Author: Xiyou, ChainCatcher
On November 12, the Lista DAO platform reached an important milestone in its development: the total value of locked crypto assets (TVL) officially surpassed $650 million, peaking at $664 million, and has consistently ranked among the top four in TVL on the Binance Smart Chain. Notably, the amount of BNB staked on the platform is close to 620,000 coins, valued at approximately $383 million, making it the highest liquid staking protocol on the Binance Smart Chain.
As a comprehensive product that integrates liquid staking protocols and decentralized stablecoin lending protocols, Lista DAO is often regarded as the "Lido + Maker DAO" composite on the Binance Smart Chain. With its unique innovative concepts and forward-looking strategic vision, Lista DAO is gradually leading the transformation of the on-chain BNB financial ecosystem, providing users with an unprecedented investment experience.
On October 8 of this year, Lista DAO launched a new product—collateral certificate clisBNB, which releases liquidity for BNB assets used as collateral in staking and lending, allowing users to participate in staking and lending on-chain while seamlessly engaging in new project launches on Binance Launchpool to capture new project returns on the Binance CEX platform. This achievement truly integrates the off-chain CEX Launchpool returns into on-chain DeFi, providing users with a new investment experience.
Currently, the product system of Lista DAO has become increasingly complete, mainly including liquid staking product sliBNB, stablecoin LiUSD, and the liquidity-releasing collateral lending asset clisBNB, forming a comprehensive ecosystem of "Lido + Maker DAO + BNBFi" on the Binance Smart Chain. These products each have their own characteristics, complementing each other and collectively building a rich and diverse on-chain financial ecosystem for users, offering 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 LiUSD, with its secure and stable characteristics, offers users higher-quality lending services. The newly launched clisBNB product further releases liquidity for BNB used in staking and lending, enabling users to capture returns from the CEX platform while participating in lending, thus improving their capital utilization and providing real wealth appreciation opportunities, further enriching users' investment choices.
On November 28, Lista DAO announced several important upgrades to its products, including the addition of PSM (support for direct exchange of centralized stablecoins like USDT with LiUSD) and D3M module functions (minted stablecoin LiUSD will automatically integrate with DeFi protocols, etc.) for the stablecoin LiUSD; the ability to mint clisBNB using sliBNB; and support for Meme coins to use LiUSD for financing.
According to the latest data from November 28, the comprehensive staking yield of BNB on the Lista DAO platform has reached as high as 33%, while the staking yield for the stablecoin LiUSD exceeds 40%.
LiUSD: Building the "Maker DAO" on the Binance Smart Chain, with staking yields exceeding 40%
Lista DAO's outstanding performance in the re-staking protocol field is well recognized, but its other important product—the decentralized stablecoin lending service LiUSD—is equally noteworthy. Today, Lista DAO is not only the native re-staking protocol with the most locked BNB on the Binance Smart Chain but also the largest issuer of decentralized native stablecoins on that chain, with its influence growing daily.
As an innovative fusion of "Lido + Maker DAO" on the Binance Smart Chain, the success of Lista DAO is inseparable from the ecological cornerstone of LiUSD. It not only provides stable value support and efficient trading medium for the entire ecosystem but also serves as a key link connecting and driving the innovation and development of staking and lending functionalities. This allows users to enjoy staking rewards while using collateral certificates to borrow LiUSD, maximizing 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 Smart Chain is $5.4 billion, with four of the top five stablecoins (USDT, USDC, BUSD, FDUSD) issued by centralized institutions, while another stablecoin, USDX, is issued using a synthetic algorithm. The sixth-ranked LiUSD stands out as the only native decentralized stablecoin issuer on the Binance Smart Chain.
As of November 28, the circulation of LiUSD on the Binance Smart Chain has reached $49.85 million, growing over 27% in the past month, attracting significant community attention and poised to become a leader among decentralized stablecoin issuers on the Binance Smart Chain.
It is well known that stablecoins, as a major innovation in the cryptocurrency field, have successfully addressed the challenges of value anchoring and volatility measurement, providing the market with a more stable pricing method and trading medium, and have been a focal point in the development of the crypto ecosystem.
Currently, widely used stablecoins in the market (such as USDT, USDC, BUSD, etc.) are issued by centralized institutions, backed by off-chain assets, and circulate on-chain, often criticized for the opacity of off-chain collateral assets, which poses risks of de-pegging or inability to redeem. For instance, the issuer of the largest circulating stablecoin, USDT, Tether, has faced ongoing market skepticism regarding the authenticity and sufficiency of its reserve assets.
