Lista DAO is a liquidity pledge and decentralized stablecoin lending protocol based on the BNB chain. Let’s first take a look at its current data.
First of all, Lista's total locked volume has reached 500 million US dollars, of which the value of collateral exceeds 330 million US dollars, and the value of liquidity pledge exceeds 170 million US dollars. In total, more than 68 million lisUSD stablecoins have been loaned out. It can be said that in terms of data, the performance is acceptable.
Briefly talk about the project background
Lista is actually a combination of two other projects, namely Helio + Synclub
Helio Protocol is a decentralized stablecoin provider based on the BNB chain, and Synclub is a liquidity staking infrastructure provider. The two projects merged in July 2023, and the new project after the merger is the current Lista DAO.
When we look at its financing background, we can find that there is only one institution that raised funds for it, namely Binance Labs, and BN injected 10 million US dollars into it one month after Lista’s reorganization. So why is Lista favored by BN?
Of course, first of all, it is a project built on the BNB chain. Secondly, we can look at its team background. Terry, the co-founder and COO of Lista, previously served as a regional manager of BN and served as a strategic director at Chain News. So as a former employee of BN, Terry must have certain resources. As for Toru, his profile does not mention any other work experience besides Lista DAO, but he is also said to be a former employee of BN.
So if the two cofounders of a project are from Binance, it is not difficult to understand why this project can receive exclusive investment from BN.
Lista's core mechanics
On the official website, we can see that Lista protocol actually provides two functions for users, namely Borrow lisUSD and
Stake BNB, these two functions are actually its two core mechanisms.
The first one is Borrow lisUSD, which can be called over-collateralized stablecoin lending. Users can pledge related assets to borrow decentralized stablecoin lisUSD.
You can see the types of collateral supported by its protocol. First of all, the collateral supported by Lista is divided into two major categories, namely classic and lnnovation, which means classic and innovation.
Classic assets include BNB, ETH, slisBNB (this BNB is the certificate obtained after providing liquidity pledge on Lista), WBETH, BTCB, and the packaged assets on the BNB chain. The lisUSD is the same as DAI. Neither of them is completely dependent on the absolute price peg with the legal currency, or we can call it a soft peg with the legal currency. We can see that among the supported collateral collaterals, there is a value under each collateral, called MCR. It means the minimum collateral ratio, which can be understood as the collateral ratio.
The three collaterals in the Innovation Zone can be found to have MCRs of 200%. That is to say, if we want to borrow 100 US dollars worth of stablecoins, we need to deposit 200 US dollars worth of these currencies as collateral. Whether it is the Innovation Zone or the Classic Zone, when the value of my collateral fluctuates significantly and my collateral ratio is lower than 150%, liquidation may occur.
Therefore, the higher MCR of these types of collateral in the Innovation Zone means that they are destined to have higher risks. weETH is the certificate obtained by users staking ETH on ether.fi, ezETH is the certificate obtained by users staking ETH on Renzo, and STONE is the token obtained by users after staking specific assets on stakestone.
At the same time, we see a rate below, which is the annualized interest rate we need to pay when borrowing. So after we obtain lisUSD through over-collateralized lending, what can we do with it?
We can directly pledge the lisUSD we obtained, so that we can have an annualized rate of return of 18.6%. Secondly, we can interact with the different mortgage agreements below. Here, we can obtain relevant income by becoming an LP, and then we can use lisUSD to purchase more tokens.
The second core mechanism is liquidity staking, that is, staking BNB
This is exactly the same as Lido on Ethereum, except that its APR is very low, only 1.43%, and its function is also very simple. When we need to stake, select stake below and enter the amount of BNB.
If you want to unstake, the operation is the same, but it should be noted that the unstake cycle takes 7-15 days. After we stake BNB on lista for liquidity, we can obtain relevant certificates, that is, lisBNB. The logic behind it is to stake BNB without losing its original liquidity.
In general, the LISTA project feels like a patchwork, because it stitches together the core functions of Lido makerdao and AAVE. There is actually no major innovation in the product. It just migrates the blue-chip DeFi funds on the Ethereum chain to bsc. However, it has received exclusive investment from BN, so this project is still worth a try. The key is to participate in Megadrop first and obtain relevant benefits at the lowest cost.
