It's not an exaggeration to say that Lista DAO has emerged as a dark horse in the BSC ecosystem. You might not expect that the current TVL leader on BSC is no longer PancakeSwap or Venus, but this project that many people were not very familiar with before. According to the latest data from DeFillama, the total locked value of Lista DAO @ListaDAO has surpassed 1.9 billion USD, directly topping the BSC ecosystem charts. #ListaDAO领跑USD1链上流动性
What exactly is Lista DAO? In simple terms, it is the largest liquid staking and stablecoin protocol on BSC, which you can understand as 'MakerDAO' on the BSC chain. Its core asset is BNB, and users can earn slisBNB or clisBNB derivative assets by staking BNB, allowing them to earn returns while also using it as collateral to generate the stablecoin lisUSD, providing significant flexibility.
Recently, Lista DAO @ListaDAO data has skyrocketed, a direct reason being the strong rise in BNB prices. The number of BNB staked in the protocol has exceeded 1 million, and clisBNB is also close to 1 million. As BNB rises, Lista benefits directly—protocol revenue increases, and TVL naturally rises as well.
In addition to liquid staking and stablecoins, Lista has also recently been focusing on lending services. It does not replicate Venus's fund pool model, but adopts a peer-to-peer staking lending approach, which has the benefits of more stable interest rates and controllable risks. Currently, this business is performing quite well; for example, its USD1 segment's TVL has exceeded 100 million USD, with borrowing amounts reaching over 90 million, and user acceptance is quite high.
Returning to the token itself, $LISTA the current circulating market value is only around 60 million USD. After the last LIP-021 proposal was passed, the team destroyed 20% of the total supply in one go. Now, the fully diluted market cap is just over 200 million. Compared to its 1.9 billion USD TVL, this valuation is frankly not high, especially in the current context where the DeFi sector is generally undervalued; it still holds certain attractiveness.
I personally think that Lista DAO @ListaDAO has a significant highlight, which is that it is not just a stablecoin issuance protocol, but a complete asset utilization solution. It connects all links of BNB collateralization, CDP lending, and on-chain earnings, allowing the stablecoin USD1 to not only be stored and transferred but also to truly 'move'—for example, participating in Binance Launchpool, Megadrop, or airdrop activities to earn additional returns.
In terms of security, Lista has also performed well; USD1 is supported by on-chain liquidity. $LISTA is responsible for governance and incentives, and the entire mechanism is both decentralized and practical. It does not merely stop at the 'issuance-circulation' stage like some traditional stablecoin protocols, but truly addresses user needs, increasing asset utilization.
Overall, Lista DAO excels in its business layout, data performance, and economic model. Coupled with its clear backing from the Binance ecosystem, there is still a great deal of room for expansion in application scenarios in the future. If it is said to be redefining the stablecoin standard on BSC, I don't think that's an exaggeration.