Lista DAO @ListaDAO has quietly become the top project in terms of TVL on the entire BSC, exceeding 1.9 billion USD, outpacing some established DeFi projects. To be honest, achieving this scale in such a market environment surely indicates that something has been done right behind the scenes.
First, let's look at some core data. BNB staking volume has surpassed one million coins, and the deposit amount of USD1 on Lista has exceeded 101.99 million coins, with a vault utilization rate as high as 90.87%, having borrowed over 90 million coins—this indicates that the funds coming in are not idle, but are operating efficiently. Additionally, they recently burned 200 million LISTA, accounting for 20% of the total supply. Such a strong deflationary mechanism is quite persuasive in the current market.
I think the smartest aspect of Lista is @ListaDAO that it has created a coherent product suite out of 'liquid staking + stablecoin lending.' When you stake BNB and receive slisBNB, you can not only continue to earn staking rewards, participate in Binance's Launchpool and Megadrop, but also use it as collateral to borrow lisUSD or USD1 to seek yield opportunities elsewhere. This design effectively allows for the repeated use of an asset, truly achieving 'one fish, many meals.' For users, the experience is smooth, and capital efficiency is high; for the protocol, the ecological closed loop is solid, and growth is more sustainable. #ListaDAO领跑USD1链上流动性
Let's talk about its collaboration with World Liberty Financial. The USD1 stablecoin has a significant background, fully backed by U.S. Treasury bonds and cash equivalents, following a compliant route. Lista has now clearly become the most important liquidity hub for USD1 on-chain, with a TVL exceeding 100 million USD. This partnership is not just about adding an asset; it has established a liquidity loop between compliant stablecoins and DeFi protocols from the ground up, which holds considerable potential.
From an investment perspective, LISTA's current circulating market value is only around 60 million USD, and even after the burn, the total market value is just over 200 million. For a leading protocol with a TVL close to 2 billion and still growing, this valuation is not exaggerated. Coupled with its investment background from Binance Labs, deep integration with WLFI, and ongoing expansion into multi-chain scenarios, I believe it can no longer be simply viewed as an ordinary DeFi protocol, but rather increasingly resembles the core infrastructure of the BNBFi ecosystem.
Of course, Lista does face challenges. For example, how to continuously optimize the liquidation mechanism, how to maintain security while expanding into multi-chain, and how to further increase the adoption depth of USD1. However, from its recent actions—such as launching CDP support for LP collateral, planning to build a DEX to integrate lending with AMM, and raising the minting target for lisUSD by 26.6% to 80 million—these are not trivial moves but rather serious boundary expansions.
Personally, I believe the most noteworthy aspect of Lista is that it has simultaneously captured the DeFi users' key concerns of 'yield,' 'liquidity,' and 'security,' and has interconnected them with a scalable engineering approach. Such projects may not always have big news every day, but in the long run, they are more likely to solidify real value.
