Lista DAO is a permissionless DeFi protocol combining over-collateralized lending, the lisUSD stablecoin and liquid staking. It operates across BNB Chain and Ethereum, with total value locked at about $969.3 million on October 17, 2026. The protocol was formerly known as Helio Protocol.
Lista DAO was founded by Toru Watanabe and Terry Huang, both of whom have experience at Binance. The project operates as a DAO, while its initial development was guided by a core team focused on BNB Chain development. The LISTA governance token had an effective maximum supply of 800 million after a community-approved burn of 200 million tokens in August 2025.
Users stake BNB to receive slisBNB, a liquid staking token that can remain in use across DeFi. The lending system uses vaults and lending markets to allocate pooled liquidity according to supply and demand. Approved collateral includes BNB, slisBNB, ETH, wBETH, BTCB, tokenized assets and bStocks. Borrowers can take lisUSD, USDC, U, USDT or USD1 against selected positions. Liquidation thresholds and available liquidity vary by market.
As of October 16, 2026, Lista listed 89 bStocks as collateral across 287 lending markets. Current examples include XAUt collateral with a 0.71% borrow rate and 77% LLTV, plus wstETH/ETH borrowing at 0.30%, although rates and limits change by market.
Liquid staking commission is read on-chain from ListaStakeManager.synFee at 1e10 precision. Lista RWA charges a 5% performance fee on generated yield and a 0.1% redemption fee on BNB Chain RWA vaults. The RWA market launched in December 2025 with products including U.S. Treasury bills and collateralized loan obligations, without a KYC requirement. The protocol is available on BNB Smart Chain and Ethereum.
Audits listed in Lista’s security materials include Bailsec and BlockSec in 2025, plus Salus, PeckShield and Supremacy. In August 2025, governance approved the 200 million LISTA burn. Lista launched its RWA market in December 2025 and Lista Credit, an on-chain system for short-term, small, unsecured loans, on March 15, 2026.
DeFi lending carries smart-contract and liquidation risks, including risks related to oracles. Variable borrowing rates can rise, while collateral and stablecoins can depeg. Thin liquidity can leave bad debt after failed liquidations. In March 2026, Lista reported that 98% of USR-related loans had been repaid, including an $8.4 million loan, with no reported losses for users or the protocol. The protocol’s broad collateral set also adds exposure to tokenized assets and their issuers.
Has professional experience at Binance.
Has professional experience at Binance.
Lista DAO combines broad collateral markets with liquid staking, but its expanding product set and liquidation history add smart-contract and market-structure risk.
Lista DAO combines BNB liquid staking, collateralized borrowing and a stablecoin system. Its lending products run on BNB Smart Chain and Ethereum, with 89 bStocks listed as collateral across 287 lending markets. TVL was about $969.3 million on October 17, 2026. TVL does not show how much liquidity is available in each market.
The main lending design is vault-based and pooled, while the core lisUSD product uses over-collateralized positions. Borrowers can use assets including BNB, slisBNB, ETH, wBETH and BTCB, and newer markets accept bStocks and tokenized gold. Variable rates and market-specific liquidity increase exposure to thin markets and oracle errors. Recent terms include a 0.71% borrow rate for XAUt with 77% LLTV, and a 0.30% wstETH/ETH market rate, both dated October 14, 2026.
Audits are listed from Bailsec and BlockSec in 2025, plus Salus, PeckShield and Supremacy, and the protocol is open-source. The record also includes hard lessons: a fund pool reached 99% utilization and triggered forced liquidation, while concerns were raised about low-liquidity USDX vaults with outstanding loans. Lista reported in March 2026 that 98% of USR-related loans had been repaid, including an $8.4 million loan, with no reported losses for users or the protocol. These events do not establish a protocol exploit, but they show that liquidity and liquidation conditions can become material risks.
