Lista DAO: Reshaping the new paradigm of liquid staking and stablecoins in decentralized finance**
#### I. Project Background and Core Positioning
Lista DAO is a multi-chain liquid staking and decentralized stablecoin protocol based on BNB Chain and Ethereum, formerly known as Helio Protocol (brand upgrade completed in December 2023). The project aims to integrate staking rewards and lending functions through LSDfi (Liquid Staking Derivatives Finance), promoting the widespread application of the decentralized stablecoin lisUSD, with the goal of becoming a top stablecoin protocol in the crypto space.
With a strategic investment of $10 million from Binance Labs and the traffic support from the Binance exchange, Lista DAO quickly rose to prominence, with the token LISTA skyrocketing by 3300% when it launched in June 2024. In April 2025, the launch of its lending product, Lista Lending, further solidified its ecological position, with the total locked value (TVL) surpassing $1 billion.
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#### II. Core Functions and Product Innovations
1. Liquid Staking: Release asset liquidity
Users can stake assets like BNB and ETH to obtain liquid staking certificates such as slisBNB, earning PoS staking rewards while also using them in other DeFi protocols (such as liquidity mining or collateralized lending), achieving a 'one fish, multiple eats' strategy.
2. Decentralized Stablecoin Lending
- Over-collateralization model: Users can mint stablecoins like lisUSD (formerly HAY) by collateralizing assets like BTCB, wBNB, slisBNB, with flexible collateral ratios to ensure system security.
- Lista Lending (launched in April 2025):
- Supporting dynamic interest rates, with real-time borrowing rates for BNB Vault as low as 0.78%, and expanding the range of collateral to emerging assets like solvBTC and PT-clisBNB.
- USD1 Vault: Collaborating with Trump's crypto project WLFI to provide a $20 million limit for the first application of the USD1 stablecoin on the BNB Chain, with an interest rate of just 0.93%.
3. Risk Control Mechanism
Utilizing an isolated vault design and a multi-oracle system to reduce systemic risk and ensure fair pricing of collateral.
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#### III. Token Economics and Governance Model
The LISTA token is the core governance and incentive tool of the ecosystem, with functions including:
1. Governance Rights: Holders can vote to adjust protocol parameters (such as types of collateral, interest rate settings).
2. Yield Incentives: Users earn LISTA rewards through staking, lending, or providing liquidity, for example by participating in liquidity mining for the lisUSD/slisBNB pool.
3. Fee Dividends: Locking LISTA for veLISTA allows sharing of protocol income, and future interest rate discounts.
4. Market Performance:
- Initially launched on Binance, the price surged from 0.563 USD to 0.802 USD, with a market cap briefly exceeding 856 million RMB.
- In April 2025, with the launch of lending products, TVL growth drove token demand, but price volatility was significant, necessitating attention to market risks.
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#### IV. Technological Innovations and Strategic Layout
1. Multi-chain Expansion and Code Optimization
- Transition from MakerDAO to Liquity architecture, simplifying smart contracts, reducing Gas fees, enhancing security and user experience.
- Cross-chain support for BNB Chain and Ethereum allows users to seamlessly switch networks for staking and lending operations.
2. Ecological Cooperation and Liquidity Incentives
- After merging with Synclub, integrating liquidity to launch a points airdrop system to reward early users.
- Jointly with Binance Launchpool to provide lending limits for new coin mining, enhancing capital utilization.
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#### V. Future Outlook and Challenges
1. Growth Potential
- Plans to expand more collateral assets (such as cross-chain LST assets) and deepen LSDfi ecosystem integration.
- Promoting lisUSD to become a benchmark multi-chain stablecoin, comparable to MakerDAO's DAI, but with higher capital efficiency.
2. Potential Risks
- Market volatility may affect the value of collateral, necessitating reliance on strict risk control mechanisms.
- Ecological squeeze from competitors (such as Lido, Aave) requires continuous innovation to maintain an edge.
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### Summary
Lista DAO builds an efficient, low-barrier DeFi ecosystem through the dual drive of liquid staking and decentralized lending. Its technological innovations (such as Liquity architecture transformation) and strategic partnerships (such as with Binance and WLFI) have given it a market advantage. Despite short-term volatility of the token, in the long run, if it can continue to optimize products and expand the multi-chain ecosystem, Lista DAO is expected to occupy a leading position in the LSDfi track, becoming a significant driver of the decentralized stablecoin revolution. DeFi ecosystem. Its technological innovations (such as Liquity architecture transformation) and strategic partnerships (such as with Binance and WLFI) have given it a market advantage. Despite short-term volatility of the token, in the long run, if it can continue to optimize products and expand the multi-chain ecosystem, Lista DAO is expected to occupy a leading position in the LSDfi track, becoming a significant driver of the decentralized stablecoin revolution. #ListaLending revolutionizes BNB Chain lending