Disclosure of Interest: I do not hold $LISTA.
Left Hand to Right Hand? Analyzing the TVL of the "Internal Circulation" within the Lista Ecosystem
If a protocol's TVL is largely confined to its own few products, this is called "internal circulation." This type of TVL is inflated. Today, we'll try to "squeeze out the water" from Lista's TVL.
Core Analysis: Possible "Internal Circulation" Scenario: Users stake BNB to obtain slisBNB -> use slisBNB as collateral to mint USD1 -> deposit USD1 into a Lista yield pool to receive rewards.
In this cycle, the TVL is double-counted, but no actual value is output to the outside world. Healthy TVL growth should come from net external inflows, meaning users bring in external assets such as BNB and USDT, and use the minted USD1 for external ecosystem activities (such as other DEX trading, other protocol lending).
The observation method is to analyze the distribution of USD1 stablecoin holder addresses to see how much flows to other core protocol addresses such as PancakeSwap.
Rational Empowerment: Beware of "Data Vanity." The closer a protocol is to the external ecosystem, the stronger its TVL (TVL) foundation. Internally-based TVL will evaporate first when incentives cease.
When evaluating protocols, do you pay attention to distinguishing between "internal" and "external" TVL?
@lista_dao #BestUSD1InvestmentStrategyListaDAO $LISTA





















