When it comes to the sustainability of lending protocols, many focus on TVL growth, but what truly determines the long-term value of the protocol is the **fee switch mechanism**.

LISTA's design approach is quite interesting. Currently, the system's lending interest and LST yields are mainly used to maintain daily operations and incentivize liquidity providers—this is the standard approach during the growth phase. But the emergence of veLISTA is different—this voting rights framework sets the stage for a future dividend distribution mode.

The key logic is as follows: as TVL gradually reaches a stable level, aggressive token emissions will inevitably taper off or even cease. At that point, the protocol itself can turn into a cash cow through fees and revenue streams. Once it reaches this stage, veLISTA holders gain real power—they can vote on how to distribute the protocol's earnings: whether to buy back and burn to support the price, or to directly distribute as dividends to everyone.

This shift is not just a governance issue; it represents the protocol's transformation from a "growth stock" to a "value stock." Your current buy-in is essentially a bet that this switch will eventually be turned on, and that it will be done in a compliant and efficient manner. Whether this can be executed well determines how far the protocol can go.