In-depth research reports covering DeFi markets, protocols, infrastructure, and emerging trends — published by the DL Research team.
State of DeFi 2025
December 2025121 pagesDL Research
Comprehensive analysis of DeFi's evolution into a maturing financial system. Covers stablecoins as core infrastructure, the converging trading stack, credit and yield markets, execution quality, MEV, governance, token design, and outlook for 2026.
StablecoinsTrading StackLending & YieldL1s & L2sMEV & ExecutionRWAGovernance
State of RWAfi Q1 2026
April 202684 pagesDL Research
A comprehensive, data-led assessment of the real-world asset landscape across DeFi — covering tokenised equities, real estate, commodities, and the broader structural forces shaping the next phase of onchain capital markets.
Tokenised EquitiesReal EstateCommoditiesPrivate CreditOnchain Capital Markets
