DeFi arenas have never lacked new players, but only a few really survive. The performance of Lista DAO on the BNB Chain over the past two years is indeed worth discussing.

Speaking of which, its greatest strength is not aggressive marketing but finding its own niche. Instead of competing head-to-head with Ethereum's lending giants, it focuses on deepening its roots in the BNB Chain ecosystem. The core logic is quite clear: through slisBNB, a liquid staking token, users can stake BNB and receive a token that neither depreciates nor ceases to generate yield. This token can then be directly used to borrow USD1 stablecoins. It sounds simple, but this is the flywheel of capital efficiency—your assets continue to earn while also enabling leverage.

What do the data say? Lending rates have remained stable around 1% for a long time, which is low in the industry, directly surpassing many similar products. Why is that? The same reason—liquidity and capital are well-designed. At its peak, TVL exceeded $4.3 billion, now it has fallen back to around $1.7 billion. In 2025, it once surged by 520%, mainly due to the market reaction after the launch of the "Lista Lending" module.

The current question is whether it can survive through the next bear market. There are many star projects, but few stars. After this wave of adjustment, how those that survive will perform remains to be seen.