Author: Grapefruit, ChainCatcher
On November 12, the Lista DAO platform welcomed an important milestone in its development: the total amount of locked crypto assets (TVL) officially exceeded the $650 million mark, peaking at $664 million, consistently ranking in the top four on the Binance chain. Notably, the amount of entrusted staked BNB on the platform has approached 620,000 BNB, valued at approximately $383 million, making it the liquid staking protocol with the highest locked assets on the Binance chain.
As a comprehensive product that combines liquid staking protocols and decentralized stablecoin lending protocols, Lista DAO is often regarded as the "Lido + Maker DAO" composite on the Binance chain. With its unique innovative ideas and forward-looking strategic vision, Lista DAO is gradually leading the transformation of the BNB financial ecosystem on-chain, providing users with an unprecedented investment experience.
On October 8 of this year, Lista DAO launched a new product—collateral certificate clisBNB, which released the liquidity of BNB assets used as collateral in lending, supporting users to participate in staking lending on-chain while seamlessly participating in new token activities on Binance Launchpool, capturing new token yields on the Binance CEX platform. This truly achieved the feat of introducing off-chain CEX Launchpool yields into on-chain DeFi, providing users with a new investment experience.
Currently, the product system of Lista DAO has become increasingly complete, primarily including the liquid staking product sliBNB, the stablecoin LiUSD, and the collateral lending asset liquidity-releasing clisBNB, making it a "Lido + Maker DAO + BNBFi" ecological complex on the Binance chain. These products each have their own characteristics, complementing each other and jointly building a rich and diverse on-chain financial ecosystem for users, providing them with a wider range of on-chain investment options.
Among them, the liquid staking product sliBNB not only provides users with a new way to earn BNB proof of stake (PoS) income but also releases the liquidity of staked BNB, allowing users to enjoy staking rewards while flexibly engaging in more on-chain activities. The stablecoin lisUSD, with its safety and stability features, offers users a better quality lending service. The newly launched clisBNB product further releases the liquidity of BNB used in collateral lending, enabling users to capture yields from CEX platforms while participating in lending, thus helping improve their capital utilization while providing real wealth appreciation opportunities, further enriching users' investment options.
On November 28, Lista DAO announced several important upgrades to its products, including the addition of the PSM (Peg Stability Module) for direct exchange between lisUSD and centralized stablecoins such as USDT, and the D3M module function (minted stablecoin lisUSD will automatically integrate with DeFi protocols, etc.), and also introduced the fixed interest rate product LSR for lisUSD; users can mint clisBNB using sliBNB; Meme coins can use lisUSD for financing, etc.
According to the latest data as of November 28, the comprehensive staking yield rate of BNB on the Lista DAO platform has reached as high as 33%, while the staking yield rate of the stablecoin lisUSD exceeds 40%.
lisUSD: Building a "Maker DAO" on the Binance chain, with a staking yield rate of over 40%.
Lista DAO has demonstrated excellent performance in the re-staking protocol field, but its other important product—decentralized stablecoin lending service lisUSD—is equally noteworthy. Today, Lista DAO is not only the native re-staking protocol with the highest locked BNB on the Binance chain, but also the largest circulating decentralized native stablecoin issuer on that chain, and its influence is growing.
As an innovative fusion of "Lido + Maker DAO" on the Binance chain, the success of Lista DAO cannot be separated from the ecological cornerstone of lisUSD. It not only provides stable value support and efficient trading medium for the entire ecosystem but is also a key link connecting and driving the innovation and development of staking and lending functions. This allows users to enjoy staking rewards while using staking certificates as collateral to borrow lisUSD, maximizing the efficiency of capital utilization and promoting the vigorous development of the entire ecosystem.
According to the latest data from DeFiLlama, the circulation of stablecoins on the Binance chain is $5.4 billion. Among the top five stablecoins by circulation, four (USDT, USDC, BUSD, FDUSD) are issued by centralized institutions, while the other stablecoin USDX is issued using a synthetic algorithm. The sixth-ranked lisUSD stands out as the only native decentralized stablecoin issuer on the Binance chain.
According to the latest data from DeFiLlama, the circulation of stablecoins on the Binance chain has exceeded $6 billion. Among the top five stablecoins by circulation, four (USDT, USDC, BUSD, FDUSD) are issued by centralized institutions, while the other stablecoin USDX is issued using a synthetic algorithm. In contrast, lisUSD stands out as the only native decentralized stablecoin issuer on the Binance chain.
