There is a coin that has been on my watchlist recently, and I want to share some of my latest thoughts.

The coin in question is $LISTA, currently priced at $0.18 with a market cap in the range of 50 million USD. At first glance, it may seem unimpressive, but the project behind ListaDAO has already established itself as the fourth largest DeFi project on BNB Chain.

Why am I optimistic about it? There are several key points worth discussing.

**The background relationship is quite solid**. Binance Labs was an early investor, and it was first launched on Binance Launchpool in June 2024. The founding team comes from within Binance (Toru Watanabe and Terry Huang), which carries weight in the crypto community.

**Looking at the project's data itself**. By mid-2025, ListaDAO's total locked value (TVL) has surpassed $2.85 billion. The most interesting part is their lending business. In just two months since launch, the TVL has already exceeded $1 billion. Among the most liquid USD1 pools on BNB Chain, Lista holds over $80 million USD1, making it the largest in the industry.

**The token has real utility**. $LISTA is not just a speculative asset — it grants governance voting rights, protocol dividends from staking, lending mining incentives, and can be used to vote on which assets are included in the lisUSD minting pool. These are tangible functional needs.

**Price perspective is interesting**. Its all-time high was $0.8456 (in 2024), and now it’s only $0.18, representing a nearly 78% drop from the peak. While such a deep correction might seem alarming, on the flip side — the project's TVL has grown from just a few tens of millions to the current 2.85 billion, making this disparity worth pondering.