What Lista DAO does

Lista DAO is a decentralized DeFi protocol operating on BNB Chain that unifies liquid staking, collateralized lending, real-world asset (RWA) tokenization, and token swaps within a single permissionless interface. Its core products are slisBNB, a liquid staking derivative for BNB that enables holders to earn staking rewards while maintaining DeFi composability (904,860 BNB staked, ~$509M in value), and lisAster, a liquid staking wrapper for ASTER that locks for the maximum 208-week veASTER weight to maximize yield. The lending infrastructure operates across multiple risk zones — Classic, CDP/Smart Collateral (with up to 96.50% LLTV using USDT/USDC LP tokens), Alpha, and bStocks — supported by a multi-oracle price system (Atlas + Chainlink) and institutional curators including Gauntlet ($275M BNB vault) and Lorenzo Protocol. Lending TVL reached $1.35B at peak, with $963M current across $562M deposits and $248M borrowed.

The protocol earns revenue through multiple transaction-based mechanisms: a 10% platform fee on lisAster staking rewards, 0.1% redemption fees plus 5% of interest earned on RWA products (USDT.JTRSY at 3.65% APY backed by Janus Henderson Anemoy Treasury Fund; USDT.JAAA at 4.71% APY backed by AAA CLOs; slisXAUE yield-bearing gold), interest rate spreads on lending positions (driving monthly protocol revenue above $1M twice in H2 2025), and DEX liquidity pool fees. Distribution is product-led and community-driven through the BNB Chain/Binance ecosystem, with direct integration into Trust Wallet for bStocks tokenized equities (NVIDIA, Tesla, Micron) and cross-chain expansion via the slisBNB Bridge to Ethereum. Leadership consists of co-founder and CEO Toru Watanabe and co-founder and COO Terry Huang, operating with a small 11-50 person team from Singapore.

Lista serves permissionless, self-custodial DeFi users — primarily DeFi power users, RWA investors seeking TradFi exposure without KYC, BNB holders optimizing staking yield, and crypto-native retail users. It does not have traditional enterprise customers; the closest institutional touchpoints are risk curators (Gauntlet, Lorenzo, RockawayX, Statera Labs, MEV Capital, Pangolins) and ecosystem partners (Atlas, Chainlink, LI.FI, Centrifuge, Janus Henderson Anemoy, XAUE Protocol, Dow Protocol, Trust Wallet, Binance).

Name

Lista DAO

Legal name

LISTA

Website

https://lista.org

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

11–50 employees

Short description

Lista DAO is a BNB Chain DeFi protocol offering liquid staking (slisBNB, lisAster), collateralized lending, tokenized real-world assets (US Treasuries, CLOs, gold), and tokenized-equities collateral (bStocks), serving permissionless self-custodial DeFi users globally through wallet integrations including Trust Wallet and Binance.

Ownership category

akta.pro rank

Product category

Decentralized Finance (DeFi) Protocol

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

Decentralized Lending & Borrowing Protocols (FSADAMAA)

akta.pro secondary industries

Decentralized Lending Protocols (DeFi Money Markets) (FSADAFAB), Lending Protocol Infrastructure (Oracles, Rate Models, Vaults) (FSADAFAN), Smart Contract & Token Operations Infrastructure (Lifecycle, Corporate Actions) (FSAGAMAH), RWA Custody, Escrow & Collateral Management (FSADAEAO)

Keywords

• Liquid staking protocol
• DeFi lending markets
• CDP stablecoin
• RWA tokenization
• Decentralized finance

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Platform Fees from Liquid Staking: Lista charges a 10% platform fee on staking rewards earned through lisAster. For example, if 100 ASTER is earned in an epoch, 90 ASTER goes to stakers and 10 ASTER to the platform.
2. RWA Product Fees: Lista charges a 0.1% redemption fee for RWA products and takes a 5% share from interest earned on RWA investments. This applies to US Treasury, corporate bond, and gold RWA products.
3. Liquidity Pool Fees: Protocol earns fees from liquidity pools including USDT & USDC, USDT & U, and other stable pairs. The pools show 24h volumes and fees indicating trading activity generates revenue.
4. Protocol Revenue from Lending: Protocol generates revenue through interest rate spreads on lending positions. Monthly protocol revenue surpassed $1 million twice during H2 2025, with total lending TVL reaching $1.35 billion.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

Lista DAO operates a permissionless DeFi protocol on BNB Chain that combines liquid staking (slisBNB and lisAster), collateralized lending markets across multiple zones (Classic, CDP/Smart Collateral, Alpha, bStocks), a native swap interface, a cross-chain bridge, on-chain credit lending, and a real-world asset (RWA) tokenization platform offering US Treasuries, corporate bonds, and yield-bearing gold. Users connect self-custody wallets to access these services without KYC, earning staking rewards, lending yield, or borrowing against crypto and tokenized stock collateral.

