Liquid Staking is one of the core DeFi plays in every ecosystem. Currently, the TVL on @BNBCHAIN is ~$712M (with ~ $300M in Binance Staked ETH on-chain, if counting only native assets, it would be ~$397M), which is still a distance from the lending TVL of ~$2.13B. If we look at other ecosystems like ETH and SOL, the growth potential is even greater.
@BNBCHAIN's liquid staking ratio is far lower than that of ETH and SOL ecosystems (40% vs. 14% vs. 2%). The reason is straightforward - there are not many projects providing native BNB liquid staking in the ecosystem, and only @lista_dao has been able to emerge. Other projects like Stader Lab have a TVL of only ~10M.
@BNBCHAIN's lending market is relatively large, similar to SOL (~2B), but still a distance from ETH. Currently, @lista_dao's TVL is ~$240M, accounting for ~11% of the entire ecosystem, second only to @VenusProtocol. However, its newly launched P2P Lending and Multi-oracle mechanisms are also innovations in the market, requiring time to observe if the market will buy in.
📍BSC Liquid Staking Market Cap Analysis
Currently, the market capitalization of BSC Liquid Staking is ~ $712M. To derive changes in market capitalization under different scenarios of 1⃣BSC Staking Mcap 2⃣Liquid Staking's percentage of staking, a Sensitivity Analysis has been modeled to show the room for growth/decline.
If it reaches SOL levels, the market cap of BSC liquid staking would be ~$7.09B, corresponding to a 9.9x growth potential; if it reaches ETH levels, the market cap would be ~$21.28B, corresponding to a 29.9x growth potential. Of course, this is the most ideal scenario, and it may not be achievable in the short term.
📍 BSC Liquid Staking Landscape
The reason for not achieving this in the short term is precisely because the ecosystem is not diverse enough. Currently, the only liquid staking project for native BNB that has a significant TVL is slisBNB. If we exclude Binance staked ETH, the second-largest TVL protocol is already Stader Lab, with only ~ $10M.
Recalling when various projects launched their liquid staking products on ETH, combined with the synergy of lending market protocols, it became a highlight in the crypto space.
Of course, I also understand that this sector has already been a hotspot in 2021-2022, and it is now difficult for the ecosystem to allocate resources to incubate more excellent liquid staking projects. But this has become @lista_dao's advantage. Since it is difficult to have competitors in the later stages, its position as the leader in BSC liquid staking is also hard to shake, so it only needs to focus on perfecting products to onboard more users.
📍slisBNB Market Cap Analysis
Similarly, we selected 1⃣BSC Liquid Staking market cap changes 2⃣slisBNB's current percentage of BSC Liquid Staking market cap for Sensitivity Analysis, with 1⃣'cap' aimed at reaching ETH SOL market cap, while 2⃣adopted a +-5%.
The room for growth/decline in the market cap of slisBNB is as follows:
📍Lista Lending Market Cap Analysis
Currently, Lista Lending accounts for 11% of the overall lending market in BSC. Although it is the second-largest in the ecosystem, there is still a significant distance from the first @VenusProtocol (~73%). Whether it can continue to capture market share in lending depends on the performance of its newly launched innovative mechanism, which is as follows:
1⃣Permissionless P2P Lending: Anyone or any protocol can freely create lending markets (such as slisBNB/lisUSD) without governance approval, making it flexible and efficient.
2⃣Multi-oracle system: Obtaining prices from multiple data sources and cross-verifying to reduce errors or manipulation risks, ensuring stability in volatile markets.
3⃣Enhanced risk control, such as:
Fine-grained permission management: The system has strict restrictions on who can change important settings or use sensitive functions. Only authorized individuals or roles can perform these operations to prevent unauthorized interference and ensure security.
Isolate market risks: Each lending market is independent and does not affect each other. If a market encounters bad debts or liquidation issues, these risks will be confined to that market and will not affect the overall platform, protecting overall stability.
📍 Positioning + Strategy of ListaDAO
Personally, I believe ListaDAO in the BSC ecosystem is a Liquidity Hub, providing a one-stop shop for various DeFi strategies and the foundation for advanced DeFi operations.
How to play?
Stake BNB to exchange for slisBNB and enjoy the current ~29% APY, with the main yield coming from deploying BNB into the launchpool and automatically compounding, but this is limited to users using Binance Wallet.
1⃣After that, we can collateralize slisBNB for borrowing. The most basic borrowing cost is ~6.5%. Of course, if you hold veLISTA, you can enjoy a maximum 5% rebate. But let's assume we borrow lisUSD at the basic borrowing cost, which currently has an ~22.5% APY. Then we can use lisUSD for various DeFi activities, such as pairing with USDT on @ThenaFi_ to enjoy about 7% APR; pairing with FRAX for ~8% yield (but be cautious of IL). Here, the total APY is ~30%.
2⃣Alternatively, directly put slisBNB into @eulerfinance for lending. The pool is relatively new, with the current supply APY at ~29%, and the additional rewards from the project have not yet been announced.
3⃣You can also deposit slisBNB into @pendle_fi to exchange for PT/YT, or provide LP, with an APY of ~17% - ~40% (holding vePendle provides a boost). Although the official APY currently offered is ~28%, the market consensus falls around ~17%.
Looking forward to future strategic cooperation with @YieldNestFi on liquid restaking
@lista_dao provides diverse DeFi plays to reduce the opportunity cost of various strategies, allowing users to participate in all and achieve the highest returns.
