Let me ask you a question, which project currently has the largest TVL in the BSC ecosystem? Is it CAKE? Is it XVS? Perhaps it might surprise you, but the new reigning champion is Lista DAO. According to DeFillama's data, Lista DAO currently occupies the first place with a TVL of over 1.9 billion USD, surpassing the largest Dex and lending projects on BSC. What kind of project is Lista? Why has it stood out among many projects? Today, I will clarify this for everyone.
Lista DAO is the largest liquid staking and stablecoin protocol in the BSC ecosystem, somewhat similar to Maker DAO. The underlying asset is BNB, and it completes a closed loop through clisBNB CDP and lisUSD stablecoin. Users can earn returns by holding derivative assets of BNB, slisBNB and clisBNB, while also being able to collateralize and generate stablecoins to meet other needs.
Why has Lista DAO's TVL surged recently? An important reason is the rise in BNB prices. In Lista DAO, the number of staked BNB exceeds 1 million, and there are nearly 1 million clis. It can be said that Lista directly benefits from the rise in BNB prices because the increase in BNB prices directly drives the protocol revenue of Lista DAO.
In addition to BNB staking and stablecoin business, Lista DAO's most significant recent move is to focus on the lending sector. To differentiate itself from Venus, Lista has adopted a peer-to-peer staking model. The advantage of this model is that the lending interest rates are relatively stable, and Lista's business in this area is also improving. One example is that the TVL scale of USD1 has exceeded 100 million, with over 90 million borrowed. It should be noted that the total market cap of the project managed by WLFI is only over 2 billion, which shows that Lista DAO has a high level of market recognition.
In fact, everyone should know that the Lista DAO project is clearly supported by Binance; otherwise, the TVL of BNB wouldn't be so large. I considered this point at the beginning of the year and bought a bit of staking around 0.16, which has roughly doubled at the current price. Although this increase hasn't even outperformed BNB, it is still acceptable compared to other worthless altcoins. If we look at the market cap, the circulating market cap of $LISTA is only 60 million. After the last LIP-021 burning proposal was passed, 20% of the total supply was burned, and the total market value is just over 200 million. For a project with a TVL of 1.9 billion USD, I think this is reasonable. Of course, the overall valuation of the DeFi sector is not high at the moment, but from a risk perspective, I believe it is controllable.
