Collateralization under stress
Lista DAO's assessment for RD-F-068 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
lisUSD CDP collateral estimated ~70-75% BNB-family assets (slisBNB, wBETH, native BNB) with minimum CR ~150% (66% LTV). Under a 50% BNB/slisBNB price shock, simultaneous undercollateralization of most CDP positions would occur. The Dec 2022 Helio incident (aBNBc = slisBNB predecessor collapse → $15M bad debt) is the direct structural precedent. PSM/AMO provide peg stability tools but cannot absorb correlated collateral cascade. Stress simulation not executable without RPC; structural analysis confirms yellow-class risk. The 34% buffer above LTV is insufficient for a 50% price drop on correlated assets.
Sources #
- URLHalborn — Ankr and Helio Hacks ExplainedHalborn post-mortem on Ankr/Helio cascade — oracle latency on LST collateral → $15M bad debt; direct structural precedent for current slisBNB-dominated CDPretrieved 2026-05-12
- Nansen — What Is Lista DAONansen guide confirming minimum CR ~150% (66% LTV) for BNB, slisBNB, wBETH collateral typesretrieved 2026-05-12
Methodology #
Determine whether under curator-defined stress scenario (top-3 collateral assets drop 50%), protocol net collateralization falls below 110%.
See the full factor methodology and distribution across all protocols →