ListaDAO: BNB Ecosystem’s Head LSDFi Protocol

Previously, Vitalik Buterin said on the social platform that "PoW is also quite centralized, and this is just a temporary stage before turning to PoS", which sparked heated discussions in the community. As the spot ETF application process continues to advance, topics related to Ethereum remain hot, but in addition to spot ETFs, the Ethereum ecosystem needs DeFi vitality the most, and LSDFi is a force that cannot be ignored.

However, the recent crypto market has a high risk aversion sentiment, and liquidity is very precious. Therefore, when looking for targets, we need to find projects with great growth potential, background, and reliable teams. In this way, ListaDAO, a BNB ecological LSDFi project with online tracks, investors, and team operations, has become a very noteworthy choice.

ListaDAO was formerly Helio Protocol. In August 2023, Binance Labs invested $10 million in Helio Protocol. After ListaDAO went online, it has clearly launched two phases of airdrop incentive tasks. It has nearly 250,000 Twitter followers and maintains a close cooperative relationship with BNB ecological projects. In the future, it will also migrate to multi-chain ecosystems such as Ethereum. This article will introduce the core mechanism, profitability and advantages of ListaDAO to readers in detail, in order to understand the future potential and upside of the project.

What is ListaDAO, which has received investment from Binance and airdropped

ListaDAO is an LSDFi project in the BNB ecosystem that focuses on collateralized debt positions (CDPs) and liquid pledges, allowing users to mint stablecoins while pledging LSD. Its core vision is to build a simple and efficient interface and mechanism with BNB as the starting point, explore various application scenarios such as stablecoins and re-staking in the context of Web3's rigid demand for "liquidity pledge", and finally establish a low-threshold DeFi protocol on multiple chains.

In 2022, Helio Protocol, the predecessor of ListaDAO, was established, aiming to become the Maker DAO on the BNB chain; then in July 2023, Helio Protocol merged with Synclub, a staking infrastructure and liquidity staking provider on the BNB chain, and launched an LSDFi Foundation, which is the origin of ListaDAO.

Lista is named after the combination of "liquid+staking". The rise of liquidity staking has not only rekindled the DeFi vitality of the Ethereum ecosystem, but the BNB ecosystem has also kept up. In August 2023, Binance Labs invested $10 million in Helio Protocol to help it continue to transform into a liquidity staking platform, while helping to expand to other networks.

In ListaDAO, users can perform pledge and liquidity pledge, as well as borrow lisUSD through various decentralized collaterals. lisUSD is a decentralized stablecoin launched by Lista that is pegged to the US dollar and fully over-collateralized by crypto assets such as BNB, ETH, slisBNB, wBETH and BTCB.

In addition to the above traditional collaterals, ListaDAO has also launched a collateral innovation zone (Innovation Zone), which supports weETH of Ether.fi, STONE of StakeStone and ezETH of Renzo. In the future, ListaDAO officials said that they will also launch more personalized collateral for users to choose from.

It is worth mentioning that slisBNB is the native income and liquid staking token of BNB built by ListaDAO. The appreciation of slisBNB to BNB is consistent with BNB's APY. Users can freely earn additional income on different DeFi platforms while passively obtaining staking rewards.

Specifically, users can pledge BNB liquidity into slisBNB to obtain BNB staking rewards, and can also provide liquidity for slisBNB and lisUSD in various liquidity pools such as PancakeSwap and Thena Finance to earn transaction and LP fees.

Since the launch of ListaDAO, it has launched two official incentive activities from 2024 to now. Users can complete tasks to obtain points and convert them into airdrop shares in the future. Tasks include providing TVL on Lista, borrowing lisUSD, depositing BNB and minting slisBNB, providing lisUSD, providing liquidity in the slisBNB liquidity pool, etc.

Different tasks have different incentive ratios. Thanks to the easy-to-use interface design and active operation, ListaDAO has seen a significant increase in TVL in recent months, reaching as high as $550 million, ranking third in the BNB ecosystem, with nearly 25,000 users holding lisUSD.

As of writing, the official website shows that ListaDAO's TVL has reached $406,154,032, including collateral value of $229 million and liquidity pledge value of $176 million.

