Recently, it has been observed that Lista DAO's lending activity on the BNB Chain is quite impressive—TVL has surpassed $4.3 billion, making it a major hub for liquidity staking ecosystems on this chain.

What is the core appeal of this protocol? Simply put, it’s the interest rate differential. Taking BTCB as an example, collateralization only costs 1% in borrowing fees, while participating in financial products can yield nearly 20% annualized return, leaving a spread of about 18 percentage points. It sounds exaggerated, but such structures do exist; the key is how to safely capture this spread.

Even more interesting is the combined strategy. Using interest-bearing assets like PT-USDe as collateral, the principal generates returns itself, while borrowing USD1 to arbitrage, effectively earning two profits from one investment. Some may worry about risks, but the overall lending rates in the ecosystem are generally low for blue-chip assets like ETH, with buffers before liquidation, making it less of a high-risk, high-stakes operation.

From an ecosystem perspective, Lista DAO has been actively expanding over the past two years, with new partners continuously joining, which means more options for lending pairs. Security is also backed by regular audits, ensuring at least transparency at the technical level.

Of course, any yield involves risk exposure—market volatility, liquidation triggers, protocol changes—all need to be understood. But as an entry point into DeFi yields, the liquidity scale and mechanism design of this protocol are definitely worth paying attention to.