Founded by Toru Watanabe and Terry Huang, both described as having experience at Binance, Lista DAO has a defined operating team and an active governance token, LISTA. The protocol requires users to assess collateral liquidity and liquidation thresholds.
| KYC required ⓘ | No · unverified |
|---|---|
| Lending model | CDP · unverified |
| Chains | BNB Chain, Ethereum |
| Main collateral assets | BNB, ETH, slisBNB, wBETH, BTCB, bStocks, XAUt · unverified |
| Permissionless markets | Yes · unverified |
| Audited | Yes |
| Governance token | LISTA |
| Real-world-asset collateral | Yes · unverified |
| Own stablecoin | Yes · unverified |
Not disclosed by the provider: Flash loans, Bug bounty, Isolated markets, Rates.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Users borrow lisUSD and other supported assets against approved collateral, with liquidation thresholds set by market.
BNB staking produces slisBNB, which can be used as collateral while remaining available across DeFi.
Lending is available on BNB Chain and Ethereum, with markets and liquidity differing between the two networks.
As of October 16, 2026, Lista listed 89 bStocks across 287 lending markets.
Lista RWA includes U.S. Treasury bills and collateralized loan obligations, with a 5% performance fee and 0.1% BNB Chain redemption fee.
The protocol advertises a 97% LTV liquidation-protection setting with a 24-hour delayed liquidation window and coverage up to $50 million.
Lista Credit offers short-term, small, unsecured on-chain loans, launched on March 15, 2026.
Users stake BNB to receive slisBNB, a liquid staking token that can remain usable in DeFi. Lista also describes staking options across Tron, Cosmos, BNB Chain and Polkadot.
The over-collateralized lending market lets users supply approved assets and borrow lisUSD or other listed stablecoins. Current listings include BNB, slisBNB, ETH, wBETH, BTCB and newer bStocks markets.
Lista RWA offers tokenized products including U.S. Treasury bills and collateralized loan obligations. Its listed fees include a 5% performance fee on generated yield and a 0.1% redemption fee on BSC RWA vaults.
Smart Lending is a planned unified product for collateralization, lending, borrowing, liquidation and position management. The roadmap describes expansion into a stableswap hub with more trading pairs and Ethereum mainnet support.
Lista Credit is an on-chain credit lending system for short-term, small, unsecured loans. It was launched on March 15, 2026.
No user reviews yet. Have you used Lista DAO? Share your experience below.
Lista DAO was founded by Toru Watanabe and Terry Huang, both of whom are described as having experience at Binance. The protocol was formerly known as Helio Protocol.
Lista RWA charges a 5% performance fee on generated yield and a 0.1% redemption fee on BSC RWA vaults. Liquid staking commission is read on-chain from ListaStakeManager.synFee at 1e10 precision.
Lista DAO's RWA market launched without a KYC requirement, and the protocol's core lending and staking products are described as permissionless. It operates on BNB Smart Chain and Ethereum.
Lista DAO has audit reports from Bailsec, BlockSec, Salus, PeckShield and Supremacy, including Bailsec and BlockSec reports from 2025. A fund pool reached 99% utilization and triggered forced liquidation, while the protocol also reported no losses from the USR-related loans it discussed in March 2026.
Lista DAO supports BNB Smart Chain and Ethereum, with 89 bStocks listed as collateral across 287 lending markets as of October 16, 2026. Examples include BNB, slisBNB, ETH, wBETH, BTCB, bStocks and XAUt.
Yes, LISTA is Lista DAO's governance token. The community approved a 200 million LISTA burn in August 2025, reducing the effective maximum supply to 800 million.
Recent public posts from @LISTA_DAO, shown as published. Not reviewed or endorsed by CryptoReview.
Permissionless lending protocol and curated vaults securing over $11B across EVM chains
Pooled lending protocol founded in 2017, operating across 23 blockchain networks
Algorithmic money market lending single base assets across EVM networks since 2018
Solana money market protocol built by Jupiter with over $1B in total value locked
Solana lending and liquidity protocol with over $1.3B in TVL and fixed-rate borrow markets
Institutional onchain lending protocol managing over $4.6B across overcollateralized credit pools
Type at least two characters. Press ↵ to see all results.
