• All time high $4.30 billion total value locked (TVL): Lista DAO ranks #2 on the BNB Chain with an all-time high TVL of $4.30 billion, registering a 520% increase.

• Rapid Lending deployment & growth: Lista Lending scaled to $1.99 billion TVL within 6 months of launch, peaking in October 2025.

• All time high 1.30 million BNB staked: With a 60%+ market share and all time high 1.30 million BNB staked (185% growth), Lista is the largest BNB LST protocol.

• Growing revenue model: Lista’s revenue in 2025 grew 131.64% year over year.

• Product expansion: Lista moved beyond core lending into multi-vertical DeFi infrastructure with the introduction of Smart Lending & Swap, RWA Markets, and Fixed Rate/Term Loans.

2025 saw Lista growing from a liquid staking service provider to a comprehensive DeFi protocol, offering lending, real-world assets (RWA) markets, decentralized exchange (DEX), collateral debt positions (CDP), on top of its industry-leading BNB liquid staking service.

• Lista DAO’s total value locked (TVL) grew from $830 million to $3.30 billion by 298%, reaching an all time high of $4.30 billion in October.

• Launched in April, Lista Lending accrued over $1 billion in TVL within three months with an all time high of $1.99 billion. Lista Lending now has an TVL of $1.43 billion.

• BNB staking saw significant increases in both the number of BNB locked and TVL: an all time high of 1.30 million BNB and $1.5 billion, currently at 1.25 million BNB ($1.20 billion), a 112% increase year over year.

• New products like Smart Lending/Swap, RWA Markets, and Fixed Rate/Term loans all contributed to Lista’s expansion into a broader DeFi market.

• veLISTA governance mechanism was continuously improved over 2025.

Over the course of 2025, Lista DAO has moved from the third-largest to the second-largest protocol on the BNB Chain, demonstrating remarketing resilience and growth potential. Lista’s TVL surged 298% from $830 million to $3.30 billion, reaching an all time high of $4.30 billion in October, outperforming many competitors during a turbulent year. Lista’s expansion was driven by steady growth in our existing products and launch of new products like Lending, RWA Markets, and Smart Lending, as well as continued dominance in products like liquid staking.

Launched in April 2025, Lista Lending rapidly grew into one of the largest lending markets on BNB Chain within six months, demonstrating strong product–market fit in permissionless on-chain credit.

The on-chain lending market saw an increase from $77.5 billion to an all time high of $134 billion October, eventually dropping 17.9% to $110 billion, registering an 41.9% yearly increase. Against this backdrop, Lista Lending recorded:

• 28 active vaults and 152 live markets

• $1.99 billion all-time-high TVL, consisting of:

• $1.11 billion in collateral TVL

• $0.88 billion in earn vault TVL

• $734 million in active outstanding loans

Built as a permissionless C2C lending protocol, Lista Lending supports large-scale capital deployment through multi-oracle pricing, automated position management, and a resilient liquidation framework — enabling both efficiency and risk control at scale.

Lista Lending supports a wide spectrum of collateral assets and vault mechanisms, enabling differentiated risk parameters and capital efficiency across diverse lending and borrowing use cases. Mostly well known for the slisBNB and BNB related strategy at first but expanded rapidly afterwards.

Lista was also among the first protocols to offer USD1 lending services and is now one of the largest USD1 lending markets. With our partnership with Aster, USDF, Aster’s stablecoin geared towards perpetual trading, is also available in Lista Lending. Community members from both sides can utilize their assets with much more convenience. Adding these to USDe and U, 2 of the most promising emerging stablecoins, Lista now offers some of the lowest borrowing interest rates for battle-tested and novel tokens alike.

As the cornerstone of Lista DAO, BNB staking showed robust growth across all metrics.

The amount of BNB staked increased by 112%, going from 0.59 million BNB to 1.25 million BNB year over year, with an all time high of 1.33 million BNB and $1.50 billion in dollar value, respectively.

Lista now accounts for over 60% of the BNB liquid staking market, establishing itself as the dominant liquid staking infrastructure on the BNB Chain.

Beyond retail staking, Lista’s liquid staking layer has evolved into a foundational yield primitive used across the ecosystem. Assets such as slisBNB are widely integrated into lending, CDPs, and smart liquidity products, while institutional partners and protocols — including Mitosis, Aster (asBNB), Pendle, and many more — have built yield strategies and products directly on top of Lista’s infrastructure.

This dual adoption — retail yield participation and institutional yield construction — positions Lista as both a consumer-facing staking protocol and a core BNB liquid staking backbone.

