After detailed research, the OpenClaw team of Johnny Jun has brought the first project @ lista_dao. The due diligence report will be posted in the comments section later, which is also a comprehensive project survey for everyone's reference. *** Recently, the lobster team conducted a DeFi project research, and the product logic is quite unique, which is worth writing separately to clarify. The product is the PT sUSe fixed rate lending market of Lista DAO @ lista_dao, with the core selling point being that your collateral can help you make money while almost covering the borrowing cost - close to free borrowing. Let's first break down the three-layer protocol: First layer: Ethena's sUSDe SUSDe is Ethena's collateralized version of synthetic US dollars, which captures funding rates by holding spot BTC/ETH and short an equal amount of perpetual contracts, combined with ETH staking returns. It has a historical annualization rate of 10-20%+and a current annualization rate of about 3.5%. Simply put, it is a stablecoin but generates interest on its own. Second layer: Split of Pendle Pendle is the leading protocol in the DeFi fixed income arena, which splits sUSDe into two tokens. PT sUSe is a principal token that can be bought at a discount and redeemed at a 1:1 face value upon maturity, similar to DeFi version zero coupon bonds. The current fixed annualization rate is about 3.7-3.9%, with a maturity date of approximately April 9, 2026. The income is locked in advance and is not affected by subsequent fluctuations in the USDe interest rate. YT is a revenue token that captures all floating returns and belongs to high-risk and highly leveraged products, which are not within the scope of this discussion. Third layer: New features of Lista DAO Lista DAO is one of the largest lending, CDP, and liquidity pledge agreements on BNB Chain. Binance Labs has a strategic investment of $10M in 2023, with a peak TVL of $4.3 billion. The token LISTA was officially launched through Binance Launchpool in June 2024, audited by PeckShield, CertiK, and SlowMist, and received an Immunefi vulnerability reward of $1 million. There have been no security incidents to date. The newly launched feature this time is to use PT sUSe as collateral to lend $U or USD1 stablecoins at an annualized borrowing cost of approximately 1.8% (fixed). Support two markets, choose which one to borrow according to your needs. Core logic: PT sUSe comes with a fixed annualization rate of about 3.9%, while Lista's borrowing cost annualization rate is only about 1.8% - fixed. The interest rate spread is about 2%, which means that the collateral earns enough money each year to cover the loan interest and even have a surplus. In other words, the borrowed stablecoins are obtained at almost zero cost, and using this money for other purposes is pure profit margin. Detailed explanation of two strategies: Strategy 1 (Stable Version): Mortgage reinvestment Step 1: Deposit PT sUSe as collateral in Lista Step 2: Lend USD1 or U at an annualized fixed interest rate of 1.8% Step 3: Deposit the borrowed stablecoins into Binance Wealth Management (USD1 used to have a 20% annualization activity) or other CEX Wealth Management Step 4: Wait for the PT to expire (around April 9th) and redeem the USDe at a 1:1 ratio. Repay and settle the income The advantages of this strategy are: two layers of income are stacked, and there is no active operation throughout the process. PT settlement is automatically completed upon expiration, with clear logic, making it suitable for users who do not want to frequently manage positions. Strategy 2 (Advanced Version): Fixed rate revolving loan Step 1: Deposit PT sUSe as collateral and lend out stablecoins Step 2: Exchange stablecoins for sUSDe and buy more PT sUSDe on Pendle Step 3: Deposit the newly purchased PT into Lista, borrow it again, and recycle it Step 4: Theoretical leverage 3-5 times, ideal estimated annualized net profit: 10% The core value of this strategy lies in fixed interest rates: borrowing costs are locked in at an annualized rate of 1.8%, and no matter how market interest rates change, your borrowing costs will not increase, and you will not be forced to close positions due to interest rate fluctuations. This is the biggest difference between fixed rates and floating rates - the cost is predictable and the strategy is executable. What is USD1: USD1 is a US dollar stablecoin issued by World Liberty Financial (WLFI), which will be launched on Binance by the end of 2025 and is currently the second largest borrowed asset on Lista. ⚠️ Risks must be carefully considered: Risk of maturity mismatch: The maturity date of PT is about April 9th, and it is best to align the loan terms, otherwise early exit from PT may result in discount losses. Liquidation risk: Fixed interest rates do not mean no risk, and a mid point drop in PT prices may still trigger liquidation, which is easily overlooked. Three layer contract nesting: Lista x Pendle x Ethena three-layer protocol, any problem in any layer will affect the overall performance. Although Lista has undergone triple auditing, it does not mean zero risk. Risk of revolving loans: Leveraging amplifies returns and also increases liquidation exposure. It is not recommended for people without DeFi experience to operate. Opportunity cost: Funds are locked in before the PT expires and cannot be withdrawn without damage at any time. *** The above is the research sharing by Jenny Jun and the lobster team. As of the research time, all data does not constitute any investment advice. There is a risk of loss of principal, please evaluate it yourself, DYOR。 @lista_dao @Ethena_Eco @pendle_fi @ethena