Highly efficient "liquidity supermarket", detailed explanation of ListaDAO's core mechanism

The core role played by ListaDAO in the ecosystem is the liquidity release center. Based on the following points, Lista DAO can solve most of the users' liquidity needs:

1. Users can use ListaDAO's CDP business, that is, over-collateralized lending, to mortgage assets to mint lisUSD, thereby releasing liquidity;

2. Through the liquidity pledge business, users can use slisBNB to maintain asset liquidity while participating in the pledge;

3. Lista DAO's newly launched collateral innovation area will add eligible LSTs and LRTs to the collateral list to help the ecosystem release more asset liquidity;

4. In the future, ListaDAO will also launch Restaking business, by providing network security while using LRT to improve capital utilization efficiency;

In addition to the above measures, Lista Dao continues to work hard to improve liquidity utilization and is actively deploying the following aspects:

First, ListaDAO will launch slisBNB multi-node delegation in the future. Previously, ListaDAO managed the verification node Synclub by itself. Last month, it officially announced that it would upgrade to multi-node delegation. All BNB deposited in Lista will be used exclusively for minting slisBNB, and LSTs such as BNBx, AnkrBNB and stkBNB will be converted to slisBNB accordingly. Through multi-node upgrades, users can not only increase their yields, but also simplify the withdrawal process and improve the efficiency of capital utilization.

In February of this year, ListaDAO also announced that it would launch a tokenized version of lisBNB for staking BNB, that is, lisBNB acts as a stablecoin loosely pegged to BNB. 1 lisBNB always represents 1 BNB and the number of lisBNB in the ListaDAO ecosystem. Users can exchange lisBNB for BNB at a one-to-one ratio and vice versa. Holding lisBNB alone is considered the same as holding BNB and is not eligible for staking income.

lisBNB was launched to provide stability and maintain the value pegged to BNB. lisBNB has no yield and will not appreciate relative to the price of BNB. Readers may confuse it with the BNB liquid staking token slisBNB. Simply put, 1 lisBNB is equal to 1 BNB, and the value of 1 slisBNB (with interest) is greater than 1 BNB.

Referring to the frxETH and sfrxETH of the hybrid algorithmic stablecoin protocol Frax Finance, with lisBNB, users can obtain more liquidity mining strategies, such as the LP income of lisBNB/BNB will be considerable, further improving the capital efficiency of the ListaDAO DeFi system. According to official information, lisBNB will also gain wider adoption in the BNB ecosystem after its launch.

Currently, ListaDAO has been working closely with many projects in the BNB ecosystem, including trading platforms such as PancakeSwap, Thena Finance, APX, Lynx, and lending platforms such as Venus and Kinza.

ListaDAO has combined its own advantages with the above platform features to launch many very cost-effective and innovative features. For example, on Venus, users can use lisUSD and slisBNB as collateral to borrow or earn APR, or use lisUSD as margin to trade contracts on APX, which is highly efficient, low in wear and tear, and very cost-effective.

Users can use lisUSD for transactions on APX

ListaDAO's core source of income is handling fees, and the protocol fees are the interest and redemption fees of stablecoin lending. As a decentralized project, through DAO governance, ListaDAO will also reward protocol incentives to community users such as liquidity providers.

On May 6, Lista DAO announced a partnership with the liquidity aggregation protocol Magpie and launched Listapie, which uses Lista DAO's veTokenomics mechanism to collect and lock LISTA tokens into veLISTA to increase Lista DAO's yield and enhance governance authority.

LISTA holders can also optimize rewards by converting their assets to mLISTA, and by staking mLISTA on Listapie, users can receive part of the income generated on Listapie in the form of LISTA tokens.

When users convert LISTA to mLISTA on Listapie, LISTA is immediately locked as veLISTA in Lista DAO. This mechanism not only ensures that LISTA holders receive more rewards through mLISTA, but also gives Listapie governance capabilities and obtains higher returns on the platform.

LTP is Listapie's upcoming governance and profit-sharing token. LTP can be locked as vlLTP on Listapie and will enjoy revenue sharing and high-efficiency voting rights on Lista DAO.

The parameters of these pools will be determined by ListaDAO voting, including scale, reward rate, and liquidation rate. "We are a DAO, and the revenue will be returned to the DAO contributors after deducting operating costs. For example, the assets pledged by users will be pledged to the nodes, and part of the Commission Fee that the nodes give to the DAO will be given to the participants of the ecosystem through our token economy," said ListaDAO COO Terry.

As mentioned earlier, ListaDAO's name is taken from Liquid and Restaking, but Lista has a deeper meaning. In Spanish, Lista means "bright, ready and smart". For the LSDFi protocol, it is a matter of course to provide more liquidity and income opportunities for stakers, but what ListaDAO wants to do is to allow more people to participate and enjoy the dividends brought by LSD. "Making DeFi Easier" is the consistent core vision and mission of ListaDAO, just as Lista gives it a profound meaning.

For the future of ListaDAO, the most important things include cooperating with BNB ecological projects on a wider range to consolidate the ecological position, extending to the smooth implementation of Ethereum's multi-chain plan, and the launch of the LISTA token. Therefore, for ordinary users, the most cost-effective plan is to participate in ListaDAO and enjoy the dividends of the rising period of project development.

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