In 2025, slisBNB and slisBNBx — Lista’s on-chain DeFi BNB assets eligible for Binance Launchpool — enabled holders to receive airdrops from 67 projects. Combined with staking yield and DeFi integrations, slisBNB delivered up to 28.5% APY for holders during the year. Lista also supported BNBFi looping strategies to bring higher yields to users.

With growth in many products, Lista’s revenue grew 131.64% year over year, 40%~60% of which was distributed to veLISTA holders. We also finalized our governance mechanism by giving more power to veLISTA holders. By locking LISTA and receiving veLISTA tokens, our community members can borrow lisUSD at a discounted rate, giving them more flexibility in the capital markets.

In 2025, 20% of Lista’s total supply was burned, providing veLISTA holders with more opportunities and rights over time.

In 2025, Lista further completed its DeFi stack by launching new products and services.

In November, Lista introduced Smart Lending & Smart Swap, combining lending and decentralized exchange (DEX) into a single, capital-efficient workflow.

With this model, assets deposited for borrowing are also deployed into liquidity pools on Lista’s native DEX, allowing users to earn lending yield and trading fees at the same time. This greatly increases capital efficiency and broadens the protocol’s usage of assets.

Currently, users could swap between slisBNB/BNB, solvBTC/BTCB, and U/USDT, directly connected to their lending positions. This design gives users more flexibility to manage exposure, rebalance positions, and generate additional yield without exiting the lending environment.

Smart Lending & Smart Swap now form a core pillar of Lista’s DeFi stack. Going forward, Lista will expand this model with more correlated asset pairs, further increasing utility and income opportunities for users.

Also in November, Lista launched its RWA markets in collaboration with Centrifuge. Lista DAO users can purchase tokenized RWA assets, including short-term U.S. Treasury Bills and collateralized loan obligations (CLOs), with USDT. These RWA tokens generate decent APY (around 4%) off-chain without any KYC requirement and in the future, will be further integrated into Lista’s ecosystem.

In 2025, Lista’s CDP collateral TVL increased 24.77% to $669.76 million while lisUSD supply maintained steady at %75.55 million. Building on the current lisUSD CDP framework, Fixed Rate & Fixed Term lending was introduced in the last month of 2025 as the next step in Lista’s lending stack.

Users can lock in borrowing costs and time horizons ahead of time with lisUSD Fixed Rate & Term loans, which offer rate certainty and predetermined maturities. This greatly lessens the need for active management and continuous position monitoring, particularly during times of market volatility. The product currently supports BNB, slisBNB, and BTCB as collateral ; as the framework grows, more assets and markets will be added.

Security has always been of paramount importance to Lista. In 2025, Lista DAO has introduced a series of major security upgrades to keep the protocol safer, faster, and more reliable for users across the globe. At the heart of this effort is the new EmergencySwitchHub, a system that lets authorized team members instantly pause the protocol if something goes wrong. Together with Phalcon (powered by BlockSec) integration, Lista DAO now benefits from 24/7 automated risk monitoring that can detect threats and pause the protocol before they escalate. These upgrades dramatically reduce response times and help protect user funds in critical situations.

We have also expanded how the protocol is monitored day to day. New systems now track specific activities like large deposits or withdrawals, BNB staking flows, and key configuration changes. Regular reports across key products, including Smart Lending, RWA, and Fixed-Term, make it easier to spot anything unusual early. Altogether, these improvements highlight Lista DAO’s ongoing commitment to creating a safer, more transparent, and reliable DeFi experience for everyone.

Lista DAO maintained its focus and discipline in the face of a difficult market, solidifying its position as a key DeFi infrastructure on the BNB Chain. Over $3 billion in TVL during a time of increased volatility demonstrated the protocol’s capacity to function dependably at scale and the persistence of user trust. Growth was fueled by steady asset inflows, growing product adoption, and careful risk management, which went beyond headline numbers and demonstrated a distinct shift from quick expansion to long-term operational maturity.

Lista DAO has a strong base going into 2026 thanks to consistent execution and product growth in 2025. Maintaining growth momentum, strengthening product differentiation, and converting current scale into long-term market share are the obvious priorities. Lista is well-positioned to transition from quick growth to long-term consolidation and leadership within DeFi now that its fundamental infrastructure is in place.

We will release our roadmap for the first half of 2026 soon. Stay tuned.

Figures represent year-over-year comparison from January 31, 2025 to November 30, 2025.

