The recent market has been highly volatile, with many people busy chasing highs and selling lows. As a result, they end up not making much profit after all the hustle. I noticed an interesting phenomenon—when people mention Lista, their first reaction is "cheaply borrow USD1 to arbitrage." This idea isn't wrong, but if that's all you see, you're really missing out.

Lista DAO is fundamentally a governance protocol, not just a simple lending tool. Many people hold LISTA but never stake it, which is like buying a ticket but not entering the venue. Looking at on-chain governance, participation rates are generally abysmally low, mainly because people find it troublesome or simply don't understand that voting rights can generate cash flow.

The logic is actually quite simple. By staking LISTA, you get veLISTA—which represents real voting power. Where does the protocol's revenue come from? Lending interest, liquidation penalties—all flow into the treasury. And veLISTA holders can directly decide how these earnings are distributed—buyback and burn, dividends, or increasing incentives for a particular pool.

In other words, you're not just staking tokens; you're holding a "future revenue sharing" voting ticket. Currently, Lista's borrowing volume is still in the growth phase, and the true value of governance rights hasn't been fully tapped. During this stage, the cost of participation is low, but the voting power gained is quite substantial.

I've spoken with several experienced DeFi players who have been doing this for a while. They don't just lend money for arbitrage; they stake大量LISTA and then use veLISTA to vote for higher incentives in stablecoin pools. The result? Borrowing rates are driven even lower, and arbitrage stability improves—this is the dividend brought by understanding governance mechanisms.