When it comes to the BNB Chain DeFi ecosystem, Lista has become an unavoidable topic. As the largest lending protocol on the chain, its numbers are truly impressive—TVL surpassing $4.3 billion, lending rates below 2%. Such achievements are rare among similar projects.

However, their recent new roadmap has sparked both excitement and concern. They announced plans to advance five major pillar businesses simultaneously: building the largest stablecoin exchange hub, venturing into RWA (Real-World Assets), developing on-chain credit lending products, optimizing the product matrix, and even entering the prediction market. This level of ambition is quite bold—almost as if they aim to encompass the functions of several ecosystem giants like a DEX, Compound, Aave, MakerDAO, and prediction markets.

There are indeed voices in the community worried that this might be a "PPT project"—a project that looks good on slides but lacks real substance. While blunt, this concern has some validity. The most risky part is the on-chain credit lending. Often called the "Holy Grail" of DeFi, but also a deep abyss. They claim to have a "proprietary credit system," but how do they assess the credibility of on-chain identities? Who bears the risk if bad debts occur? This complexity far exceeds traditional over-collateralized models; a small mistake could lead to a loophole.

On the other hand, their work with RWA is somewhat promising. They recently launched tokenized products for U.S. Treasuries and AAA-rated bonds, with yields stable at 3-4%. This move aligns with market demand—what DeFi truly lacks are low-volatility, real-yield assets. The issue is that this involves multiple aspects of traditional finance, including legal compliance, asset custody, and underlying asset transparency, each of which could cause pitfalls. As the first project on BNB Chain to systematically explore this area, Lista is essentially paving the way for the ecosystem.

Overall, Lista has already reached a top-tier level in lending. Their current impulse to become an "all-rounder" is both an advantage and a risk.