The TVL figure can be misleading at times and truthful at others. Lista DAO has fallen from 4.3 billion to its current level— is it a bubble burst or an industry adjustment? Let’s ignore emotions and focus solely on the data.

What hard power remains

Although TVL has been cut in half again, the $1.722 billion scale still ranks in the top three in the BNB Chain lending sector. What’s truly worth noting are the subsequent figures—$475 million in active lending volume and annualized protocol revenue exceeding $6 million. What does this mean? Core users haven’t left, and real fees are still being generated. Revenue is projected to grow by 131% in 2025, which is not a false prosperity.

Here’s another detail: over 60% of the BNB Chain market share in liquidity staking products is anchored by more than 1.3 million BNB. This is the most difficult fundamental base to shake and the most stable source of cash flow.

How to survive in a sea of blood

The lending market on BNB Chain has long lost its windfall. Venus is well-established, and a major mainstream DEX is eyeing the space. Lista’s approach is actually quite straightforward:

First move: Price war. Relying on capital pool efficiency and incentive mechanisms, push lending interest rates down to around 1%, while competitors generally hover between 5-10%. Who will pay for high interest? This move attracts price-sensitive capital.

Second move: Leverage Binance’s ecosystem. Its true moat is the linkage with leading exchanges. This isn’t a technological advantage but an ecological positioning advantage.