While most DeFi projects are still struggling for survival, a monstrous entity with astonishing scale has already emerged on the BNB Chain — holding $43 billion in funds, equivalent to half the market capitalization of a large compliant exchange, and this money is being used to conduct some unprecedented experiments.

This project is no longer content with traditional collateralized lending but has turned its gaze to a broader field: bringing Wall Street financial instruments onto the blockchain.

Imagine being able to purchase U.S. Treasury bonds on-chain using USDT, with an annualized return of around 4% — this sounds like the most conservative and stable assets of traditional finance being fully decentralized. This is the first step in their layout.

But what truly draws attention is the second step. The project team is developing an on-chain credit loan system with a simple core logic: no collateral required, just based on your on-chain transaction history and behavioral data, you could potentially obtain unsecured loans. If this system truly succeeds, it would mean breaking a fundamental rule in DeFi — the over-collateralization model will no longer be the only way to lend and borrow. Some call this DeFi’s "moon landing plan."

However, the risks are also obvious. Supporters believe that the $43 billion scale itself is the strongest moat, enough to support bold innovations. Opponents worry that the line has been stretched too far — from lending and trading to prediction markets, attacking on all fronts could easily lead to losing focus on core business, and ultimately, nothing gets done well.

For investors, the strategy should be as follows:

First, allocate part of your funds to their RWA product portfolio, locking in those stable returns of around 4%, as this part of the income is highly certain.

Second, for innovative businesses like credit loans, it’s best to wait until they are truly implemented and tested by the market before participating — no need to rush.

Third, always remember the oldest survival rule in DeFi: staying alive is more important than anything else. In this industry, a project might be a dark horse today and vanish tomorrow. Whether Lista DAO’s bold gamble is foresight or overexpansion, time will tell. But every move it makes is worth close attention from everyone interested in on-chain finance, because this not only concerns the future of a project but also reflects the possible evolution direction of the entire DeFi ecosystem.