Crypto market fluctuations are frequent, and "value investing" has become a hot topic, but how many protocols are truly dedicated to solid work? Recently, I reviewed ListaDAO's annual summary and realized that this project’s approach is indeed different.

**From Wild Growth to Rational Development**

Remember the DeFi boom a few years ago? Major projects competed fiercely for TVL rankings, and the bubble was blowing up everywhere. This year, ListaDAO has undergone a major shift—abandoning the strategy of solely pursuing scale and moving toward "sustainable development." This change in mindset is quite interesting: it’s like fitness not just focusing on the number on the scale, but paying attention to body fat percentage, muscle mass, and overall health. Currently, ListaDAO’s focus is on optimizing capital efficiency, enhancing system stability, and improving community governance mechanisms. This rational attitude indeed provides a lot of confidence.

**Upgrade of Stablecoin Mechanism**

The core product of the project is lisUSD, a decentralized stablecoin. Users can collateralize assets like ETH, BNB, etc., into the protocol, similar to traditional mortgage lending processes, then generate lisUSD for trading or lending. In 2025, ListaDAO updated its collateral and liquidation mechanisms. Especially notable is the forced liquidation feature launched in November last year, which can automatically trigger protective measures during market volatility to prevent bad debt from causing systemic risk to the entire protocol. This design logic is more robust.