Previously received $10 million in funding from Binance Labs, a detailed article on Binance Megadrop Phase II LSDfi project Lista

Author: Grapefruit, ChainCatcher

Editor: Marco, ChainCatcher

On May 23, Binance announced that the second project on its token issuance platform Megadrop is Lista (LISTA), which is a liquid staking stablecoin LSDfi protocol within the BNB chain ecosystem.

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

Following the controversy over "high FDV + low circulation," Binance adjusted its related listing policies, and Lista is the first project it has chosen to launch, attracting significant user attention.

Previously Received $10 Million Investment from Binance Labs

Lista, fully known as "ListaDAO," is a decentralized stablecoin lending protocol based on LSD assets within the BNB chain ecosystem. The platform allows users to stake BNB to earn PoS staking rewards and receive liquid staking certificates slisBNB, while also supporting users to mint stablecoins like lisUSD using various LSD assets as collateral.

Lista DAO is a decentralized stablecoin lending protocol supported by LSDfi. Users can stake and liquid stake on Lista, and can also borrow lisUSD based on various decentralized collateral. Lista aims to leverage innovative liquid staking solutions to establish lisUSD as the top stablecoin in the cryptocurrency space.

Its core vision is to explore various application scenarios such as stablecoins and re-staking, starting from BNB in the context of liquid staking, ultimately establishing a low-threshold LSDfi protocol across multiple chains.

ListaDAO originated from Helio Protocol, created in 2022, and is the issuer of the over-collateralized stablecoin HAY, aiming to become the Maker DAO protocol on the BNB chain.

In July last year, Helio announced a merger with liquid staking provider Synclub, forming a new LSDFi Foundation and rebranding as ListaDAO, with the name Lista derived from the combination of "liquid + staking."

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

Thus, ListaDAO can be seen as a composite product formed by the integration of "liquid staking protocol + decentralized stablecoin lending protocol."

Currently, users on ListaDAO have two ways to participate: one is to stake BNB to earn PoS rewards on the BSC chain while receiving the liquid staking certificate slisBNB, which can be used for lending, LP, and other DeFi yield opportunities.

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

The other way to participate is for users to borrow the stablecoin lisUSD by over-collateralizing with ETH, native BNB assets, or LSD assets like slisBNB. Currently, the assets supported for collateral on ListaDAO include ETH, BNB, slisBNB, wBETH, and BTCB.

As of May 23, the value of collateralized positions on ListaDAO has surpassed $300 million.

To integrate more liquid staking derivatives (LST) and liquid re-staking tokens (LRT) into the ecosystem, ListaDAO launched an Innovation Zone in May this year, incorporating eligible LST and LRT assets into its collateral options.

Compared to traditional collateral, the risk coefficient of collateral assets in the Innovation Zone is higher, and the collateral ratio is also higher. The ListaDAO project team will conduct weekly assessments to determine the eligibility of collateral.

Currently, the Innovation Zone of ListaDAO supports collateralizing Ether.fi's weETH, StakeStone's STONE, and Renzo's ezETH to borrow the stablecoin lisUSD. As of May 23, the value of collateralized assets in the Innovation Zone is approximately $5.56 million.

In the future, ListaDAO officials have stated that they will integrate more LST and LP tokens as collateral options for lisUSD, providing users with more personalized collateral options, and will deploy across multiple chains such as Ethereum.

As of May 23, the official website shows that the total TVL on the ListaDAO platform is $467 million, ranking fourth among BSC chain ecosystem applications. Among them, the value of collateral exceeds $300 million, and the value of liquid staking assets is approximately $166 million.

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

LISTA Total Token Issuance of 1 Billion, OTC Price at 0.8 USDT

Despite the public funding support from Binance Labs, the TVL of the ListaDAO platform remained stagnant around $50 million until February this year, and the product was unstable and not popular, attracting little user attention. It wasn't until the launch of a points incentive program in February that user interest surged, and the TVL began to rise from tens of millions to $400 million.

To incentivize user participation, ListaDAO announced the launch of "The Cosmic Adventure Challenge" (CAC) adventure challenge event in February this year, where users complete tasks to earn points that can be converted into airdrop shares in the future. Tasks include providing TVL on ListaDAO, borrowing lisUSD, staking BNB to obtain slisBNB, and providing liquidity for the lisUSD and slisBNB liquidity pools, among others. Challengers will receive LISTA airdrop shares based on their final point rankings.

As of today, the CAC adventure challenge has completed two seasons, with the first season (S1) allocating 2% of LISTA airdrop to participants in this season's CAC, and the second season (S2) starting on March 5 and yet to conclude, will allocate 4.1% of the airdrop shares, with specific airdrop details to be announced at the LISTA token TGE.

On May 23, Binance announced that the second project on the Web3 Launch platform Megadrop is the ListaDAO (LISTA) token, which has completely ignited the enthusiasm of community users.

According to Binance's announcement, the total issuance of LISTA tokens is 1 billion, with an initial circulation of 230 million, and the issuance on the Megadrop platform is 100 million. Users can participate in mining by locking BNB, with the specific listing date yet to be determined.

According to 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 parameters of Lista DAO (such as allocating income pools for ecosystem development and growth, adding new vaults, protocol parameters, and fee levels, etc.).

At the same time, LISTA also serves as an economic incentive tool for the ecosystem's operation, encouraging users to actively participate in the construction or contribution to the Lista DAO ecosystem, with every participant receiving token incentives. For example, users can earn LISTA tokens by depositing or staking in the Lista DAO, participating in governance, or using the protocol.

However, as of the time of publication, the specific allocation details of the LISTA token have not been disclosed.

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