However, the decentralized stablecoin sector 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, while more trusted, still has room for improvement in the utilization of collateral assets.
Lista DAO was primarily created to address the capital efficiency issues of collateralized stablecoins by introducing the concept of collateralized debt positions (CDP) and combining it with liquid staking, allowing users to enjoy liquid staking rewards while borrowing stablecoins through the CDP system to enhance capital efficiency.
In terms of security guarantees, Lista DAO demonstrates a high level of rigor, providing a comprehensive protection system. It has successfully passed thorough and in-depth code audits from multiple authoritative auditing institutions, covering various dimensions of the code to ensure system robustness; it has also launched a bug bounty program to encourage community members to actively discover and report potential security issues. Additionally, the platform is equipped with a real-time monitoring system that continuously monitors and analyzes all activities on the platform, providing comprehensive, multi-layered protection for users' funds and overall security.
In fact, the LiUSD team has been deeply involved in the stablecoin field for a long time; its predecessor, Helio Protocol, was the issuer of the over-collateralized stablecoin HAY, aiming to create a Maker DAO protocol on the BNB chain. In July of last year, Helio merged with liquid staking service provider Synclub and rebranded as ListaDAO, focusing on the development of re-staking and LSDFi.
In terms of mechanism design, LiUSD draws on the well-tested over-collateralization mechanism of the 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 LiUSD, with the requirement that the value of the collateral must always exceed the value of the borrowed LiUSD.
This differs from the purely algorithmic mechanism used by the previously collapsed stablecoin Luna (UST). 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, meaning UST maintained its price stability through supply and demand and the arbitrage mechanism between LUNA and UST. However, this mechanism has a fatal flaw: if the price of LUNA drops significantly, it could trigger a death spiral, leading to system collapse.
In contrast, LiUSD effectively avoids risks through its over-collateralization mechanism. The value of the assets users pledge must be higher than the value of the minted stablecoins, and if the value of the collateral falls below a preset ratio (for example, if the BNB collateral ratio is set at 66%), the system will automatically initiate a liquidation process to repay the debt. This mechanism provides LiUSD with a safe price buffer, avoiding the protocol risks and user losses associated with liquidation, reducing the risk of loan defaults, and enhancing system stability.
From the perspective of collateral, LiUSD strictly adheres to decentralized principles and protocol security standards, fully utilizing 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 derivatives, such as slisBNB, wBETH, and BTCB, ensuring system robustness. For each type of collateral asset, LiUSD sets detailed collateral parameters, which are formulated based on in-depth consideration of the price volatility of the underlying assets.
At the same time, LiUSD has established an innovative asset collateral zone aimed at broadening the scope of decentralized collateral, incorporating more relatively stable value assets to provide users with a variety of collateral asset choices. Compared to traditional collateral, the risk coefficient of assets in the innovative zone is higher, and the collateral ratio is also higher. It is reported that the ListaDAO project team conducts weekly evaluations to determine the eligibility of collateral, such as the addition of Solv's SolvBTC.BBN as collateral in the innovative zone through community voting on November 4.
As of November 28, the innovative zone of LiUSD supports assets including wsolvBTC (Solv Protocol), SolvBTC.BBN, STONE (Stakestone), etc., as collateral, with a total collateral value close to $4.55 million, and the amount of LiUSD borrowed has reached 54,000 coins.
Thus, LiUSD not only supports traditional crypto assets like ETH and BNB as collateral but also introduces innovative collateral such as LRT. This mechanism allows users to enjoy the benefits of liquid staking while borrowing LiUSD, providing users with unprecedented investment experiences and profit opportunities, improving capital utilization, and further enhancing the market liquidity and price stability of LiUSD.
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, effectively avoiding single point of failure risks while preventing unnecessary liquidations or abnormal loan amounts due to incorrect or outdated price information, significantly improving the accuracy and reliability of price information.
On November 5, ChainLink officially announced that the oracle system used by ListaDAO has been upgraded, adding support for the re-staking market for ezETH, STONE, weETH, and wstETH, further expanding its application scope and flexibility.
The stablecoin lisUSD has also been continuously expanding its application scenarios, having been integrated into multiple DeFi protocols such as PancakeSwap, Thena.Fi, and Magpie.xyz, allowing users to earn staking rewards while also participating in yield farming and building liquidity pools in other DeFi protocols. This deep integration has allowed lisUSD to transcend the traditional stablecoin category, becoming a multifunctional asset widely applicable across multiple DeFi platforms, serving as a powerful tool for DeFi participants to capture higher yields. Additionally, in the CAC S3 points incentive program, users can earn incentive points by staking lisUSD, borrowing lisUSD, and providing liquidity in the whitelist lisUSD pool.