As of November 28, the circulation of lisUSD on the Binance chain has reached $49.85 million, growing more than 27% in the past month, attracting significant attention from the community and expected to become a leader among decentralized stablecoin issuers on the Binance chain.
It is well known that stablecoins, as a major innovation in the cryptocurrency field, successfully solve the problems of value anchoring and volatility measurement, providing the market with a more stable pricing method and trading medium, and have always been a focus of attention in the crypto ecosystem.
Currently widely used stablecoins in the market (such as USDT, USDC, BUSD, etc.) are all issued by centralized institutions, backed by off-chain assets and circulating on-chain, often criticized for the opacity of off-chain collateral assets, posing risks of decoupling or inability to redeem. For instance, the issuer of the most circulated stablecoin USDT, Tether, has always faced skepticism regarding the authenticity and sufficiency of its reserve assets.
However, the decentralized stablecoin field has long faced the "trilemma of stablecoins," which is the difficulty of simultaneously achieving price stability, decentralization, and capital efficiency. For example, the mainstream decentralized stablecoin DAI, although more trustworthy, still has room for improvement in the utilization of collateral assets.
Lista DAO was born primarily to solve the capital efficiency problem of collateralized stablecoins by introducing the concept of Collateralized Debt Position (CDP) and combining it with liquid staking, allowing users to enjoy liquid staking rewards while also borrowing stablecoins through the CDP system to improve capital efficiency.
In terms of security guarantees, Lista DAO has demonstrated a high level of rigor, providing a comprehensive security assurance system. It has successfully passed comprehensive and in-depth code audits by multiple authoritative auditing agencies, covering multiple dimensions of the code to ensure the robustness of the system. It has also launched a bug bounty program to incentivize community members to actively discover and report potential security issues. In addition, the platform is equipped with a real-time monitoring system that continuously monitors and analyzes all activities on the platform, providing comprehensive and multi-layered protection for user funds and overall security.
In fact, the lisUSD team has been deeply involved in the stablecoin field for a long time, with its predecessor Helio Protocol being the issuer of the over-collateralized stablecoin HAY, aiming to create a Maker DAO protocol on the BNB chain. In July last year, Helio merged with the liquid staking service provider Synclub and was renamed ListaDAO, focusing on the development of re-staking and LSDFi.
In terms of mechanism design, lisUSD draws on the over-collateralization mechanism of the well-tested decentralized stablecoin model Maker DAO (DAI). Users can use various crypto assets (including but not limited to BNB, ETH, stablecoins, and other cryptocurrencies) as collateral to mint or borrow lisUSD. This mechanism requires the value of the collateral to always exceed the value of the borrowed lisUSD.
This is different from the purely algorithmic mechanism adopted by the stablecoin Luna (UST), which encountered a crash. The issuance of UST was not supported by any collateral assets but relied entirely on smart contract algorithms to automatically adjust supply and demand to maintain price stability. In other words, UST maintained its price stability through the arbitrage mechanism between supply and demand and between LUNA and UST. However, this mechanism has a fatal flaw: once the price of LUNA drops significantly, it may trigger a death spiral effect, leading to system collapse.
In contrast, lisUSD effectively avoids risks through its over-collateralization mechanism. The value of the assets users pledge must exceed the value of the minted stablecoin; once the value of the collateral drops below the preset ratio (for example, if the BNB collateral rate is set at 66%), the system will automatically trigger a liquidation procedure to repay the debt. This mechanism provides a safe price buffer for lisUSD, avoiding the protocol risks and user losses brought by liquidation, reducing the risk of loan defaults, and enhancing system stability.
From the perspective of collateral, lisUSD strictly follows decentralization principles and protocol security standards, fully adopting on-chain assets as collateral. Its core minting assets are carefully selected from widely recognized mainstream assets such as BTC, ETH, BNB, USDT, and their staking derivative assets like slisBNB, wBETH, and BTCB, ensuring system robustness. For each type of collateral asset, lisUSD has set detailed collateral parameters, which are established based on in-depth consideration of the underlying asset price volatility.
At the same time, lisUSD has also established an innovative asset collateral area, aiming to broaden the scope of decentralized collateral, incorporating more relatively stable assets to provide users with various collateral asset choices. Compared to traditional collateral, the risk coefficient of the collateral assets in the innovation zone will be higher, and the collateral ratio will also be higher. It is reported that the ListaDAO project team will evaluate weekly to determine whether the collateral is qualified, such as the addition of Solv's SolvBTC.BBN as collateral in the innovation zone through community voting on November 4.
