Changpeng Zhao, the former CEO of Binance, once quoted a Twitter post about THENA, saying, “Not sure what this means exactly, but #BnB chain Defi getting discovered.” This sentiment remains relevant as various DeFi powerhouses continue to emerge on BNB Chain. Two such notable protocols are THENA and Lista DAO.
Lista DAO — Secure, Simple and Permissionless Liquid Staking and Stablecoin Solutions
Lista DAO, originally known as Helio Protocol, was created in 2022 and issued the over-collateralized stablecoin HAY. In July 2023, Helio merged with the liquidity staking provider Synclub to form the new LSDFi Foundation, leading to a name change to Lista DAO. The name LISTA combines “Liquid” and “Staking”.
Users can participate in Lista DAO in two primary ways. One method involves staking BNB to earn Proof-of-Stake (PoS) income on BNB Chain. In return, users receive a liquidity staking certificate, slisBNB, which can be used for lending, liquidity provision, and other DeFi activities to earn additional income. Another way to participate is by borrowing the stablecoin lisUSD in an over-collateralized manner by pledging assets such as ETH, BNB, or LST assets like slisBNB.
As of July 3, 2024, Lista DAO’s total value locked (TVL) exceeded $330 million. They secured a $10 million investment from Binance Labs and became the second Binance Megadrop project.
THENA — Community Driven DEX Making DeFi Accessible for All
Launched in January 2023, THENA is a Spot Decentralized Exchange designed to incentivize liquidity on BNB Chain in a capital-efficient manner while returning 100% of its revenue to token holders, distributing over $20 million since inception. Aiming to be a comprehensive platform for all DeFi needs, THENA has expanded beyond its Spot DEX offerings by introducing ALPHA, a flagship perpetual derivatives platform catering to traders onchain.
Looking ahead, THENA will release ARENA, a social trading platform aimed at bringing crypto mainstream. Additionally, THENA will introduce THE Debit Card, THE Smart Wallet, and Fiat off-ramp payment solutions to simplify DeFi, positioning itself as the preferred platform for onboarding new retail users into crypto. As a protocol for protocols, THENA’s upcoming WARP Launchpad Accelerator is designed to accelerate both early-stage and established projects within the BNB Chain ecosystem.
Democratizing the Playing Field — as DeFi Should
One of the initial visions of DeFi is to democratize the financial system, creating a leveled and inclusive playing field for everyone. This vision was re-emphasized in Binance Research’s report, “Low Float & High FDV: How Did We Get Here?” The report highlights how the influx of private market capital, aggressive valuations, and upbeat market sentiment have led to tokens launching with high fully diluted valuations, leaving little upside post token generation event for retail users.
THENA and Lista DAO embody a synergistic vision of DeFi, believing that fair and equitable distribution is essential to the spirit of DeFi and the long-term sustainability of their protocols. Both protocols reserve a significant portion of their supply for the community and the ecosystem, with little to none of the supply reserved for private equity or KOLs.
Both protocols also reward retail users for their organic contributions to the protocol. Users can participate in Lista DAO’s CAC Adventure Challenge to earn airdrop eligibility, with 6.1% of the token supply distributed during the first two seasons of the challenge. THENA, on the other hand, hosts back-to-back Zealy Quests to continuously reward active community members with $THE tokens. THENA’s $20 million in revenue returned to the community with zero VC backing further testifies to fostering an equitable and community-centered ecosystem.
BUILD and Build… Build and Build More… and Still Building?
Both ListaDAO and THENA are also builders within the BNB Chain ecosystem.
THENA, originally driven by the inefficiencies of incentivizing liquidity on BNB Chain, sought to develop a capital-efficient decentralized exchange that optimizes liquidity allocation. With this initial achievement, THENA now sets its sights on transforming into a SuperApp for DeFi, providing a robust decentralized alternative to platforms like Binance. This initiative covers all necessary steps for mass adoption, from simplifying wallet use to bridging traditional finance with DeFi. After nearly 2 years of dedicated development, THENA is strategically positioned to onboard a new wave of retail users into the crypto world, while effectively addressing the typical challenges associated with initial onboarding processes.
Similarly, Lista DAO identified critical inefficiencies in the decentralized crypto-lending models that have emerged over the past decade, particularly the “Stablecoin Trilemma’’ which forces trade-offs between decentralization, price stability, and capital efficiency. Lista DAO’s innovative approach mitigates these issues in overcollateralized stablecoins by enabling users to amplify their funds through a collateral debt position (CDP). Integrating Liquid Staking and the principles of the MakerDAO model with enhanced liquidity from DEX liquidity providers, Lista DAO aims to circumvent common pitfalls like frozen assets and losses due to price volatility.
It is no wonder that both teams, being role models and constant builders in the DeFi space, have been invited by BNB Chain on countless occasions to share their vision with the wider community.
Two BNB Chain Titans, ONE Dream
Given the synergistic vision between the two DeFi titans, it is only natural that THENA and Lista DAO have been partners since the very beginning. Helio joined THENA in January 2023 and our partnership has been extremely fruitful.
Let us take a glimpse into the past with our initial partnership announcement!
ListaDAO Earning Zone on THENA
To reaffirm and deepen our partnership, we have recently introduced several liquidity pools on our platform: USDT/LISTA, lisUSD/BNB, lisUSD/frxETH, lisUSD/USDT, lisUSD/FRAX, and slisBNB/BNB.
THENA users can earn from these pools in various ways: by providing liquidity, voting, speculating on token prices, and participating in the CAC S3 airdrop.
Providing liquidity to these pools allows users to earn $THE emissions with attractive APRs, reaching up to 200% for the USDT/LISTA pool.
Additionally, users who lock their $THE into veTHE can earn weekly voting rewards from trading fees and voting incentives generated by the USDT/LISTA pool. By locking your $THE for veTHE, you can also gain continuous passive income every week by voting on our various pools. To learn more about locking and voting, you can visit our Gitbook documentation.
All LISTA pool liquidity providers are also eligible for the CAC S3 airdrop, offering additional $LISTA tokens as rewards for providing liquidity.
To learn more about Lista DAO’s CAC S3 airdrop, please refer to their Medium page.
With the exception of the lisUSD/FRAX stablecoin pool, all other pools utilize THENA’s Concentrated Liquidity solution, FUSION. This innovative approach allows liquidity providers to strategically focus their funds within active trading ranges, enhancing capital efficiency, deepening token liquidity for Lista DAO, and generating higher fees for THENA’s veTHE holders.
BNB Chain DeFi IS Getting Discovered
If liquidity is the lifeblood of a blockchain, then the protocols are the flesh and gears. Lista DAO allows users to earn staking yield and borrow stablecoins, while THENA acts as the native liquidity layer on BNB Chain, providing a suite of products for all your decentralized needs.
The services offered by these protocols have made BNB Chain a more versatile and appealing platform for DeFi users, thereby increasing user adoption and engagement. Consequently, both protocols have attracted considerable liquidity to BNB Chain, enhancing its overall DeFi ecosystem.
Truly, BNB Chain DeFi is getting discovered, serving as a vehicle for promoting utility-based protocols and maintaining the financial inclusivity that we aim to achieve.
We look forward to a long and fruitful partnership in years to come, as both protocols continue to innovate and #BUIDL. Here’s to growing and thriving together and to never stop BUILDING together!