• All time high $4.30 billion total value locked (TVL): Lista DAO ranks #2 on the BNB Chain with an all-time high TVL of $4.30 billion, registering a 520% increase.

• Rapid Lending deployment & growth: Lista Lending scaled to $1.99 billion TVL within 6 months of launch, peaking in October 2025.

• All time high 1.30 million BNB staked: With a 60%+ market share and all time high 1.30 million BNB staked (185% growth), Lista is the largest BNB LST protocol.

• Growing revenue model: Lista’s revenue in 2025 grew 131.64% year over year.

• Product expansion: Lista moved beyond core lending into multi-vertical DeFi infrastructure with the introduction of Smart Lending & Swap, RWA Markets, and Fixed Rate/Term Loans.

2025 saw Lista growing from a liquid staking service provider to a comprehensive DeFi protocol, offering lending, real-world assets (RWA) markets, decentralized exchange (DEX), collateral debt positions (CDP), on top of its industry-leading BNB liquid staking service.

• Lista DAO’s total value locked (TVL) grew from $830 million to $3.30 billion by 298%, reaching an all time high of $4.30 billion in October.

• Launched in April, Lista Lending accrued over $1 billion in TVL within three months with an all time high of $1.99 billion. Lista Lending now has an TVL of $1.43 billion.

• BNB staking saw significant increases in both the number of BNB locked and TVL: an all time high of 1.30 million BNB and $1.5 billion, currently at 1.25 million BNB ($1.20 billion), a 112% increase year over year.

• New products like Smart Lending/Swap, RWA Markets, and Fixed Rate/Term loans all contributed to Lista’s expansion into a broader DeFi market.

• veLISTA governance mechanism was continuously improved over 2025.

Over the course of 2025, Lista DAO has moved from the third-largest to the second-largest protocol on the BNB Chain, demonstrating remarketing resilience and growth potential. Lista’s TVL surged 298% from $830 million to $3.30 billion, reaching an all time high of $4.30 billion in October, outperforming many competitors during a turbulent year. Lista’s expansion was driven by steady growth in our existing products and launch of new products like Lending, RWA Markets, and Smart Lending, as well as continued dominance in products like liquid staking.

Launched in April 2025, Lista Lending rapidly grew into one of the largest lending markets on BNB Chain within six months, demonstrating strong product–market fit in permissionless on-chain credit.

The on-chain lending market saw an increase from $77.5 billion to an all time high of $134 billion October, eventually dropping 17.9% to $110 billion, registering an 41.9% yearly increase. Against this backdrop, Lista Lending recorded:

• 28 active vaults and 152 live markets

• $1.99 billion all-time-high TVL, consisting of:

• $1.11 billion in collateral TVL

• $0.88 billion in earn vault TVL

• $734 million in active outstanding loans

Built as a permissionless C2C lending protocol, Lista Lending supports large-scale capital deployment through multi-oracle pricing, automated position management, and a resilient liquidation framework — enabling both efficiency and risk control at scale.

Lista Lending supports a wide spectrum of collateral assets and vault mechanisms, enabling differentiated risk parameters and capital efficiency across diverse lending and borrowing use cases. Mostly well known for the slisBNB and BNB related strategy at first but expanded rapidly afterwards.

Lista was also among the first protocols to offer USD1 lending services and is now one of the largest USD1 lending markets. With our partnership with Aster, USDF, Aster’s stablecoin geared towards perpetual trading, is also available in Lista Lending. Community members from both sides can utilize their assets with much more convenience. Adding these to USDe and U, 2 of the most promising emerging stablecoins, Lista now offers some of the lowest borrowing interest rates for battle-tested and novel tokens alike.

As the cornerstone of Lista DAO, BNB staking showed robust growth across all metrics.

The amount of BNB staked increased by 112%, going from 0.59 million BNB to 1.25 million BNB year over year, with an all time high of 1.33 million BNB and $1.50 billion in dollar value, respectively.

Lista now accounts for over 60% of the BNB liquid staking market, establishing itself as the dominant liquid staking infrastructure on the BNB Chain.

Beyond retail staking, Lista’s liquid staking layer has evolved into a foundational yield primitive used across the ecosystem. Assets such as slisBNB are widely integrated into lending, CDPs, and smart liquidity products, while institutional partners and protocols — including Mitosis, Aster (asBNB), Pendle, and many more — have built yield strategies and products directly on top of Lista’s infrastructure.

This dual adoption — retail yield participation and institutional yield construction — positions Lista as both a consumer-facing staking protocol and a core BNB liquid staking backbone.

