Introduction
BNB Chain-based projects have always captivated the DeFi community, exemplified by Binance Launchpool's direct yield opportunities for BNB holders. However, participating in Launchpool requires asset locking, temporarily disrupting on-chain activities and causing liquidity loss. Lista DAO addresses this with its liquid staking service, enabling users to earn Launchpool rewards without sacrificing liquidity.
As a BNB-native financial protocol, Lista DAO offers two core services:
- Overcollateralized borrowing of the stablecoin lisUSD.
- Liquid staking for BNB, allowing users to earn PoS rewards while providing liquidity on platforms like Thena.Fi and PancakeSwap.
Recent upgrades—including the Peg Stability Module (PSM), LSR staking pools, and slisBNB-to-clisBNB conversions—aim to merge these services into a unified BNBFi ecosystem. This article explores how these innovations enhance BNB’s utility and yield potential.
Evolution of Lista DAO
From Helio Protocol to Lista DAO
Originally launched as Helio Protocol (issuer of the HAY stablecoin), the project rebranded in July 2023 after acquiring Synclub, a BNB Chain node operator. Key changes included:
- Renaming HAY to lisUSD, SnBNB to slisBNB, and HELIO to LISTA.
- Integrating StaaS (Staking-as-a-Service) and LSDFi into the BNB ecosystem.
Backed by Binance Labs’ $10M investment, Lista DAO has grown into BNB Chain’s second-largest DeFi protocol by TVL, with slisBNB leading its liquid staking offerings.
Phases of Growth
- 1.0: Stablecoin Focus – Launched HAY (now lisUSD) using MakerDAO-inspired CDP mechanics.
- 2.0: Liquid Staking – Introduced slisBNB for PoS rewards + DeFi composability.
- 3.0: BNBFi Ecosystem – Combines CDP and staking via slisBNB/clisBNB synergy.
Core Innovations
1. slisBNB: Liquid Staking Powerhouse
- Users stake BNB to receive slisBNB (1:1.0226 ratio), accruing 1.51% PoS yield plus DeFi rewards.
- Upgraded to support Binance Launchpool participation and lisUSD borrowing.
2. clisBNB: Collateralized Yield Booster
- Generated when users deposit BNB into CDPs (1:1 ratio).
- Non-transferable but usable for Launchpool, enabling CeFi yields without selling slisBNB.
👉 Discover how slisBNB and clisBNB maximize yields
3. Peg Stability Module (PSM)
- Allows 1:1 swaps between USDT/USDC/FDUSD and lisUSD.
- Initial cap: 500K lisUSD; dynamic fees stabilize lisUSD’s peg.
4. LSR (lisUSD Savings Rate)
- Replaces old staking pools with fixed-rate, compound-interest vaults (up to 40K lisUSD cap).
Synergy in Action: A Case Study
- Stake 1 BNB → 0.9779 slisBNB (earns PoS + DeFi yields).
Deposit slisBNB into CDP:
- Borrow lisUSD (for LSR staking/DeFi).
- Generate 0.88 clisBNB (9:1 ratio) for Launchpool rewards.
Result: Triple-layered yields from staking, borrowing, and Launchpool.
Challenges and Future Roadmap
- User Education: Simplifying slisBNB/clisBNB mechanics.
- Security: Ensuring robust protocols amid expanded functionalities.
Upcoming plans:
- RWA Integration: Expand lisUSD collateral options.
- Cross-Chain lisUSD: Multi-chain interoperability.
- Ecosystem Partnerships: Collaborations with Pendle, Avalon, etc.
FAQ
Q: How does slisBNB differ from staked BNB?
A: slisBNB retains liquidity, allowing DeFi use while earning staking rewards.
Q: What’s the advantage of clisBNB?
A: It enables Launchpool participation without unstaking slisBNB.
Q: Is lisUSD overcollateralized?
A: Yes, with a 472.36% median collateral ratio for CDPs.
👉 Explore Lista DAO’s 3.0 upgrades
Conclusion
Lista DAO 3.0 merges DeFi and CeFi opportunities through slisBNB-clisBNB synergy, pushing BNB’s utility beyond traditional staking. With robust foundations and a clear roadmap, it’s poised to drive BNBFi’s next growth phase.