Writing: Xiyu, ChainCatcher

Editing: Marco, ChainCatcher

On May 23rd, Binance announced that the token issuance platform Megadrop's second project is Lista (LISTA), which is a liquidity staking stablecoin protocol within the BNB chain ecosystem.

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

Since the controversy over "high FDV + low circulation" and Binance's adjustment of related listing policies, Lista is the first project it has chosen to list, attracting a lot of attention from users.

Previously received a $10 million investment from Binance Labs

Lista, also known as "ListaDAO," is a decentralized stablecoin lending protocol based on LSD assets within the BNB chain ecosystem. The platform supports users to stake BNB to earn PoS staking rewards and receive liquidity staking certificates slisBNB. It also supports users to use various LSD assets as collateral to mint stablecoin lisUSD, etc.

Lista DAO is a decentralized stablecoin lending protocol supported by LSDfi. Users can stake and provide liquidity staking on Lista, as well as borrow lisUSD based on various decentralized collateral. Lista aims to use innovative liquidity staking solutions to establish lisUSD as the top stablecoin in the cryptocurrency field.

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

The predecessor of ListaDAO, Helio Protocol, was founded in 2022 and was the issuer of the over-collateralized stablecoin HAY, aiming to become the MakerDAO protocol on the BNB chain.

In July of last year, Helio announced a merger with liquidity staking provider Synclub, establishing the new LSDFi Foundation and rebranding as ListaDAO, with "liquid+staking" as the inspiration for the name "Lista."

In August of last year, Binance Labs announced a $10 million investment in Helio Protocol to help it continue its transformation into a liquidity staking platform and expand to other networks.

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

Currently, there are two ways for users to participate on ListaDAO. One is to stake BNB to earn PoS rewards on the BSC chain and receive liquidity staking certificates slisBNB, which can be used for borrowing, LP, and other DeFi earnings.

As of May 23rd, the PoS yield for staking BNB on ListaDAO is 2.11%, with over 270,000 BNB staked, valued at approximately $165 million.

The other way is for users to borrow stablecoin lisUSD by over-collateralizing assets such as ETH, BNB native assets, or slisBNB. Currently, ListaDAO supports collateralized assets including ETH, BNB, slisBNB, wBETH, and BTCB.

As of May 23rd, the value of collateralized 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 launched the Innovation Zone in May this year, including eligible LST and LRT assets as collateral options.

Compared to traditional collateral, the collateral assets in the Innovation Zone have higher risk coefficients and higher collateral ratios. The ListaDAO project team also conducts weekly evaluations to determine the eligibility of the collateral.

Currently, the Innovation Zone of ListaDAO supports collateralized assets such as weETH from Ether.fi, STONE from StakeStone, and ezETH from Renzo, for borrowing stablecoin lisUSD. As of May 23rd, the value of collateralized assets in the Innovation Zone of ListaDAO is approximately $5.56 million.

In the future, ListaDAO officially stated that it will integrate more LST and LP tokens as collateral options for lisUSD, providing users with more personalized collateral options, and will deploy on multiple chains including Ethereum.

As of May 23rd, the total TVL on the ListaDAO platform is $467 million, ranking fourth in the BSC chain ecosystem applications. Among them, the value of collateralized assets exceeds $300 million, and the value of liquidity staking assets is approximately $166 million.

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

Total issuance of LISTA tokens is 1 billion, OTC price is 0.8 USDT

Despite the public funding support from Binance Labs, prior to February this year, the TVL of the ListaDAO platform had been stagnant at around $50 million, and the product had not been stable or popular, attracting little user attention. It wasn't until February when they launched a points incentive activity that it gained attention, and the TVL began to rise from tens of millions to $400 million.

In order to incentivize user participation, in February this year, ListaDAO announced "The Cosmic Adventure Challenge" (CAC) adventure challenge activity, where users can earn points by completing tasks, which can be converted into airdrop shares in the future. Tasks include providing TVL on ListaDAO, borrowing lisUSD, staking BNB to obtain slisBNB, providing liquidity for lisUSD and slisBNB pools, etc. Participants will receive LISTA airdrop shares based on their final point ranking.

As of today, the CAC adventure challenge activity has completed two seasons. In the first season (S1), 2% of LISTA airdrop shares were allocated to participants, and the second season (S2) began on March 5th and has not yet ended, with 4.1% of airdrop shares to be distributed. Specific airdrop details will be announced at the LISTA token TGE.

On May 23rd, Binance announced that the Web3 Lanuch platform's second phase project is ListaDAO (LISTA) token, igniting the passion of the community.

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

According to the introduction on the ListaDAO official website, LISTA is the governance token within the Lista DAO ecosystem, allowing holders to propose governance proposals and vote to determine the future functions, upgrades, or some parameters of Lista DAO (such as allocating income pools for ecosystem development and growth, adding new treasuries, 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 actively participate in the construction or contribution to the Lista DAO ecosystem, with each participant receiving token incentives. For example, users can earn LISTA tokens by depositing or staking in Lista DAO, participating in governance, or using the protocol.

However, as of the time of writing, the specific allocation details of the LISTA token have not been made public.

Currently, the OTC price of the LISTA token is 0.8 USDT.

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