ListaDAO now presents a rather contradictory situation. On one hand, the total locked-up amount is impressively high — reaching over $43 billion at its peak, firmly establishing it as a top player on the BNB Chain. Its design that connects staking and lending functions is quite clever; users can use BNB as collateral to borrow USD1 to participate in Launchpool, maximizing capital utilization, and the entire process runs smoothly.

The growth rate has indeed been rapid, multiplying several times since early last year. The most attractive aspect is the borrowing cost — sometimes the interest rate drops to around 1%, which is rarely seen in the market. The recently launched "Smart Lending" feature is also quite good, allowing your collateral to generate additional interest, with an annualized rate potentially exceeding 20%. In a bear market environment, this is definitely a significant temptation.

However, on the other hand, the performance of the $LISTA token is quite disappointing. Its current price is just over $0.15, a significant drop from its high. The technical outlook also seems lackluster, with market enthusiasm being moderate. Part of the reason is the overall market — when Bitcoin trembles, the entire sector gets rattled; another pressure comes from the upcoming token unlocks, which will increase market liquidity and may cause some selling noise.

From a long-term perspective, many believe it is severely undervalued. The data in front of us speaks volumes — so much money has been locked in, yet the project’s market cap hasn’t increased accordingly, which is quite stark. Moreover, their roadmap appears ambitious: they aim to expand services to the Ethereum chain and even connect to real-world assets (RWA), such as government bonds and other traditional financial products. If these plans are realized one by one, a new wave of TVL growth is not out of the question.

Overall, the fundamental aspects of ListaDAO’s products are solid; lending efficiency and user experience are commendable. However, the token faces external market pressures and internal unlock pressures, making short-term pain unavoidable. As a robust infrastructure project on the BNB Chain, how much potential it truly has depends on how well their upcoming "big plans" can be realized.