Binance has just introduced the 2nd Binance Megadrop called Lista DAO. Users can subscribe BNB to locked products or complete tasks in Web3 Wallet to receive early rewards from selected Web3 projects, before their tokens are listed on the Binance exchange.
The project also opens the door to Restaking and LSD projects on other blockchains besides Ethereum, and introduces an interesting concept called "Destablecoin". So what makes the project stand out?
What is Lista?
Lista DAO is an LSDfi protocol built on BNB Chain. The project was previously renamed from the Helio project - a stablecoin issuance protocol (which merged with Synclub - a Liquid Staking platform on BNB Chain previously on July 4, 2023), invested by Binance Labs in 2023.
Binance has also just announced the launch of this project Megadrop, this is also the second name after BounceBit.
Outstanding features of the project
Destablecoin: is an asset used for the purpose of achieving absolute price stability with fiat-based currencies such as USD (stablecoin).
That said, they do allow for some price volatility as conventional fiat currencies will experience different reference rates and interest rate differentials.
Destablecoin will use an over-collateralized model backed by crypto assets such as DAI. What differentiates it from DAI is that it is completely decentralized and seeks stability not through a specific fiat peg.
In Lista DAO, this token is called lisUSD.
lisUSD
Although it does not rely on fiat money to help stabilize the token, destablecoin lisUSD is no more susceptible to instability or instability than stablecoins.
Price stabilization mechanism of lisUSD
Lista can maintain the $1 value of lisUSD against USD in the following cases:
âą When lisUSD > $1, lisUSD supply increases:
Because lisUSD has a higher price, borrowers are encouraged to borrow more lisUSD to sell for other assets to create arbitrage opportunities.
To reduce the need to farm lisUSD, Lista will reduce the reward for farming lisUSD by reducing interest on lisUSD loans.
âą When lisUSD < $1, lisUSD supply decreases:
Because lisUSD is worth less, borrowers are encouraged to buy lisUSD to repay debt.
To reduce the need to borrow lisUSD, Lista will increase the interest on borrowing lisUSD, which increases the reward for farming lisUSD.
Liquid Staking modelÂ
The intention behind Lista DAO is to propose a solution to the problem of capital efficiency by allowing users to leverage their capital with collateralized debt positions (CDP).
Thanks to Liquid Staking, Lista will avoid problems such as frozen funds during the regular Staking process.
