This year, the role of a certain DeFi protocol in the BNB ecosystem has undergone a significant transformation. From initially being a simple liquidity staking tool, it has gradually evolved into a comprehensive platform integrating lending, RWA, DEX, CDP, and other functions. The most direct measure of its growth is the total value locked (TVL) in the entire ecosystem, which has risen from $830 million to $3.3 billion, an increase of nearly 300%, with a peak of $4.3 billion reached in October.

The lending module is the hallmark of this expansion. Since its launch in April, the TVL has surpassed $1 billion within just three months, reaching a peak of $1.99 billion. It is now stable around $1.43 billion, and this growth rate is indeed rapid. Meanwhile, BNB's liquidity staking segment has performed even more solidly — the locked BNB reached nearly 1.3 million at its highest, corresponding to about $1.5 billion in TVL, currently maintained at 1.25 million (about $1.2 billion), more than doubling compared to last year.

At the same time, new modules such as Smart Lending/Swap, RWA Markets, and fixed-rate loans have been gradually launched. Together, they have transformed the entire ecosystem from a single yield product into a multi-dimensional capital routing hub. The veLISTA governance system has also been actively iterating and optimizing this year, providing more participation opportunities for the community. Looking at all this, 2025 is indeed a critical period of transformation for this ecosystem.