Product overview

Lista DAO is a BNB Chain DeFi protocol operating as a unified platform combining liquid staking, lending, and real-world asset (RWA) services. The core architecture centers on slisBNB (liquid staking for BNB) and lisAster (liquid staking for ASTER), which feed into the protocol's lending infrastructure. The lending system operates across multiple zones: Classic Zone (standard collateralized lending), CDP Zone featuring Smart Collateral for efficient stablecoin LP token deployment, Alpha Zone for advanced products, and bStocks Zone for tokenized equities as collateral. Supporting services include a native Swap interface powered by LI.FI, Lista RWA platform for US Treasuries and corporate bonds, Lista Credit for on-chain credit lending, a cross-chain slisBNB Bridge, Lista Holder VIP program with liquidation protection and boosted yields, and Liquidity Pools for DEX provisioning. The protocol achieved peak TVL of $4.5 billion with nearly 50% of BNB Chain staking market share.

Differentiator

Problem solved

Functional benefit

Brands

• slisBNB: Liquid staking token for BNB on the Lista DAO platform, allowing users to stake BNB and receive slisBNB which earns staking rewards while maintaining liquidity in DeFi protocols.
• Smart Lending
• RWA (Real World Assets)
• Lista Credit
• lisAster

Products and services

• slisBNB Liquid Staking Liquid staking token for BNB that lets users earn staking rewards while maintaining liquidity for DeFi usage. Users deposit BNB and receive slisBNB at approximately 1.0366 BNB exchange rate, usable as collateral across DeFi protocols.
• lisAster Liquid Staking Liquid staking wrapper for ASTER tokens that amplifies staking yield by locking ASTER for 208 weeks at maximum veASTER weight with automatic relock each epoch. Charges 10% platform fee on rewards.
• Lista Lending Protocol Decentralized lending protocol supporting multiple collateral types (BTCB, slisBNB, ETH, USDT, USDC, USD1, lisUSD, XAUt, bStocks) with both flexible and fixed loan types across Classic, CDP/Smart Collateral, Alpha, and bStocks zones. Features configurable LLTV thresholds up to 96.50% and utilization-based interest rate models.
• Lista Swap Native swap interface powered by LI.FI that provides cross-chain token swaps with optimized routing. Supports BNB and LISTA token exchanges across BNB Chain and Ethereum.
• Lista RWA Platform First RWA platform on BSC enabling users to access tokenized real-world assets including US Treasuries (Janus Henderson Anemoy Treasury Fund), corporate bonds (AAA CLO Fund), and yield-bearing gold (slisXAUE). Products subscribed via USDT and accrue value daily. Charges 0.1% redemption fee and 5% interest share.
• Lista Credit On-chain credit lending product with completed Phase 1 showing $47.13K total loans issued, 180 active borrowers, and 95.4% repayment rate. Phase 2 is under development with a broader credit framework.
• slisBNB Bridge Cross-chain bridge enabling transfer of slisBNB between BNB Chain and Ethereum without loss. Features 5-minute processing time and zero service fee with BSC network fee of 0.0001 BNB.
• bStocks Collateral Integration RWA lending zone enabling users to deposit tokenized stocks (NVIDIA, Tesla, Micron via Binance bStocks) as collateral for borrowing while retaining dividend rights and generating additional yield from DeFi markets.

