Discussion of stablecoins often focuses on yield figures, but those protocols that survive rely not on the highest returns.

The ListaDAO model is quite interesting. $LISTA token holders are not just given voting rights—they can directly share in the protocol's actual revenue. This design may not stand out in a bull market, but when a bear market arrives, it becomes a hard currency for survival. Parameters adjustment rights and revenue sharing rights effectively tie the protocol's growth to the token holders.

From a compliance perspective, the team's stance is also clear: lisUSD minting operates entirely on-chain, without involving fiat currency exchanges, and all collateral data is transparent and auditable. This avoids many regulatory pitfalls of traditional finance.

However, issues also exist. If regulatory environments tighten around algorithmic stablecoin models, how long can this logic hold? Is the lisUSD minting mechanism truly resilient? Time will tell. As an investor, it’s worth regularly monitoring several indicators: the authenticity of monthly collateral audits, voting participation in governance proposals, and trends in protocol reserves.

Ultimately, stablecoin competition is not about yields but about resilience.