Judging whether a DeFi protocol is truly viable or not, it's better to look at data rather than just price. For lending protocols like Lista, I usually focus on three key indicators.

**First: Real Growth of RWA**
Ordinary TVL data can be easily manipulated with incentives, making it look inflated. But the growth of real-world assets (RWA) locked in is different — it reflects genuine voting with real money. Since opening in mid-January, the weekly and monthly changes in this number are the most telling. If funds are continuously flowing in, it indicates that the "on-chain stable yield" positioning truly meets user needs, and the business foundation is solid.

**Second: Actual Utilization of Funds**
Currently, the lending scale is about $475 million, with a total lock of $1.718 billion, and the lending utilization rate is around 27.6%. This number needs ongoing attention. As utilization increases, it means users are not only staking to earn passive income but also actively engaging in lending, arbitrage, and other more complex operations, creating real value for the protocol. Conversely, if utilization remains stagnant over the long term, it suggests that funds may not be activated and are just sitting idle.

**Third: Whether Stablecoins Have Gained Traction**
Whether the stablecoins issued by the protocol can establish their own ecosystem is crucial. Observe the liquidity depth of lisUSD and USD1 on external DEXes, and whether they are adopted by other farms and payment protocols. The higher the adoption rate, the more the market recognizes the credibility of the stablecoins, and the greater the protocol’s influence.

Many people focus on token price fluctuations, but that can be misleading. Tracking RWA growth (to see real demand), lending utilization (to gauge actual activity), and stablecoin adoption (to observe ecosystem expansion) are the ways to determine if a protocol is genuinely building a solid product or just storytelling. Based on current data, the first indicator is off to a good start, while the other two will be key areas to watch in 2026.