungvari, CMO of Raydium
Raydium has been one of Solana's key protocols; its infrastructure is now fundamental to tokenised stocks.
Atomist 🏰 retweeted
Had a great chat with @ben_ungvari on @Raydium, @LaunchOnSF and @solana ecosystem
Plus face reveal, first time doxxed
Releasing on Wednesday at 2:30 UTC on @castle_labs
Raydium has been one of Solana's key protocols; its infrastructure is now fundamental to tokenised stocks and already processes $4 billion in volume.
We sat down w/ @ben_ungvari
to discuss @Raydium, @solana, @launchonsf and memes
📆 Wed 30 Sep 2:30 pm UTC
ALT Ben Ungvari, CMO of Raydium, discusses tokenization, Solana, and memes during a scheduled conversation event on September 30, 2026.
Just try the novel things bro
Cobie explains the mental model that turned buying stupid ape pictures into millions.
"My own mental model is that you isolate your risk and you try every novel thing."
"You do not try everything, because then you are chasing forks and end up in bad projects."
"Instead of trying to figure out why a novel thing won't work, you may as well just give it a go. If you do this with Hyperliquid or buying the Ape pictures, you ended up a millionaire."
"When there is a new thing happening, people's instinct is to say this is stupid and dumb. You just need to invert that instinct and ask, what if this worked?"
Stonks forever
Raydium has been one of Solana's key protocols; its infrastructure is now fundamental to tokenised stocks and already processes $4 billion in volume.
We sat down w/ @ben_ungvari
to discuss @Raydium, @solana, @launchonsf and memes
📆 Wed 30 Sep 2:30 pm UTC
ALT Ben Ungvari, CMO of Raydium, discusses tokenization, Solana, and memes during a scheduled conversation event on September 30, 2026.
A lovely end to the week
🚨 JUST IN: Bitwise’s NEAR Protocol ETF has been approved for listing on NYSE Arca, according to a new SEC filing. 🏦⚡️
The fund will trade under the ticker NRR, providing investors with exposure to near:native, while SEC effectiveness remains pending.
#NEARProtocol #Bitwise #NEARETF #NYSEArca
