✨ I have made several profits on LISTA. Finding a project with a strong concentration of chips is quite difficult. Most of the dispersed chips indicate that pulling the price is not easy and will go through many rounds of washing.

Underestimation requires reasoning; value cannot be conveyed by just a few lines of text.

Many projects hire writers to beautify the text and take the opportunity to exploit investors. In a meaningful sense, it is important to look at the market's acceptance. When the market acceptance is not clear from the chart, pay attention to the project's TVL situation. Money and funds do not lie.

From the overall TVL perspective, the project’s funds have been growing, completely surpassing the previous comparison between market cap and TVL, with a general difference of about 7.5 times. From the TVL data, LISTA is highly recognized and accepted by funds.

  • The TVL of Lista DAO will exceed $3 billion in Q2 2025, mainly benefiting from the integration with the USD1 stablecoin, multi-chain expansion (such as Ethereum LST asset support), and explosive growth in liquidity staking products (such as slisBNB/clisBNB).

  • As of August 2025, the current market capitalization of Lista DAO is approximately $400 million, with a TVL/market cap ratio as high as 7.5 (3 billion TVL ÷ 400 million market cap).

Comparison with competitors:

The TVL/market cap ratio of MakerDAO is only 2.1 (TVL 8 billion vs market cap 3.8 billion), indicating that the capital efficiency of LISAT is significantly higher.

The TVL/market cap ratio is far higher than the industry leader.

  • The TVL/market cap ratio of LISAT (7.5) is more than 3.5 times that of MakerDAO (2.1), indicating that with the same scale of locked assets, the market valuation of LISAT is significantly undervalued.

  • If we refer to the valuation logic of MakerDAO, the theoretical market value of LISAT should be: theoretical market value = TVL/market cap ratio TVL​ = 2.1 × 300 million​ ≈ $1.43 billion.
    Sothe current market cap of $400 million hasabout 72% potential upside.(August 2025)

    If the TVL/market cap ratio of LISAT is restored to the level of MakerDAO (2.1), the market cap could reach $1.43 billion; if the PS is restored to the industry average of 8 times, the market cap could reach $1.52 billion, with a potential space of about 260%-280%.

At the same time, LISAT is an undervalued LSDfi+RWA hub in the BSC ecosystem. If the ecological expansion goes smoothly, the valuation recovery will be strong.

The synergistic relationship between USD1 and LISTA, as well as the strong demand for the ecosystem:

The cooperation between LISTA DAO and USD1 is a typical case of the deep integration of "compliant stablecoin + DeFi protocol" in the current BNB Chain ecosystem, which can be summarized as a complementary strategic alliance between "infrastructure provider + asset issuer" that can be expanded through the two dimensions of demand below.

  • Bilateral cooperation empowers: After the cooperation between USD1 and LISTA, LISTA's TVL has increased linearly, and the circulation of USD1 has also gradually increased. USD1's integration has driven a 112% growth in Lista TVL in a single week, becoming the core of the protocol's explosion. On the day USD1 was launched, LISTA token rose by 37.9% in a single day, reflecting the market's recognition of the synergistic effect.

  • USD1, as collateral and lending asset, allows for ultra-low interest rate borrowing through LISTA, while constantly arbitraging in the liquidity pool to attract funds. Users who lock LISTA tokens can enjoy discounts on USD1 lending rates and share protocol revenue.

It is worth noting that LISTA is the only one in the BNB ecosystem entrusted with this important task, so the core of the BNB ecosystem in the future is likely to be centered around LISTA.

  • Short term: USD1 brings incremental TVL and institutional users to Lista, while Lista provides on-chain application scenarios for USD1, forming a data growth flywheel.

  • Long term: After the implementation of the GENIUS Act, the compliant stablecoin track will shuffle, and both parties may become the new standard setters for stablecoins on the BNB Chain through "RWA + multi-chain expansion."

From the potential perspective, LISTA is undervalued, whether in market cap or any other aspect. The only thing we need to guard against is the uncertainty surrounding Trump and what will happen to USD1 if Trump leaves office, as well as the situation of token unlocking and selling pressure.