Looking at the history of internet development, those who first benefited from the dividends were often the companies building the infrastructure. Payment systems, communication networks—these foundational service providers—ultimately all became giants. The crypto world might be heading down the same path now.

Recently, there has been a lot of discussion around Lista DAO, and the core logic is actually quite interesting—stablecoins, yield-bearing assets, and lending, these three main functions sound simple, but they are precisely the essentials for on-chain economic operation. If we had to make an analogy, it’s more like a hybrid of central banks and commercial banks in the decentralized world.

Why is this positioning worth paying attention to? Because the underlying demand for finance is eternal. No matter how the upper-layer applications iterate or how new concepts emerge, deposits, loans, and remittances will always exist. As long as the ecosystem is growing, the value of these basic services will not diminish.

Network effects are the real moat. The more users there are and the more protocols integrated, the better the liquidity of stablecoins, and the stronger the system’s stickiness. This is similar to traditional finance—the larger the scale, the higher the efficiency, and the deeper the moat.

From the team’s actions, they are actively integrating with major public chains and application layers. This is not short-term speculation but an ambition to build infrastructure. They are also not lax on security—significant investments are made in smart contract audits and asset preservation.

Community expectations for this type of infrastructure project are generally optimistic. The logic is straightforward: projects that serve the entire ecosystem have the most solid value foundation. This aligns with the rules of the internet era.