The business logic of traditional banks is actually very simple: accept deposits and pay 1% interest, lend out at 5% interest, earning a 4% spread. This model has been in operation for 500 years and is built on "trust costs"—requiring buildings, staff, and risk control teams.

Protocols like ListaDAO in DeFi have changed the game. The core is: smart contracts replace manual review, blockchain ledgers replace centralized databases, and the cost structure is completely different.

How does it work specifically? Users stake BNB to obtain slisBNB, which allows them to participate in staking rewards and serve as collateral. Borrowers can obtain loans at far lower costs than traditional finance using USD1 stablecoins. What about the costs that are eliminated in the middle? They are split: part is returned to depositors (slisBNB holders earn higher returns), and part is given as a discount to borrowers (lower interest rates).

This creates a phenomenon that is hard to imagine in traditional finance: both deposit and lending yields rise. Traditional banks can't do this because of high intermediary costs. Smart contracts can because their operating costs are nearly zero.

Of course, the automation of mechanisms brings efficiency improvements, but it also means that risks are entirely borne by users—no manual risk control teams, and liquidation logic relies entirely on code. This is both the coldness of the mechanism and the source of its efficiency.