In the BNB Chain DeFi ecosystem, Lista DAO is no longer just a simple application; it is more like the infrastructure of on-chain finance. As one of the top protocols in terms of TVL within the ecosystem, it has done something clever — fully unlocking the value of BNB assets.

The core logic is actually simple: users stake BNB to receive the derivative token slisBNB. What’s interesting about this token is that it doesn’t operate on a single thread. You can earn yields by validating with PoSA, or you can put it into lending markets, participate in liquidity mining, or use it in new token Launchpools. The utility of BNB is fully leveraged.

The ecosystem’s synergy is also quite evident. Collaboration with a leading DEX has provided sufficient liquidity for the slisBNB/BNB trading pair. More importantly, Lista has introduced a low-interest lending market on-chain — with borrowing rates as low as 0.03%. Compared to some lending protocols’ rates, users’ financing costs are directly lowered. This kind of competition has a tangible impact on the capital efficiency of the entire ecosystem.

Data speaks volumes. By 2025, Lista’s TVL on BSC has exceeded $870 million, with total loans reaching $570 million. What do these numbers reflect? They reveal the real demand and flow of capital on-chain.

Looking ahead, Layer2 solutions like the deep collaboration with opBNB could further reduce costs and improve efficiency. As BNB Chain continues to expand, Lista, as a core financial module within the ecosystem, will capture value closely tied to the overall network effects.