Today we will continue to talk about a project that was launched on MegaDrop some time ago. LISTA is a project born with a golden key, backed by the towering tree of Binance. Both founders have experience working in Binance. Binance Labs directly invested $10 million in Lista DAO (formerly Helio Protocol) to help it transform into a liquidity staking platform. Subsequently, Helio Protocol merged with Synclub, a staking infrastructure and liquidity staking provider on the BNB chain, to form Lista DAO. The current exchange rate is $0.53, and it is actually $0.5 when it is launched. It is very good for this kind of VC disk not to break the issue price. The current market value is $120 million, and the overall FDV is around 500-600 million. In fact, the overall product logic is similar to the model of traditional stablecoins such as makerdao, so we put more energy on data comparison.
Introduction
Lista DAO is an open source liquidity protocol for pledging crypto assets (such as BNB, ETH, stablecoins and other cryptocurrencies) to earn yield and borrow decentralized stablecoin lisUSD, also known as "Destablecoin".
It uses and expands upon the proven MakerDAO model to enable a decentralized, fair, collateral-backed, decentralized stablecoin.
The protocol consists of a dual-token model (lisUSD and LISTA) and a series of mechanisms that support instant conversion, asset collateralization, lending, yield farming, etc. Lista is native to the BNB chain ecosystem and plans to expand to multiple chains in the near future.
Lista DAO Products
1. Liquid pledge
Lista DAO offers users the opportunity to stake their tokens and earn an attractive annual interest rate of 1% to 3% in the form of slisBNB tokens. (Currently only 0.78)
slisBNB is a profitable Liquid Stake token, similar to Rocket Pool's rETH. Due to the accumulation of BNB Chain's staking rewards, the value of slisBNB will gradually increase over time and is not fixed to the price of the BNB token.
Operating procedures:
-Users stake BNB on Lista DAO.
Lista DAO will delegate staked BNB to validators operating the BNB Chain Proof of Stake (PoS) network.
Validators are rewarded with BNB for operating the network.
Lista DAO will divide the received BNB rewards: 95% will be distributed to users who stake BNB, and 5% will be reserved for the Lista DAO fund.
Users receive slisBNB - representing their profits and staked positions.
Currently, a total of 300,000 BNB have been staked, with a total value of 17.8 million US dollars.
2. Stablecoin lisUSD
LisUSD is a stablecoin issued by Lista DAO that is minted when collateral users pledge assets to the protocol and destroyed when borrowers repay their loans or liquidate their loan positions.
There are two types of assets that can be pledged to mint lisUSD:
Classic collateral: ETH, BNB, wBETH, slisBNB and BTCB.
Innovation Zone: weETH, ezETH, BBTC, solvBTC and STONE.
According to the current data, the total TVL is 240 million US dollars, the reception rate is 40 million US dollars, and the mortgage ratio is 600%, so it is also over-collateralized, which reduces the risk.
3. Staking
Currently, the project provides a way to lock Lista to earn income. The current lock-up period is 1-52 weeks. The longer the period, the higher the income. The current average rate of return is around 264%, which is a very high return.
Stable Model
It is exactly the same as the maker method, and also promotes the balance of the exchange rate through incentives. That is, when LisUSD is greater than 1 US dollar, borrowing is encouraged. When it is lower than 1 US dollar, there is a discount to allow everyone to buy for arbitrage.
data analysis
From the perspective of TVL, the current TVL is 420 million US dollars, with a rapid growth rate, corresponding to a market value of 500 million, while MakerDao's TVL is 5 billion and its market value is 2.5 billion. MakerDao later focused on the development of RWA, so RWA's assets are about 2.2 billion, which is half of the TVL, so we can roughly say that the TVL and market value are 1:1. So judging from TVL alone, the price performance is similar.
Let's calculate his revenue. The current BNB stake reward is 178 million US dollars, and the current ARP is 0.78%. The highest before was about 4%. If we calculate it based on an average of 2%, the total income is 3.5 million, and they can get 5%, which is about 175,000. There is also income from loans. Currently, 40 million US dollars have been lent out, and the tax rate is about 10%, which is 4 million US dollars.
So the total revenue of the two pieces adds up to about 4.2 million, which is almost 100 times the PE compared to the market value FDV.
Token Economy
The total amount of tokens is 1,000,000,000, of which 230,000,000 are in circulation, with a circulation rate of 23%. The current exchange rate is 0.53 USD, and it was around 0.7 on June 21. The token distribution is as follows. Because of the participation in the big airdrop, the airdrop ratio is still very high, with 20% of the amount, and the team took a relatively small amount of 3.5%, and the community gave 40%. From this distribution, it is still quite reasonable.
Finally, let me summarize this project. This project should be closely related to Binance. It can be said to be a child-level project. Although Binance also has its own stablecoin BUSD, it seems that it is not developing very well. At present, there are only less than 70 million of it. Therefore, it seems necessary to support LISTA. It is also compatible with the BSC ecosystem and can be directly pledged with BNB, which is also an empowerment of the Binance ecosystem. I can only say that the current price-performance ratio is average, but from the perspective of TVL, the recent growth rate is quite fast. We can see the subsequent development. If TVL continues to rise, the price ratio will definitely rise. Although this is a VC plate, most of the proportion is still airdrops and the community, so it’s okay. I have also said that a lot has changed. Stablecoins are a must-fight place. Let’s see who can stand out in this wave. #内容挖矿
