In the BNB chain stablecoin lending sector, ListaDAO recently introduced an aggressive reform proposal LIP-021, aiming to turn the tide through a series of bold moves.

The reform plan unfolds in three levels. First is token burning—directly burning 20% of the total supply, approximately 200 million LISTA tokens. This move may seem radical, but the logic is straightforward: reduce circulation, increase scarcity. The second step is restructuring the incentive mechanism, shifting from a fixed 40% buyback to a flexible, incentive-driven approach, allowing funds to flow to stakers or for market expansion, thereby increasing capital efficiency. The third step is accelerating governance, implementing a 48-hour rapid governance process that significantly compresses the original cumbersome proposal procedures, with on-chain scripts executing automatically, greatly improving efficiency.

However, the assessment report from auditing firm CertiK cast some cold water. The code audit is less than 20% complete, with a security score of only 5 points, and the risk of centralization of power cannot be ignored. While the ListaDAO team acknowledges these risks, the reform process has already begun.

From a market perspective, whether this combination can succeed depends on the effectiveness of execution. Expectations of deflation, democratization of governance, and risk management need to advance simultaneously; any failure in one link could lead to total failure.