Bull markets see every protocol flourish, but the real differences are revealed in bear markets. When the market enters a prolonged cooling period, what challenges will stablecoin protocols like ListaDAO face?

First is collateral devaluation. As assets like BNB decline in price, TVL shrinks accordingly, squeezing the debt capacity of lisUSD. This is not just a matter of smaller numbers; it concerns the stability of the entire ecosystem.

Even more painful is the collapse of revenue. The protocol mainly relies on liquidation penalties and stability fees, both of which are affected by market conditions. During bear markets, volatility usually decreases (except during those dump moments), and borrowing demand wanes, leading to a sharp drop in income. At this critical time, if large amounts of tokens are still being released as incentives, inflationary pressure snowballs.

So how to determine if a protocol is truly resilient? Just look at a few indicators—Is the TVL decline significantly smaller than competitors? Can lisUSD still maintain a stable peg? Has the development team and community engagement cooled down?

The survival strategy is actually quite simple: stockpile "grain" in advance (diversify the treasury), stick to low-cost technological iterations, and preserve core talent and partners. Don’t forget, during a bear market, regulators often have more time to scrutinize, and compliance pressures will not ease.

The final perspective—focus, consumption rate, and community stickiness during downturns often reveal more about the fundamentals than any technical indicator. Whether ListaDAO can turn "stablecoin yield farming" from a concept into a truly cyclical tool is the key moment to test its value.