As of November 28, the lisUSD innovation zone supports assets including wsolvBTC (Solv Protocol), SolvBTC.BBN, STONE (Stakestone), and others as collateral, with a total collateral asset value close to $4.55 million, and 54,000 lisUSD borrowed.
In this regard, not only does it support traditional crypto assets such as ETH and BNB as collateral, but lisUSD also introduces innovative collateral such as LRT. This mechanism allows users to enjoy relevant yields from liquid staking while borrowing lisUSD, bringing users an unprecedented investment experience and yield opportunities, enhancing the efficiency of capital utilization while further increasing the market liquidity and price stability of lisUSD.
To more effectively monitor and manage the price stability of underlying collateral assets, Lista DAO has introduced an innovative elastic price oracle mechanism for monitoring asset prices. This mechanism aggregates price data from multiple sources and cross-verifies it, using multiple oracle sources to effectively avoid single point failure risks while preventing unnecessary liquidations or abnormal inflation of borrowing amounts due to erroneous or outdated price information, thereby significantly enhancing the accuracy and reliability of price information.
On November 5, ChainLink officially announced that the oracle system used by Lista DAO has been upgraded, adding support for re-staking markets like ezETH, STONE, weETH, and wstETH, further expanding its application range and flexibility.
The stablecoin lisUSD has been continuously expanding its application scenarios and has been integrated into multiple DeFi protocols, such as PancakeSwap, Thena.Fi, and Magpie.xyz, allowing users to earn staking rewards while participating in other DeFi protocol yield mining, building liquidity pools, etc. This deep integration allows lisUSD to surpass the traditional stablecoin category and become a multifunctional asset widely applicable across multiple DeFi platforms, serving as a tool for DeFi participants to capture higher returns. Additionally, in the CAC S3 points incentive program, users can earn incentive points by staking lisUSD, borrowing lisUSD, and providing liquidity in the whitelisted lisUSD pool.
On November 28, Lista DAO implemented a significant upgrade to its stablecoin lisUSD, with the core highlight being the addition of two major infrastructure modules: PSM (Peg Stability Module) and D3M (Direct Minting Integration Module).
Among them, the PSM module is the Peg Stability Module, which enables direct two-way exchange between lisUSD and mainstream centralized stablecoins such as USDT and USDC. This feature significantly enhances the price stability of lisUSD, ensuring it tightly anchors to the value of $1. Moreover, the PSM module also innovatively introduces a savings interest rate (LSR) to replace the previous single staking product, which can bring stable fixed income to lisUSD stakers.
At the same time, the D3M module, inspired by MakerDAO (DAI), aims to directly mint lisUSD and seamlessly integrate it into DeFi lending platforms such as Aave and Venus, significantly enhancing the utility and liquidity of lisUSD.
According to the upgrade page of Lista DAO on November 28, the current interest rate for users depositing USDT is 197.59%. Lista DAO revealed to ChainCatcher that the initial launch amount for the lisUSD stablecoin fund pool is $5 million, and once the pool is fully funded, the one-sided yield for lisUSD can reach 41%.
In summary, lisUSD, with its unique over-collateralization mechanism, rich collateral options, innovative elastic price oracle mechanism, and extensive application scenario expansion, is gradually reshaping the "Maker DAO" ecosystem on the Binance chain.
"Liquid staking product slisBNB + collateral certificate clisBNB" dual product lines unlock on-chain BNB liquidity.
By introducing the stablecoin lisUSD, Lista DAO cleverly integrates the "liquid staking protocol" and the "decentralized stablecoin lending protocol," pioneering the construction of an efficient financial system. Users only need to stake on Lista DAO to easily obtain staking certificates, which are then converted into reliable collateral for borrowing lisUSD. This innovative design not only allows users to continuously enjoy the benefits of staking but also greatly enhances the efficiency and flexibility of capital usage.
Liquid staking is undoubtedly the core cornerstone of the Lista DAO product, focusing on solving the problem of limited liquidity of staked assets, providing a comprehensive liquidity solution for on-chain BNB assets, and promoting more efficient DeFi applications.