Quantifiable outcome

• 179.4% year-over-year TVL growth to $4.5 billion peak TVL
• +4 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature6 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• AtlascoreTechnology or Integration · 18 June 2026Atlas, a blockchain oracle infrastructure provider backed by CoinMarketCap, provides configurable first-party price feeds for Lista DAO. The integration includes deviation thresholds tuned to liquidation mechanics, multi-source aggregation across CEX, DEX, and off-chain data, on-chain attestations with public uptime, and feeds calibrated to specific collateral types.
• Venus ProtocolcoreTechnology or Integration · 18 June 2026Venus Protocol is one of the longest-standing lending protocols on BNB Chain with billions in cumulative volume. Both Venus and Lista DAO receive Atlas oracle integrations, suggesting collaborative ecosystem development.
• Binance (bStocks)coreTechnology or Integration · 18 June 2026Lista DAO activated support for Binance's bStocks tokenized assets on BNB Chain, enabling users to deposit tokenized NVIDIA, Tesla, and Micron shares as collateral. Holders retain dividend rights while generating additional yield through DeFi lending markets.
• Trust WalletcoreChannel Partner/ Reseller/ Distributor · 12 June 2026Trust Wallet integrated with bStocks enabling users to access five tokenized U.S. securities directly from wallets 24/7 without traditional brokerage accounts or KYC. Tokenized securities work across BNB Chain DeFi ecosystem including lending on Lista DAO.
• GauntletcoreTechnology or IntegrationGauntlet serves as curator for multiple major vaults on Lista DAO including BNB Vault ($275M deposits), USD1 Vault ($137.64M), and U Vault ($57.84M). They manage risk parameters and liquidation mechanics for these pools.
• Janus Henderson AnemoycoreStrategic or Co-development PartnerJanus Henderson Anemoy Treasury Fund (JTRSY) provides yield-bearing US Treasury Bills with 3.65% APY. The AAA CLO Fund (JAAA) offers corporate collateral debt with 4.71% APY. Both are accessible via USDT subscription on Lista's RWA platform.
• XAUE ProtocolminorStrategic or Co-development PartnerXAUE Protocol provides slisXAUE, a yield-bearing gold token backed by XAUt (Tether Gold). Lista wraps XAUE into slisXAUE enabling users to earn yield through institutional-grade gold strategies.
• Dow ProtocolminorStrategic or Co-development PartnerDow Protocol provides the Dow E-Commerce Financing Vault offering 10% APY for cross-border e-commerce merchant financing. The 90-day PayFi vault has a $3M deposit cap.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Morpho: Optimized lending protocol with curated Morpho Blue markets that allow risk-isolated lending pools. Comparable to Lista's curated vault architecture and represents a growing alternative to monolithic lending protocols like Aave/Compound.
• Pendle: Yield-trading protocol that tokenizes and trades future yield. Overlaps with Lista in the liquid staking token (LST) and yield-bearing RWA space, with potential to integrate as a yield-distribution layer on top of slisBNB and RWA products.
• Helio Protocol: BNB Chain-native lending and stablecoin (HAY) protocol using liquid staking tokens as collateral. Smaller-scale BNB Chain peer with overlapping DeFi power-user customer base and similar BNB-centric product focus.

Others

• Centrifuge: RWA infrastructure partner that powers Lista's US Treasury and CLO products. Comparable because both operate in the RWA tokenization category; Centrifuge is the underlying issuance platform while Lista is the consumer-facing distribution and lending layer.

Broad incumbents

• Compound: Pioneer of algorithmic lending markets, primarily on Ethereum. A broader incumbent in DeFi lending with strong institutional brand and developer mindshare; competes for the same power-user lending capital that Lista targets.
• Aave: Largest multi-chain decentralized lending protocol with deep liquidity across Ethereum, Arbitrum, Polygon, and others. Competes with Lista for lending TVL, and its multi-chain expansion represents a structural threat to Lista's BNB Chain dominance.

Direct peers

• MakerDAO: Original CDP-based lending protocol (now Sky) issuing the DAI stablecoin against crypto collateral. Lista's Smart Collateral CDP Zone mirrors this collateralized-debt-position mechanic with USDT/USDC LP tokens at 96.5% LLTV.
• Radiant Capital: Cross-chain lending protocol aiming for omnichain liquidity using LayerZero. Operates lending markets on BNB Chain and Arbitrum, directly competing with Lista for users seeking cross-chain lending composability.
• Lido: Largest liquid staking protocol in DeFi, primarily for ETH via stETH. Comparable to Lista's slisBNB in the liquid staking wrapper model, demonstrating the same composability-plus-yield mechanics on a different base asset.
• Venus Protocol: Longest-standing lending protocol on BNB Chain with billions in cumulative volume. Both Venus and Lista operate lending markets on BSC and share Atlas oracle infrastructure, making them the closest direct competitor for BNB Chain lending liquidity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• GitHubgithub.com/lista-dao
• LinkedInlinkedin.com/company/listadao
• Xx.com/LISTA_DAO

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lista DAO