There are no absolute winners in the market, only projects that survive the waves.

The Lista project is quite interesting—by the end of 2025, its TVL is projected to reach $4.3 billion, with a 520% surge in half a year, clearly becoming the second-largest on the BNB Chain. The performance is impressive, but the emergency liquidation in November last year still served as a reminder to everyone. The treasury utilization rate soared to 99%, liquidating a position worth $3.5 million in one go, waking both the project and users up sharply.

From this incident, I’ve gleaned a few insights:

**First is the growth logic.** The staking yield of slisBNB combined with lending leverage, along with stacking yields from various external protocols, this strategy directly outperforms traditional financial products. "Yield hunger" is the core driving force—simple, straightforward, and effective.

**Second is risk management.** lisUSD, this stablecoin, relies on over-collateralization and PSM (Peg Stability Module) to stay afloat amid market volatility. The mechanism design is quite sophisticated.

**Third is token economics.** The governance model of LISTA is undergoing adjustments. If the proposal to burn 20% of the total supply passes, it could be promising in the long term. But with veLISTA offering an annualized yield of 38.8%, how much of that is genuine output and how much is inflationary bubble remains to be monitored.

What’s the future direction? Multi-chain expansion and RWA integration are new stories, but stepping out of the BNB comfort zone to fight on Ethereum presents clear risks and opportunities. The fundamentals still need to be stabilized.