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Castle Nuts are commonly used through the kart or racing chassis as part of safety tech. They are secured with either cotter pins, r-clips, or safety wire in cases where a critical component like a header or wheel hub could detach from the engine or chassis and injuring a driver or spectator.
This particular castle nut is used on the spindle kingpin for racing go-karts, racing lawnmowers, and other components with 1/2-20 thread.