On November 28, Lista DAO implemented a significant upgrade to its stablecoin lisUSD, with the core highlights being the addition of two major infrastructure modules: PSM (Peg Stability Module) and D3M (Direct Minting Integration Module).
The PSM module, or Peg Stability Module, enables direct two-way exchanges between lisUSD and mainstream centralized stablecoins like USDT and USDC, significantly enhancing the price stability of lisUSD and ensuring it remains closely pegged to a value of $1. Furthermore, the PSM module innovatively introduces a savings rate (LSR) to replace the previous single staking product, providing stable fixed returns for lisUSD stakers.
Meanwhile, the D3M module, or Direct Minting Integration Module, inspired by MakerDAO's (DAI) D3M, aims to significantly enhance the utility and liquidity of lisUSD by allowing for direct minting of lisUSD and seamless integration with DeFi lending platforms like Aave and Venus.
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 liquidity pool is $5 million, and once the pool is filled, the unilateral 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 Smart Chain.
"Liquid Staking Product sliBNB + Collateral Certificate clisBNB" Dual Product Line Unlocks On-Chain BNB Liquidity
By introducing the stablecoin lisUSD, Lista DAO cleverly integrates "liquid staking protocols" with "decentralized stablecoin lending protocols," pioneering the construction of an efficient financial system. Users only need to stake on Lista DAO to easily obtain a staking certificate, which then serves as a 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 utilization.
Liquid staking is undoubtedly the core foundation of Lista DAO's products, focusing on solving the problem of limited liquidity for staked assets and providing a comprehensive liquidity solution for on-chain BNB assets to promote more efficient DeFi applications.
Currently, to release on-chain BNB liquidity, Lista DAO has meticulously crafted two product lines: liquid staking sliBNB and collateral certificate clisBNB. Among them, sliBNB represents liquid-staked BNB, while clisBNB represents the collateral BNB used in borrowing.
As the liquid staking certificate token of Lista DAO, sliBNB breaks the asset lock-up restrictions of traditional PoS staking models. Users can stake BNB in Lista DAO to receive corresponding liquidity tokens, sliBNB. 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 staked on the Lista DAO platform has approached 620,000 BNB, valued at $383 million, making it the liquid staking protocol with the most staked BNB on the Binance Smart Chain.
sliBNB not only represents the rights of users after staking BNB but also possesses multiple practical values. Within the Lista DAO ecosystem, users can use sliBNB as collateral to borrow lisUSD. Additionally, sliBNB has cross-platform circulation capabilities, currently circulating on both the Binance Smart Chain and Ethereum networks, with plans to integrate more public chains in the future. This cross-platform compatibility greatly expands the usage boundaries of the asset, allowing investors to flexibly allocate and manage their assets.
sliBNB has been integrated into multiple DeFi protocols, allowing users to continue earning staking rewards while generating additional yields through various DeFi protocols. For example, users can utilize it to participate in lending, liquidity provision, and mining activities on other DeFi platforms. Through integration with the staking layer Karak, sliBNB has gained the ability to be re-staked. Liquid staking enables this method to achieve parallel participation in staking rewards and other DeFi activities.
Notably, sliBNB can also participate in Binance's Launchpool new project activities, which is a key differentiator from other network liquid staking protocols.
This means that users on the Lista DAO platform can simultaneously enjoy "liquid staking + DeFi protocol activities + CEX new project participation" through sliBNB, maximizing the utility of staked assets. Currently, the comprehensive yield rate for staked BNB on the Lista DAO platform has reached as high as 33%.
For BNB assets used as collateral in lending, on October 8, Lista DAO launched the collateral certificate clisBNB, which releases the liquidity of BNB as collateral to enhance the efficiency of BNB asset utilization, specifically tailored for users looking to leverage 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 projects.
Specifically, clisBNB is the "certificate" obtained by users after collateralizing BNB on the Lista DAO platform, with clisBNB representing the user's BNB at a 1:1 ratio, meaning that for every 1 BNB deposited, the user receives 1 clisBNB, ensuring that each clisBNB corresponds directly to the amount of staked BNB.
