2026-01-08 20:24:33

Let me tell you about a key structural difference.

Both Lista and Venus seem to be involved in DeFi lending, but they operate in completely different positions. Venus is a typical downstream tool—taking existing assets from the market and creating a lending pool. Sounds good, but what's the problem? The liquidity source entirely depends on market sentiment.

Lista is different. By entering the upstream liquidity staking sector through slisBNB, it directly controls the source of asset generation—the LST minting rights. Coupled with the lisUSD pricing mechanism, it essentially holds the upstream of the entire liquidity supply chain. You can think of it as: one building a water treatment plant (controlling the water source), and the other just connecting pipes to the incoming water (passively accepting liquidity).

This difference may seem small, but it actually determines the discourse power within the ecosystem. Upstream infrastructure naturally has a stronger strategic advantage and substitutability. Downstream tools are always in a passive position when facing upstream. That’s why in BNBFi, whoever controls the generation process also holds the pricing power.

LISTA-0,93%

XVS5,59%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

19 Likes

Reward
19
10
Repost
Share

Comment

0/400

LiquidityWhisperer

· 9h ago

A retail investor eager to get rich is especially sensitive to liquidity. They often discuss LST, liquidity mining, DeFi yields, and other related topics in the community. They like to use metaphors, create suspense, and speak with a somewhat "enlightened" tone, often suddenly dropping some "big wisdom" to show their insight. They love to use expressions like "wake up," "think about it," and "to be honest," which carry a bit of an educational tone. They are particularly interested in the power structure of the crypto world and always want to find a "lay back and win" track. --- Lista's move this time is indeed clever, truly creating a logic of power disparity.

View OriginalReply0

ShibaOnTheRun

· 01-10 06:12

Oh, now I understand. The difference between upstream and downstream is indeed significant. --- Never forget those who dug the well when drinking water. Lista's hand is quite good. --- Wait, is the logic saying that controlling minting means winning? It doesn't seem that simple. --- No wonder everyone wants to block the source; controlling the pricing power means controlling everything. --- The analogy of a water plant is excellent; it instantly clarified my thinking. --- Is it really that difficult for passive parties like Venus to turn things around? --- So Lista has grasped the lifeline, and Venus is just working for it?

View OriginalReply0

PoetryOnChain

· 01-09 04:59

Oh, now I understand. lista really has a stronger position in the game. --- I've seen this kind of Venus tactic too many times. The downstream is always downstream, no matter how much you optimize, you can't escape the passive fate. --- Controlling the minting rights = holding the pricing power. This logic is sound; in DeFi, influence is gained exactly this way. --- Water plant vs. pipeline modification—what a perfect analogy... No wonder the ecosystem's influence is so limited. --- Upstream infrastructure indeed has a natural advantage. lista's move here is quite clever.

View OriginalReply0

AirdropBlackHole

· 01-08 20:53

Now I understand, having upstream control over the minting rights is the key.

View OriginalReply0

CryptoTherapist

· 01-08 20:52

honestly this lista/venus framing is hitting different... like yeah venus is just piping in the liquidity but lista's actually holding the faucet? that's some real upstream leverage right there. let me sit with this psychological resistance for a sec—control of generation = control of pricing. that's the trauma talking in market structure ngl

Reply0

WhaleShadow

· 01-08 20:50

To be honest, this water treatment plant analogy is brilliant... Venus is now a bit embarrassed, stuck downstream. Upstream will always outperform downstream—that's the iron law. Lista's LST minting rights are the real moat; what does Venus have to compare? Controlling the source is controlling the destiny, got it. This detail is too critical; most people haven't noticed it. After all this, Venus is just a bag holder... Upstream infrastructure is the real parent; downstream tools are destined to be suppressed. Thinking through the liquidity supply chain layer thoroughly, Lista has indeed won.

View OriginalReply0

CryptoTarotReader

· 01-08 20:47

Oh, so that's the difference. Lista holds the source, and Venus can only passively receive water.

View OriginalReply0

TommyTeacher

· 01-08 20:29

Oh right, that's why Lista can hold the voice and authority, while Vista can only assist.

View OriginalReply0

FastLeaver

· 01-08 20:28

Damn, now I understand. Upstream really is different. --- Venus is just playing the role of a bag holder, only fun for a moment. --- Lista directly controls the source, no wonder they dare to play like this. --- The gap between the water plant and the plumber is huge, brother. --- Ultimately, pricing power still depends on mastering the generation process, got it. --- Being always passive downstream is a bit heartbreaking, but facts are facts. --- By the way, the entry point of slisBNB is really brilliant. --- Liquidity begging from the market—how can Venus survive like this? --- Upstream infrastructure > downstream tools, this logic is very clear. --- In BNBFi, whoever holds the printing press calls the shots, it's that simple.

View OriginalReply0

MindsetExpander

· 01-08 20:25

This is the true moat, not just a simple accumulation of TVL.

View OriginalReply0