Currently, in order to release the liquidity of on-chain BNB, the Lista DAO system has carefully crafted two product lines: liquid staking slisBNB and collateral certificate clisBNB. Among them, slisBNB represents liquid-staked BNB, while clisBNB represents the collateral BNB used in lending.
As the liquid staking certificate token of Lista DAO, slisBNB breaks the asset locking restrictions of traditional PoS staking models. Users can stake BNB in Lista DAO to obtain the corresponding liquidity token slisBNB. This allows users to enjoy staking rewards while maintaining the liquidity of their assets, enabling them to flexibly use these assets to participate in other DeFi activities.
As of November 18, the amount of BNB entrusted for staking on the Lista DAO platform has approached 620,000 BNB, with a value of approximately $383 million, making it the liquid staking protocol with the largest amount of staked BNB on the Binance chain.
slisBNB not only represents the rights of users after staking BNB but also has multiple practical values. Within the Lista DAO ecosystem, users can use slisBNB as collateral to borrow lisUSD. Furthermore, slisBNB also has cross-platform circulation capabilities, currently circulating on both the Binance chain and the Ethereum network, with plans to integrate more public chains in the future. This cross-platform compatibility greatly expands the use boundaries of assets, allowing investors to flexibly allocate and manage their assets.
slisBNB not only represents the rights of users after staking BNB but also has multiple practical values. Within the Lista DAO ecosystem, users can use slisBNB as collateral to borrow lisUSD. Furthermore, slisBNB also has cross-platform circulation capabilities, currently circulating on both the Binance chain and the Ethereum network, with plans to integrate more public chains in the future. This cross-platform compatibility greatly expands the use boundaries of assets, allowing investors to flexibly allocate and manage their assets.
slisBNB has been integrated into multiple DeFi protocols, allowing users to continue earning staking rewards while also generating additional yields through various DeFi protocols. For example, by integrating with the staking layer Karak, slisBNB has gained the ability to re-stake. Liquid staking allows this method to achieve participation in both staking rewards and other DeFi activities in parallel.
It is particularly worth mentioning that slisBNB can also participate in Binance Exchange's Launchpool new token activities, which is a key point of differentiation from other network liquid staking protocols.
This means that users on the Lista DAO platform can simultaneously enjoy the "liquid staking + DeFi protocol activities + CEX new token activities" triple yield through slisBNB, maximizing the utility of staked assets. Currently, the comprehensive yield rate of staked BNB on the Lista DAO platform has reached as high as 33%.
For the BNB assets used as collateral during borrowing, on October 8, Lista DAO launched the collateral certificate clisBNB, releasing the liquidity of BNB as collateral to enhance the utilization efficiency of BNB assets, specifically tailored for users who wish to utilize BNB collateral or deposits to participate in other DeFi activities on Lista DAO.
Currently, clisBNB combines on-chain DeFi functions with Binance's Launchpool, allowing users to borrow lisUSD with BNB collateral on Lista DAO while still using clisBNB to participate in Binance Launchpool new token activities.
Specifically, clisBNB is the "certificate" obtained by users after pledging BNB on the Lista DAO platform, with clisBNB representing users' BNB at a 1:1 ratio, meaning that for every 1 BNB deposited, 1 clisBNB is received, ensuring that each clisBNB corresponds exactly to the amount of staked BNB.
In terms of returns, clisBNB features a dual-return system: first, users can use BNB as collateral to borrow lisUSD, allowing them to gain additional liquidity and earning opportunities from their held assets, such as participating in LP, mining, and other on-chain operations; on the other hand, clisBNB can also participate in Binance Launchpool's new token projects to earn additional incentive rewards. Currently, users can participate in Binance's new token activities using the Binance MPC wallet.
It is important to note that clisBNB is non-transferable and cannot circulate. Once issued, clisBNB cannot be moved between wallets or users. It is only associated with the user's BNB deposit and is primarily used to participate in Binance's new token (Launchpool yield) activities. After November 28, users can also use slisBNB to mint clisBNB.
clisBNB combines borrowing with CEX Launchpool new token activities. This design not only releases the liquidity of collateral assets in lending but also provides more practicality and flexibility for users holding on-chain BNB, maximizing the asset efficiency of pledged BNB.
As of November 28, clisBNB has successfully participated in two phases of Binance Launchpool's new projects: the Layer2 network Scroll (SCR) from October's Binance Launchpool; recently on November 14, the new stablecoin project Usual Money (USUAL) from Binance Launchpool, which also supports users holding slisBNB and clisBNB to participate using the Binance ecosystem's MPC wallet.