In terms of returns, clisBNB features a dual yield system: first, users can use BNB as collateral to borrow lisUSD, gaining additional liquidity and earning opportunities with their held assets, such as engaging in LP, mining, and other on-chain operations; on the other hand, clisBNB can also participate in Binance Launchpool new projects to earn additional yield incentives. Currently, users can participate in new coin activities using Binance's 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 new project (Launchpool yield) activities. After November 28, users can also mint clisBNB using sliBNB.
By combining borrowing with CEX Launchpool new projects, clisBNB's design not only releases the liquidity of collateral assets in lending but also provides more practicality and flexibility for on-chain BNB holders, maximizing the asset efficiency of staked BNB.
As of November 28, clisBNB has successfully participated in two rounds of new project launches on Binance Launchpool: the Layer2 network Scroll (SCR) in October and the recent stablecoin project Usual Money (USUAL) on November 14, which also supports users holding sliBNB and clisBNB to participate using Binance's MPC wallet.
Through the integration of the two product lines, sliBNB and clisBNB, Lista DAO has successfully addressed the issue of insufficient collateral liquidity in the asset staking and lending process, innovatively incorporating CEX yields into on-chain DeFi, paving the way for broader integration and efficient utilization of BNB locked on the Lista DAO platform within the DeFi ecosystem.
Leveraging BNB Liquidity as a Pivot, Charting a New Chapter in Multi-Chain and Diversified DeFi
With BNB chain liquidity as a solid pivot, Lista DAO has built a comprehensive and efficient liquidity release product matrix, already becoming the "Lido + Maker DAO + BNBFi" ecosystem on the Binance Smart Chain. The products encompass liquid staking (sliBNB), decentralized stablecoin (lisUSD) lending, and the innovative collateral certificate clisBNB, achieving comprehensive service coverage from on-chain to off-chain, and from staking to lending. By staking BNB or using BNB as collateral for loans on Lista DAO, users can not only enjoy the direct returns from Binance Smart Chain PoS staking and borrow lisUSD but also participate in new project returns from off-chain CEX platforms.
Lista DAO cleverly merges 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 enabling Lista DAO to stand out in the fiercely competitive crypto financial market.
It is precisely because of such an innovative mechanism that Lista DAO is currently not only the DeFi protocol with the most staked BNB but also has seen its total locked value (TVL) strongly surpass $650 million, consistently ranking among the top four on the Binance Smart Chain, reflecting its strong influence and market recognition in the crypto space.
Since the launch of the native governance token LISTA at the Binance TGE in June, Lista DAO has achieved several milestone accomplishments, including the introduction of the Lista DAO collateral innovation zone and the implementation of the AMO (Algorithmic Market Operations) mechanism to adjust market borrowing rates.
In terms of LISTA token governance, the veLISTA token governance model was launched in July, with 50% of the protocol's revenue distributed to veLISTA holders. As of November 28, a total of 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 sector, in September, Lista DAO introduced the AMO functionality and implemented dynamic borrowing rates, meaning that the borrowing rates for lisUSD will adjust based on market supply and demand.
On November 28, the latest additions to the lisUSD stablecoin included the PSM (Peg Stability Module) and the introduction of fixed-rate yield LSR and D3M (Direct Minting Integration Module) functionalities, which not only strengthened the peg of lisUSD to the US dollar but also enhanced its price stability. This significantly improved 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 remains committed to a diversified asset layout, actively expanding high-quality LST and LRT assets on the Ethereum and Bitcoin chains. To date, Lista DAO has established partnerships with numerous top liquid staking protocols, including Etherfi, Renzo Protocol, Stakestone, Bouncebit, and Solv Protocol, providing users with more diverse collateral options and jointly exploring new paths for asset appreciation to achieve portfolio diversification.
Building on its deep engagement with BNB assets, Lista DAO is actively expanding its business landscape into the multi-chain domain, exploring cross-chain opportunities. In fact, when Lista DAO received a $10 million investment from Binance Labs last August, it indicated 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 broader range of asset choices and investment opportunities.
In the future, Lista DAO will continue to deepen its focus on the DeFi sector, using liquid staking and stablecoins as a foundation to explore more application scenarios. For instance, in the current Meme craze, Lista DAO supports Meme project teams to use lisUSD for financing and has revealed in an interview with ChainCatcher that if a Meme project successfully launches using lisUSD/slisBNB, it can receive support from Lista DAO's official resources. It is reported that Lista DAO will also launch a Restaking business, which will enhance capital utilization efficiency using LRT while ensuring the security of Binance Chain applications, providing users with more convenient and secure DeFi services.
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