In 2025, the DeFi ecosystem on BNB Chain is showing strong growth momentum: The total on-chain lock value (TVL) has reached US$5.32 billion, but the size of the lending sector is only about US$1.855 billion, accounting for less than 35%. Compared with TVL on mature public chain lending protocols such as Ethereum, which accounts for more than 50%, there is a significant structural gap in the BNB Chain lending market, and there is an opportunity for "blue ocean" to be developed in depth. As the fourth-ranked protocol for TVL in the BNB Chain ecosystem, Lista DAO (TVL has surged by 896.92%, exceeding US$1.1 billion) recently launched Lista Lending after building the over-staked stablecoin lisUSD and the mature BNB-staked derivative slisBNB. This new peer-to-peer (P2P) lending protocol is unique in technical architecture and greatly improves capital efficiency, achieves risk isolation and enhances user autonomy through systematic optimization. It is expected to become a new paradigm standard in the BNB Chain lending market. Technical Highlights: P2P architecture leads to efficient and secure lending 1. P2P dual-layer architecture Lista Lending breaks through the shackles of the traditional large capital pool model and introduces the two-layer architecture of Vault + Market: • Vault layer: As a fund aggregator, each Vault only supports a single loaned asset (such as USDT), but can dynamically allocate liquidity to multiple independent markets; • Market layer: created by users independently, each market corresponds to a pair of collateral and lending assets (such as $lisUSD loaned with mortgage using $slisBNB), and immutable parameters such as liquidation thresholds and interest rate models are set at creation time. This design brings three major advantages: • Improved capital efficiency: Point-to-point matchmaking reduces interest rate spread by more than 50%, the annualized income of USDT deposits reaches 8.5%, and the borrowing interest rate is only 9.2%; • Risk isolation: Bad debts are limited to a single market and do not cause systemic risks; • Unlicensed Innovation: Any user can create a market that supports long-tail asset lending such as LST and RWA. 2. Dynamic interest rate algorithm Lista Lending interest rate mechanism is adjusted in real time based on market supply and demand: • Funds are loose → loan interest rates fall and deposit income rises; • Tight funds → Increased borrowing rates; • Example comparison: With the 57% capital utilization rate, the loan interest rate of the traditional Venus platform is 8.92% and the deposit is 4.48%; while the interest rates of Lista Lending both parties are stable at 7.2%-7.8%. 3. Multiple oracles and clearing mechanisms • Introducing Chainlink, Python and DEX multi-source oracles; • Each Market is liquidated independently without causing a chain reaction; • The contract has multiple security mechanisms such as reentry protection to ensure the safety of user assets. 4. Flexible mortgage asset support • Market layer supports users to create markets freely without the need to govern voting; • Support mainstream assets and long-tail assets (such as BNB, slisBNB, lisUSD); • The core logic contract is immutable, and the functional layer supports upgrades, taking into account both security and flexibility. User income: Cooperate with lisUSD and slisBNB to improve capital utilization 1. Pledge mining is both fine • User pledge BNB to obtain $slisBNB and enjoy on-chain pledge income; • slisBNB can participate in Binance Launchpool and open up the CeFi + DeFi arbitrage path. 2. Use multiple uses of one coin to increase leverage • Stake $slisBNB to Lista Lending to lend $lisUSD; • lisUSD can participate in high-yield activities such as mining and market making; • Get additional income without selling BNB to form a "double income". 3. Reduce costs and release funds • Lista Lending’s low-interest lending mechanism + slisBNB continues to increase in value; • Users can unlock liquidity and capture new opportunities through collateral without selling BNB. In the first week of online launch, slisBNB borrowing surged by 200%, verifying that the synergy of "staking + lending" is significant. Comparison of traditional protocols: large capital pool vs. innovative P2P model Strategic significance and future prospects The launch of Lista Lending adds a key link to BNB Chain’s DeFi infrastructure: • Fill in structural gaps: significantly improve on-chain capital efficiency and risk management capabilities; • Drive TVL growth: attract funds to enter the market and enhance ecological stickiness; • Create a closed-loop financial system: collaborate with lisUSD and slisBNB to build a complete ecosystem similar to Lido + MakerDAO; Data shows that after the launch of the lending module, Lista DAO's TVL grew by 37% month-on-month. In the future, as the lending penetration rate increases to 50% and above, Lista is expected to become the core engine of the BNB Chain lending market. Lista Lending is not another lending agreement, but injects new financial momentum into BNB Chain with “sustainable, efficient, and low risk”: • For users, it provides truly flexible, secure, and low-threshold fund leverage tools; • For the ecology, unleash BNB's greater potential and promote the in-depth development of on-chain finance. In the future, with more asset access and functions upgradeLista Lending is expected to be a key cornerstone in the DeFi lending track