Through the integration of the two product lines, slisBNB and clisBNB, Lista DAO successfully solved the problem of insufficient liquidity of collateral in the asset staking and lending process and innovatively integrated CEX yields into on-chain DeFi, paving a way for wider integration and efficient utilization of locked BNB on the Lista DAO platform within the DeFi ecosystem.
Relying on BNB liquidity as a pivot, drawing a new chapter of multi-chain and diversified DeFi.
With the solid support of liquidity on the BNB chain, Lista DAO has built a comprehensive and efficient liquidity release product matrix, already becoming the "Lido + Maker DAO + BNBFi" ecological complex on the Binance chain. The products include liquid staking (slisBNB), decentralized stablecoin (lisUSD) lending, and innovative collateral certificates clisBNB, achieving comprehensive service coverage from on-chain to off-chain, from staking to lending. Users can stake BNB or use BNB as collateral to borrow on the Lista DAO platform, enjoying the direct benefits brought by Binance chain PoS staking and borrowing lisUSD, while also participating in off-chain CEX platform's new token yields.
Lista DAO cleverly integrates the convenience and efficiency of CeFi with the transparency and decentralization of DeFi, providing users with efficient, secure, and reliable on-chain participation tools, allowing BNB holders to use their assets more flexibly and efficiently, easily enjoying the dual appreciation of on-chain and off-chain assets, achieving steady wealth growth, and allowing Lista DAO to stand out in the competitive crypto financial market.
It is precisely because of such innovative mechanisms that Lista DAO is currently not only the DeFi protocol with the highest amount of staked BNB but also has its total locked value (TVL) strongly surpassing $650 million, consistently ranking in the top four on the Binance chain, reflecting its strong influence and market recognition in the crypto field.
Since the native governance token LISTA was launched at Binance TGE in June, Lista DAO has achieved multiple milestone achievements, including the addition of the innovative collateral area for Lista DAO and the introduction of the AMO mechanism to adjust market borrowing rates.
In terms of LISTA token governance, the veLISTA token governance model was launched in July, distributing 50% of the protocol's revenue to veLISTA holders. As of November 28, 51.98 million LISTA tokens have been locked, and Lista DAO has distributed over $260,000 in LISTA rewards, with LISTA currently priced at $0.53.
In the stablecoin field, in September, Lista DAO also introduced the Algorithmic Market Operation (AMO) function and implemented dynamic borrowing rates, meaning that lisUSD's borrowing rates will adjust according to market supply and demand.
The latest additions of the PSM (Peg Stability Module) and the introduction of fixed interest yield LSR and D3M (Direct Minting Integration Module) functions to the lisUSD stablecoin on November 28 not only strengthen the peg of lisUSD to the US dollar but also enhance its price stability, benefiting users by significantly increasing the utility and liquidity of lisUSD through automatic minting and integration with DeFi applications, ensuring the long-term interests of all users.
In terms of collateral asset strategy, Lista DAO adheres to its original aspiration of diversified asset allocation, actively expanding high-quality LST and LRT assets on Ethereum and Bitcoin chains. To date, Lista DAO has established partnerships with many top liquid staking protocols such as Etherfi, Renzo Protocol, Stakestone, Bouncebit, and Solv Protocol, providing users with a more diverse range of collateral choices and jointly exploring new paths for asset appreciation to achieve portfolio diversification.
Based on its deep involvement with BNB assets, Lista DAO is actively expanding its business scope into the multi-chain field, exploring cross-chain opportunities. In fact, as early as August last year, when Lista DAO received a $10 million investment from Binance Labs, it stated that it would help expand to other networks. According to the official roadmap, by the end of 2024, Lista DAO will officially enter the Ethereum network, providing users with a wider range of asset choices and investment opportunities.
In the future, Lista DAO will continue to delve into the DeFi field, using liquid staking and stablecoins as a foundation, exploring more application scenarios. For example, under the current Meme craze, Lista DAO supports Meme project parties to use lisUSD for financing and has revealed to ChainCatcher that Meme projects that successfully launch using lisUSD/slisBNB can receive official resource support from Lista DAO. It is reported that Lista DAO will also launch Restaking services, protecting the security of Binance chain applications while using LRT to improve capital utilization efficiency, providing users with more convenient and secure DeFi services.
