[TEMP CHECK] Onboard lisUSD to Aave V3 BNB Instance

Governance New Asset
1

[TEMP CHECK] Onboard lisUSD to Aave V3 BNB Instance

Author: ACI

Date: 2025-03-07

Summary

The Lista DAO team proposes that Aave lists Lista DAO’s decentralized stablecoin, lisUSD, to Aave V3 Core pool on BNB chain.

Motivation

Introduction

  1. About Lista DAO

    (1) Lista DAO is the leading liquid staking and decentralized stablecoin protocol originally built on the BNB chain. Users can undergo staking and liquid staking on Lista DAO, as well as borrow lisUSD against a variety of decentralised collateral.

    (2) Lista DAO consists of the following major components working in conjunction:

    ● BNB liquid staking token: slisBNB

    ● Decentralized stablecoin: lisUSD

    ● Participate in Binance launchpool: clisBNB

  2. About lisUSD

    lisUSD is a decentralized, unbiased, collateral backed stablecoin soft-pegged to the US Dollar. Users who have collateralized their assets via Lista DAO are eligible to take out a loan in lisUSD against their collateral. lisUSD is generated, backed, and kept stable through collateral assets that are deposited into CeVault functioning as the Lista DAO collateral vault.

    Currently the total lisUSD borrowed amount has reached over $62M, with over $363M collateral value, ranked as 4th largest CDP among all the chains in terms of TVL, only behind Maker DAO, Avalon and Beraborrow according to Defillama.

    There is already a strong ecosystem and mass adoption of lisUSD on BNB chain with the integration of major Defi protocols such as Pancake Swap, Venus, Thena, Kinza, APX, Stakestone, Solv, Lido, FDUSD, etc, the onchain liquidity of lisUSD has reached around $20M.

Benefits of listing

  1. Enhance liquidity on Aave

    Lista DAO will mint $1M lisUSD upon the approval of the proposal on Lista DAO governance , the newly minted lisUSD will specially be supplied for Aave core pool.

  2. Multiple layers of yield opportunities for users

    Lista DAO will provide additional incentives in LISTA tokens to incentivize the supplying and borrowing of lisUSD on Aave, furthermore, users who borrow lisUSD will be able to enjoy up to 40% apr through lisUSD’s Defi integrations.

  3. Innovative Defi strategies

    Integration of lisUSD on Aave will also allow a variety of possibilities on Defi strategies, therefore further increasing the demand for supplying and borrowing lisUSD, as a result, higher protocol fee will be generated for Aave.

Specifications

Details will be shared on ARFC stage.

  1. lisUSD is native BEP-20 token
  2. Chainlink Price Feed Contract Address of lisUSD: 0x3f5fc2cb37dA3B351F7EF968d72bE2eC3e1da08e
  3. Token Address: lisUSD: 0x0782b6d8c4551b9760e74c0545a9bcd90bdc41e5

Useful Links

  1. Website: https://lista.org
  2. Github: Lista DAO · GitHub
  3. Audit: Security | Lista Docs
  4. X (Twitter): @lista_dao
  5. Medium: Lista DAO – Medium
  6. Telegram EN: Telegram: Contact @ListaDAO

Disclaimer

  1. This proposal is powered by Skywards.
  2. The Aave Chan Initiative is not directly affiliated with Lista DAO and did not receive compensation for creating this proposal.

Next Steps

  1. If consensus is reached on this [TEMP CHECK], escalate this proposal to the Snapshot stage.
  2. If the Snapshot outcome is YAE, this proposal will be escalated to ARFC stage
  3. Publication of a standard ARFC, collect community & service providers feedback before escalating proposal to ARFC snapshot stage
  4. If the ARFC snapshot outcome is YAE, publish an AIP vote for final confirmation and enforcement of the proposal

Copyright

Copyright and related rights waived via CC0.

2

Michigan Blockchain Club has carefully reviewed Lista DAO’s proposal to list lisUSD on the Aave V3 BNB Chain. While we are broadly supportive of the initiative, we do have a few concerns and suggestions we’d like to raise.

Our main concern is the collateral composition of lisUSD, which is heavily concentrated in BNB and its liquid staking derivatives. A sharp decline in BNB’s price could introduce peg stability risks. While lisUSD currently has around $20M in on-chain liquidity, much of it is spread across smaller pools, which could lead to slippage and inefficiencies during periods of high volatility. Additionally, the structure and sustainability of LISTA token incentives remain unclear in terms of scale, duration, and long-term commitment.

We recommend that Lista DAO consider diversifying lisUSD’s collateral base beyond BNB and explore increasing the over-collateralization ratios to strengthen peg resilience. For Aave, a phased integration with conservative borrowing caps and clearly defined liquidity safeguards would be a more cautious and responsible approach. Until these steps are taken, we believe listing lisUSD in its current form could pose unnecessary risks. Aave’s foremost priority should continue to be the security and stability of its users and protocol.

-nsks

3

We support the addition of lisUSD at the TEMP CHECK stage and welcome further analysis by Aave’s Risk Service providers. From our perspective, there is enough activity and demand for lisUSD to be a solid addition to Aave given other market sizes on the BNB instance.

Our main concern is that we cannot find an audit on Lista’s website regarding lisUSD and its CDP mechanisms. It seems like there are contracts from 2023 & 2022 which mimic lisUSD’s behaviour (Helio), however, it’s unclear if these contracts have changed drastically since.

For us to support this at AFRC stage, we’d like further clarification from the team

1 Like
4

A TEMP CHECK Snapshot was posted recently.

We encourage those who have not voted yet to participate.

5

After Snapshot monitoring, the current TEMP CHECK Snapshot ended recently, reaching out both Quorum and YAE as winning option with 642.8K votes.

Therefore [TEMP CHECK] Onboard lisUSD to Aave V3 BNB Instance has PASSED.

Next step will be the publication of an ARFC to continue gathering interest from both community and Service Providers.

Closing thread to focus on ARFC.