The decentralized finance (DeFi) landscape on Binance Smart Chain (BSC) is undergoing a transformative shift, led by Lista DAO—a pioneering protocol merging liquid staking and decentralized stablecoin lending into a unified, capital-efficient ecosystem. With its Total Value Locked (TVL) surpassing $650 million** and peaking at **$664 million, Lista DAO has cemented its position among the top four protocols on BSC. More impressively, it manages nearly 620,000 BNB—valued at over $383 million—making it the largest liquid staking platform for BNB.
By integrating the functionalities of Lido (liquid staking) and MakerDAO (collateralized debt positions), Lista DAO has evolved into a full-stack DeFi powerhouse, often described as the "Lido + MakerDAO + BNBFi" trifecta on Binance Chain. Its innovative product suite—centered around sliBNB, lisUSD, and clisBNB—is redefining how users leverage BNB in DeFi, unlocking unprecedented capital efficiency and yield opportunities.
The Rise of LisUSD: Binance Chain’s Native Decentralized Stablecoin
At the heart of Lista DAO’s ecosystem lies lisUSD, a decentralized stablecoin designed to bring true on-chain monetary stability to Binance Chain. As of late November 2025, lisUSD had achieved a circulating supply of $49.85 million, growing over 27% in just one month—a strong signal of community adoption.
Unlike centralized stablecoins such as USDT, USDC, or BUSD, which rely on off-chain reserves and face transparency concerns, lisUSD operates on a fully over-collateralized model, inspired by MakerDAO’s DAI. Users lock crypto assets like BNB, ETH, BTCB, or sliBNB into Collateralized Debt Positions (CDPs) to mint lisUSD, ensuring each issued stablecoin is backed by verifiable on-chain value.
This mechanism effectively sidesteps the risks seen in algorithmic stablecoins like UST, which collapsed due to lack of collateral. With lisUSD, if a user’s collateral ratio drops below the threshold (e.g., 150% for BNB), the system triggers automatic liquidation, preserving protocol solvency and user trust.
Why LisUSD Stands Out
- ✅ Only native decentralized stablecoin on BSC
- ✅ Overcollateralized with transparent on-chain assets
- ✅ Integrated with major DeFi platforms like PancakeSwap, Thena.Fi, and Magpie.xyz
- ✅ Supports yield-bearing assets as collateral, including LRTs (Liquid Restaking Tokens)
👉 Discover how decentralized stablecoins are reshaping DeFi yields
PSM & D3M: Powering Stability and Utility
On November 28, 2025, Lista DAO launched two critical upgrades to lisUSD: the PSM (Peg Stability Module) and D3M (Direct Deposit Module).
PSM – Strengthening the Peg
The PSM enables direct, low-slippage swaps between lisUSD and centralized stablecoins like USDT and USDC, ensuring lisUSD remains tightly anchored to $1. This feature reduces volatility and enhances trust in lisUSD as a reliable store of value.
Additionally, PSM introduces the LisUSD Savings Rate (LSR)—a fixed-yield product replacing earlier variable models. Early data shows LSR offering returns exceeding 40% APY, with initial deposits in USDT yielding up to 197.59% during promotional phases.
D3M – Bridging DeFi Liquidity
Inspired by MakerDAO’s D3M, this module allows lisUSD to be automatically deployed into leading lending protocols such as Aave and Venus. This not only boosts capital efficiency but also increases lisUSD’s utility across the broader DeFi ecosystem.
With an initial funding pool of $5 million, Lista DAO aims to scale lisUSD integration across multiple chains, further solidifying its role as a cross-platform monetary rail.
Dual Liquidity Engine: sliBNB and clisBNB
Lista DAO’s innovation isn’t limited to stablecoins. Its dual-token strategy—sliBNB and clisBNB—solves one of DeFi’s biggest pain points: illiquid staked assets.
sliBNB – Liquid Staking for Maximum Flexibility
When users stake BNB on Lista DAO, they receive sliBNB, a liquid token representing their staked position. This allows them to:
- Continue earning PoS staking rewards
- Use sliBNB as collateral to borrow lisUSD
- Provide liquidity on DEXs
- Participate in yield farms
- Engage in Binance Launchpool staking via cross-chain compatibility
With over 620,000 BNB staked, sliBNB delivers a compounded yield that pushes the total return close to 33% APY, combining staking rewards with DeFi yields.
clisBNB – Unlocking CEX Yields On-Chain
Introduced in October 2025, clisBNB is a game-changer. It allows users who have used BNB as collateral to borrow lisUSD while still being able to participate in Binance Launchpool projects.
Each clisBNB token represents 1 staked BNB and is non-transferable—tied directly to the user’s wallet. This unique design bridges CeFi and DeFi:
- Users deposit BNB → receive clisBNB
- Use clisBNB to join Launchpool (e.g., Scroll, Usual Money)
- Simultaneously borrow lisUSD for additional DeFi strategies
As of November 28, users can even mint clisBNB using sliBNB, creating a seamless loop between staking, borrowing, and yield generation.
👉 Learn how liquid staking can boost your crypto returns
Expanding Horizons: Multi-Chain Growth and Governance
Lista DAO isn’t stopping at Binance Chain. Backed by a $10 million investment from Binance Labs, the protocol plans to expand to Ethereum and other EVM-compatible chains by the end of 2025. Strategic partnerships with leading restaking protocols like EtherFi, Renzo, Stakestone, Solv Protocol, and Bouncebit underscore its commitment to multi-chain interoperability.
veLISTA: Sustainable Tokenomics
The governance token LISTA powers decentralized decision-making through the veLISTA model:
- 50% of protocol revenue distributed to veLISTA holders
- Over 51.98 million LISTA tokens locked
- More than $260,000 in rewards distributed
- Current price: ~$0.53
This model incentivizes long-term participation and aligns user incentives with protocol growth.
FAQ: Your Questions Answered
Q: What makes lisUSD different from other stablecoins on BSC?
A: lisUSD is the only native decentralized stablecoin on Binance Chain. Unlike USDT or BUSD, it’s fully overcollateralized with on-chain assets and governed by smart contracts—not a centralized issuer.
Q: Can I transfer or trade clisBNB?
A: No. clisBNB is non-transferable and wallet-bound. It exists solely to represent your collateralized BNB and enable participation in Binance Launchpool while borrowing lisUSD.
Q: How does Lista DAO ensure security?
A: The protocol has undergone audits by top firms, runs a bug bounty program, and uses real-time monitoring systems. Its price oracle aggregates data from multiple sources—including Chainlink—to prevent manipulation.
Q: What yields can I expect from lisUSD or sliBNB?
A: As of late 2025, lisUSD stakers can earn over 40% APY via LSR. sliBNB holders enjoy combined yields up to 33% APY, factoring in staking rewards and DeFi activities.
Q: Is Lista DAO expanding beyond BNB?
A: Yes. It already supports ETH, BTC, and LRTs as collateral and plans to launch on Ethereum and other chains, enabling cross-chain liquidity and restaking.
Q: Can meme projects use lisUSD for funding?
A: Absolutely. Lista DAO supports meme projects that use lisUSD or sliBNB for fundraising and offers official support to successful launches.
Lista DAO is more than just a DeFi protocol—it’s a new financial layer for BNB holders. By combining liquid staking, decentralized lending, and cross-platform yield capture, it empowers users to maximize every dollar of capital. Whether you're staking, borrowing, or launching new projects, Lista DAO offers the tools to thrive in the evolving Web3 economy.
👉 Start optimizing your crypto yields today with next-gen DeFi tools