On May 23, 2024, Beijing time, Binance announced that it will list Lista Dao (Lista) on June 20, 2024. In this article, we predict the reasonable price of Lista in the short term through comparable valuations, opening funds, benchmark projects, etc. We believe that the short-term minimum price of Lista at the opening is 1.5-2U, and the reasonable buying price is around 1.5U.

About the Binance megadrop

Token Name: LISTA DAO (LISTA)

Maximum supply of tokens: 1,000,000,000 (LISTA)

Initial circulation: 23,000,000 (23% of the maximum token supply)

MegaDrop Token Rewards: 100,000,000 LISTA (10% of the maximum token supply)

The Megadrop reward for a single qualified user depends on the proportion of the user's final points to the total final points of all qualified users.

Megadrop Points System:

Locked BNB Points: Users will accumulate points based on the amount of BNB they purchase for any BNB regular products on the EarnCoin platform and the length of the purchase period. The longer the purchase period, the higher the score. This score may fluctuate as it is based on an average of daily snapshots.

Web3 Task Points* and Web3 Task Multipliers: Users who complete all designated Web3 Tasks and meet the minimum task requirements will accumulate Web3 Task Points and receive Web3 Task Multipliers;

The system will calculate the user's final points by multiplying the user's locked BNB points by the Web3 task multiplier and adding the user's Web3 task points.

User’s final points = (locked BNB points * Web3 task multiplier) + Web3 task points

* If the user does not complete all designated Web3 tasks, his Web3 task multiplier will be 1.

Project Description:

1) Project Vision: List Dao aims to build a decentralized liquidity solution on the BNB public chain, following the success of Maker DAO. Lista will allow users to use BNB chain blue-chip assets (BNB, ETH, liquid staked coins, and other stablecoins) as collateral for the decentralized stablecoin (DEstablecoin) of the minting platform to increase users' liquidity options. Lista Dao also aims to enable more users to participate in Defi through a simple UX, allowing them to enjoy the dividends brought by Defi, which is in line with its core vision and mission "Making Defi Easier".

2) Lista DAO’s protocol consists of the following parts:

LisUSD: As the decentralized stablecoin of the platform, it is pegged to the US dollar. The mechanism to maintain the peg includes over-collateralization, incentives for users to arbitrage, and adjustment of lending rates. Users can use LisUSD for liquidity mining and earn storage interest.

SlisBNB: Operated by Synclub, a validator on the BNB chain, it allows users to mint liquid staking certificates SlisBNB after staking BNB. SlisBNB can maintain its liquidity while earning staking income.

This picture shows the page for ListaDAO to mint LisUSD. Users can select collateral assets in the upper left corner. Currently available options include BTCB, ETH, BNB, LST (WBETH, SlisBNB) and LRT assets (ezETH, eETH).

The lower left corner shows the lending rate and rewards. The current lending rate is 9.5% (this picture is displayed by the project party and has not been updated in time), and the incentive is 0%. The current settings are all determined by the project party. After the token is issued, it will be governed by the token holders. The project party will also incentivize lending in the form of LISTA.

The right side shows the user's borrowing status. The user's borrowing amount will be affected by the price fluctuations of the collateral assets. When the collateral assets are lower than the platform's security settings, the user's collateral assets will be sold to settle the debt.

For the convenience of users, Lista also provides the price of mortgage asset liquidation in advance and can use its telegram robot to provide timely reminders.

Business data

ListaDAO has grown rapidly, with its TVL reaching as high as $5.5 and 25,000 users holding lisUSD. Currently, according to DefiLlama, its TVL is $450 million and the lisUSD collateral value is $280 million.

business development

APX / Lynx: Users can use Lisusd as collateral to trade perpetual contracts on the platform.

Magpie: Lista has partnered with Magpie to develop ListaPie to optimize Lista’s ve token economics, and Lista and Cakepie have partnered to increase the liquidity of lisUSD and SlisBNB through rewards.

Venus/ Kinza: Users can use LisUSD and SlisBNB as collateral assets for lending on the lending platform

Stone/Etherfi/Renzo: Lista has listed these Liquid Restaking Tokens (LRT) as one of the lending collateral assets, allowing users to continue to participate in Defi while retaining their airdrop expectations (holding LRT will bring users airdrop points)


team introduction

Lista founders Tory Watanabe and Terry Huang

Financing History

According to rootdata, ListaDao has completed one round of financing so far. The project raised US$10 million from Binance Labs, and its valuation was not disclosed.


Token Economy

Token Usage

Governance purposes: Use Lista to participate in on-chain governance, such as adjusting LisUSD lending rates

Protocol rewards: Users can earn incentives in Lista tokens through minting or liquidity mining

·      Currency: Lista will be used as currency on the platform. It can be used in various applications within the Lista ecosystem as a medium of exchange or value storage

Ve economic model: Users can gain more governance power for veLISTA by locking Lista. veLISTA holders can decide where liquidity rewards go and vote for new collateral assets.

Revenue distribution: veLISTA holders will also share the revenue on the Lista platform (minting fees, liquidity staking commissions, etc.)


Social Data

Twitter followers: 251.3K

https://twitter.com/lista_dao

Discord users: 61.2K

https://discord.com/invite/listadao


Online prediction:

Binance Launchpool Recent Data

Recently, Binance has been launching new tokens at a relatively high pace, and the return rate on listing is relatively high, and the participation enthusiasm is relatively high. The number of BNB participants in the recent Launchpool has exceeded 18.5 million.


Comparable Valuation


Funding comparison

In terms of funding, the amount of funding participating in the last 15 Launchpool projects is relatively high, with an average turnover of 54.94x, an average increase in circulating market value of 40.41x, and an average market value of 442 million USD on the first day of trading. Based on the above data, if LISTA reaches the average level, the price can reach 4.42U.



Comprehensive forecast

According to the characteristics of the Binance Megadrop project, Megadrop hopes to bring a fairer market environment to Binance users, so the online circulation is basically distributed to Megadrop participants and used for airdrops. In addition, the online unlocking volume of Megadrop series tokens is about twice that of ordinary Launchpool projects (about 20%). Binance's first Megadrop project BB (BounceBit) also unlocked about 20% when it was launched. The online performance was low opening because of the large selling pressure brought by airdrops and Megadrop. This period of LISTA also faces the situation of scattered chips and high selling pressure. Therefore, we estimate that the price range of LISTA online is 1.5-2U, and the reasonable purchase price is about 1.5U.


References

DAO LIST

https://lista.org/

Binance Announcement

https://www.binance.com/zh-CN/support/announcement/%E5%B8%81%E5%AE%89megadrop%E4%B8%8A%E7%BA%BFlista-lista-%E7%94%B3%E8%B4%ADbnb%E5%AE%9A%E6%9C%9F%E4%BA%A7%E5%93%81%E6%88%96%E5%AE%8C%E6%88%90web3%E4%BB%BB%E5%8A%A1-%E8%8E%B7%E5%8F%96%E7%A9%BA%E6%8A%95%E5%A5%96%E5%8A%B1-1d721573862848678686e1b310ba80fc

Binance Research

https://www.binance.com/zh-CN/research/projects/lista