In 2025, slisBNB and slisBNBx — Lista’s on-chain DeFi BNB assets eligible for Binance Launchpool — enabled holders to receive airdrops from 67 projects. Combined with staking yield and DeFi integrations, slisBNB delivered up to 28.5% APY for holders during the year. Lista also supported BNBFi looping strategies to bring higher yields to users.

With growth in many products, Lista’s revenue grew 131.64% year over year, 40%~60% of which was distributed to veLISTA holders. We also finalized our governance mechanism by giving more power to veLISTA holders. By locking LISTA and receiving veLISTA tokens, our community members can borrow lisUSD at a discounted rate, giving them more flexibility in the capital markets.

In 2025, 20% of Lista’s total supply was burned, providing veLISTA holders with more opportunities and rights over time.

In 2025, Lista further completed its DeFi stack by launching new products and services.

In November, Lista introduced Smart Lending & Smart Swap, combining lending and decentralized exchange (DEX) into a single, capital-efficient workflow.

With this model, assets deposited for borrowing are also deployed into liquidity pools on Lista’s native DEX, allowing users to earn lending yield and trading fees at the same time. This greatly increases capital efficiency and broadens the protocol’s usage of assets.

Currently, users could swap between slisBNB/BNB, solvBTC/BTCB, and U/USDT, directly connected to their lending positions. This design gives users more flexibility to manage exposure, rebalance positions, and generate additional yield without exiting the lending environment.

Smart Lending & Smart Swap now form a core pillar of Lista’s DeFi stack. Going forward, Lista will expand this model with more correlated asset pairs, further increasing utility and income opportunities for users.

Also in November, Lista launched its RWA markets in collaboration with Centrifuge. Lista DAO users can purchase tokenized RWA assets, including short-term U.S. Treasury Bills and collateralized loan obligations (CLOs), with USDT. These RWA tokens generate decent APY (around 4%) off-chain without any KYC requirement and in the future, will be further integrated into Lista’s ecosystem.

In 2025, Lista’s CDP collateral TVL increased 24.77% to $669.76 million while lisUSD supply maintained steady at %75.55 million. Building on the current lisUSD CDP framework, Fixed Rate & Fixed Term lending was introduced in the last month of 2025 as the next step in Lista’s lending stack.

Users can lock in borrowing costs and time horizons ahead of time with lisUSD Fixed Rate & Term loans, which offer rate certainty and predetermined maturities. This greatly lessens the need for active management and continuous position monitoring, particularly during times of market volatility. The product currently supports BNB, slisBNB, and BTCB as collateral ; as the framework grows, more assets and markets will be added.

Security has always been of paramount importance to Lista. In 2025, Lista DAO has introduced a series of major security upgrades to keep the protocol safer, faster, and more reliable for users across the globe. At the heart of this effort is the new EmergencySwitchHub, a system that lets authorized team members instantly pause the protocol if something goes wrong. Together with Phalcon (powered by BlockSec) integration, Lista DAO now benefits from 24/7 automated risk monitoring that can detect threats and pause the protocol before they escalate. These upgrades dramatically reduce response times and help protect user funds in critical situations.

We have also expanded how the protocol is monitored day to day. New systems now track specific activities like large deposits or withdrawals, BNB staking flows, and key configuration changes. Regular reports across key products, including Smart Lending, RWA, and Fixed-Term, make it easier to spot anything unusual early. Altogether, these improvements highlight Lista DAO’s ongoing commitment to creating a safer, more transparent, and reliable DeFi experience for everyone.

Lista DAO maintained its focus and discipline in the face of a difficult market, solidifying its position as a key DeFi infrastructure on the BNB Chain. Over $3 billion in TVL during a time of increased volatility demonstrated the protocol’s capacity to function dependably at scale and the persistence of user trust. Growth was fueled by steady asset inflows, growing product adoption, and careful risk management, which went beyond headline numbers and demonstrated a distinct shift from quick expansion to long-term operational maturity.

Lista DAO has a strong base going into 2026 thanks to consistent execution and product growth in 2025. Maintaining growth momentum, strengthening product differentiation, and converting current scale into long-term market share are the obvious priorities. Lista is well-positioned to transition from quick growth to long-term consolidation and leadership within DeFi now that its fundamental infrastructure is in place.

We will release our roadmap for the first half of 2026 soon. Stay tuned.

Figures represent year-over-year comparison from January 31, 2025 to November 30, 2025.