In DeFi investing, there is a very practical evaluation metric called Mcap/TVL — simply put, market cap divided by total locked value. The smaller this number, the more likely the project is to be undervalued by the market.

Recently, I systematically reviewed the mainstream lending protocols on BNB Chain and discovered an interesting phenomenon: the ratio for Lista DAO is actually "abnormally" extreme.

The data is here. MakerDAO, as the leading lending platform in the Ethereum ecosystem, typically maintains an Mcap/TVL ratio in the range of 0.3-0.5. In contrast, Lista DAO has over $4.3 billion in locked assets (including all collateral and liquidity), yet its circulating market cap is extremely limited — this ratio has dropped directly to 0.0X. From another perspective, for every $1 of LISTA market cap, there are actually dozens of dollars in on-chain assets supporting it. How did this mismatch happen?

The first reason is the systemic discount in the BNB ecosystem. Compared to projects in the Ethereum ecosystem, high-quality protocols on BNB Chain are generally undervalued. This is both a collective market bias and an opportunity. Secondly, there is fear of releasing expectations — many worry that early VC shares and airdropped tokens will be dumped en masse. But this anxiety has already been partly alleviated, as the destruction of the previous 200 million tokens directly dispelled concerns about inflation. The final key point is that the governance value of Lista has not yet been fully tapped. The veLISTA voting mechanism's "bribery" logic is still far from being deeply integrated into the market like Curve, with large funds quietly accumulating, and retail investors haven't fully realized it yet.