Written by: Grapefruit, ChainCatcher

Editor: Marco, ChainCatcher

On May 23, Binance announced that the second phase of the token issuance platform Megadrop is Lista (LISTA), which is a liquidity pledge stablecoin LSDfi protocol within the BNB chain ecosystem.

The total issuance of LISTA tokens is 1 billion, the initial circulation is 230 million, and the issuance on the Megadrop platform is 100 million (accounting for 43% of the initial circulation). Users can participate in mining by locking BNB.

Since the "high FDV + low circulation" controversy, Binance has adjusted its relevant listing policies. Lista is the first project it chose to launch and has attracted much attention from users.

Received $10 million investment from Binance Labs

Lista, whose full name is "ListaDAO", is a decentralized stablecoin lending protocol built based on LSD assets within the BNB chain ecosystem. The platform supports users to pledge BNB to earn PoS staking income and obtain liquidity slisBNB. It also supports users to use various LSD assets as collateral to mint stablecoins such as lisUSD.

Lista DAO is a decentralized stablecoin lending protocol powered by LSDfi. Users can stake and liquid stake on Lista, and can also borrow lisUSD against a variety of decentralized collateral. Lista aims to use innovative liquid staking solutions to build lisUSD into the number one stablecoin in the cryptocurrency space.

Its core vision is to use BNB as a starting point to explore various application scenarios such as stablecoins and re-staking in the context of liquidity staking, and ultimately establish a low-threshold LSDfi protocol on multiple chains.

ListaDAO, formerly known as Helio Protocol, was created in 2022 and is the issuer of the over-collateralized stablecoin HAY. It aims to be the Maker DAO protocol on the BNB chain.

In July last year, Helio announced its merger with liquidity staking provider Synclub to establish the new LSDFi Foundation and changed the brand to ListaDAO. Lista was named from the combination of "liquid+staking".

Last August, Binance Labs announced a $10 million investment in Helio Protocol to help it continue its transformation into a liquidity staking platform while also helping it expand to other networks.

Therefore, ListaDAO can be seen as a composite product that is a fusion of "liquidity staking protocol + decentralized stablecoin lending protocol".

Currently, there are two ways for users to participate in ListaDAO. One is to stake BNB to earn PoS income on the BSC chain, and at the same time receive the liquidity staking certificate slisBNB, which can be used to participate in lending, LP, etc. to earn DeFi income.

As of May 23, ListaDAO’s PoS yield for staking BNB was 2.11%, and the number of staked BNB exceeded 270,000, worth approximately US$165 million.

Another way to participate is that users can borrow the stablecoin lisUSD in an over-collateralized manner by pledging ETH, BNB native assets, or LSD assets such as slisBNB. Currently, ListaDAO supports collateral assets such as ETH, BNB, slisBNB, wBETH, and BTCB.

As of May 23, the value of staked positions on ListaDAO has exceeded $300 million.

In order to integrate more liquidity staking derivatives (LST) and liquidity re-staking tokens (LRT) into the ecosystem, ListaDAO also launched the Innovation Zone in May this year, incorporating eligible LST and LRT assets into its collateral options.

Compared with traditional collateral, the risk factor of the mortgage assets in the Innovation Zone will be higher and the mortgage ratio will be higher. The ListaDAO project will also conduct assessments every week to determine whether the collateral is qualified.

Currently, ListaDAO Innovation Zone supports pledging Ether.fi’s weETH, StakeStone’s STONE, and Renzo’s ezETH to borrow stablecoin lisUSD. On May 23, the value of the pledged assets in ListaDAO Innovation Zone was approximately US$5.56 million.

In the future, ListaDAO officials stated that it will integrate more LST and LP tokens as collateral options for lisUSD, provide users with more personalized collateral options, and will be deployed on multiple chains such as Ethereum.

As of May 23, the official website shows that the TVL on the ListaDAO platform totals $467 million, ranking fourth among BSC chain ecological applications. Among them, the collateral value exceeds $300 million, and the liquidity pledged assets are worth about $166 million.

In terms of product planning, according to the roadmap, in Q3 2024, the ListaDAO ecosystem will also introduce BNB re-staking and the corresponding re-staking token LRT.

The total number of LISTA tokens issued is 1 billion, and the over-the-counter price is 0.8USDT

Despite Binance Labs' public funding, the TVL of ListaDAO platform had long stagnated at around $50 million before February this year, and the product was unstable and unpopular, with few users paying attention. It was not until the point incentive activity was launched in February that it attracted users' attention, and TVL began to rise from tens of millions to $400 million.

In order to encourage user participation, ListaDAO announced the launch of the "The Cosmic Adventure Challenge" CAC adventure challenge event in February this year. Users can complete tasks to obtain points, which can be converted into airdrop shares in the future. Tasks include providing TVL on ListaDAO, borrowing lisUSD, staking BNB to obtain slisBNB, and providing liquidity for lisUSD and slisBNB liquidity pools, etc. Challengers will receive LISTA airdrop shares based on the final points ranking.

As of today, the CAC Adventure Challenge has been held for 2 seasons. In the first season (S1), 2% of LISTA airdrops were allocated to CAC participants this season. The second season (S2) started on March 5 and has not yet ended. A 4.1% airdrop share will be allocated. The specific airdrop details will be announced at the LISTA token TGE.

On May 23, Binance announced that the second phase of the Web3 Lanuch platform Megadrop will be the ListaDAO (LISTA) token, which completely ignited the enthusiasm of community users.

According to the Binance announcement, the total issuance of LISTA tokens is 1 billion, the initial circulation is 230 million, and the issuance on the Megadrop platform is 100 million. Users can participate in mining by locking BNB. The specific listing date has not yet been determined.

According to the ListaDAO official website, LISTA is the governance token within the Lista DAO ecosystem. Its holders can propose governance proposals and vote to determine the future functions, upgrades or some parameters of Lista DAO (for example, allocating income pools for ecosystem development and growth, adding new vaults, protocol parameters and fee levels, etc.).

At the same time, LISTA is also an economic incentive for the operation of the ecosystem, encouraging users to participate in or contribute to the Lista DAO ecosystem, and each participant will receive token incentives. For example, users can earn LISTA tokens by participating in or using the protocol by depositing or staking in Lista DAO, participating in governance, etc.

However, the specific distribution details of LISTA tokens have not been made public as of press time.

Currently, the over-the-counter price of LISTA token is 0.8USDT.