Overview
Chaos Labs does not recommend creating a new isolated Lista DAO BNB Pool on Venus; however, we propose listing asBNB and PT-clisBNB in the BNB Chain Liquid Staked BNB pool.
Motivation
The listing of asBNB and PT-clisBNB will further diversify use cases for Venus users, creating new leveraged yield farming strategies. However, while the proposal recommends the creation of a new pool, we recommend including these new assets in the existing Liquid Staked BNB pool, noting that it already contains slisBNB, BNB, and other BNB-correlated assets, thus serving as the logical listing pool for these assets.
Liquid Staked BNB Pool
As we continue to list new assets in this pool, we recommend further optimizations. To ensure that bad debt does not accrue during routine liquidations, we recommend reducing the Liquidation Penalty for the Liquid Staked BNB pool from 10.00% to 2.50%. Given that all of the assets in the pool are correlated, a higher Liquidation Penalty is not necessary to ensure that liquidations are processed.
PT-clisBNB
While there is currently no PT-slisBNB token as described in the proposal, there is a PT-clisBNB token set to expire on April 24, 2025. clisBNB is the certificate token representing BNB deposited as collateral in Lista DAO.
Following the announcement that slisBNB granted users exposure to Binance Launchpool events, clisBNB was designed specifically to represent exposure to Binance Launchpool events while allowing users to supply BNB as collateral in Lista DAO. clisBNB is non-transferable, maintains a 1:1 ratio with BNB, and is automatically burnt when users withdraw BNB or slisBNB from Lista’s CDP. Notably, clisBNB tokens that are earning Launchpool rewards are not “locked”, thus facilitating instant redemptions.
clisBNB is created when a user deposits BNB or slisBNB into Lista DAO while using the Binance Web3 MPC wallet. When slisBNB is deposited, it is first divided by the exchangeRate contained in the deposit contract, currently set to 1.021, meaning that 0.979 clisBNB per slisBNB deposited will be generated. The userLpRate, also in the contract, then determines how much of the clisBNB goes to the user (currently 97%), with the remainder going to the lpReserveAddress, the default EOA MPC wallet, which then returns the same value when the clisBNB is redeemed. This practice equals a 3% performance fee charged by the clisBNB vault, as the returned 3% is bare of yield. Users may choose to receive the clisBNB in their current MPC wallet or delegate it to a separate MPC wallet. The lpReserveAddress is the most delegated MPC wallet, holding 86% of the circulating clisBNB in delegation.
To facilitate integration with Pendle, Lista DAO will “automatically convert [Launchpool token] rewards into BNB within an hour of trading opening… The converted BNB is then distributed to Pendle and its ecosystem partners within 1 to 5 business days.” Users are then able to claim the rewards through ecosystem partners like Astherus or directly from BNB.xyz.
Launchpool rewards are claimable in BNB; staking rewards are claimable in slisBNB. Because clisBNB is non-transferable, existing clisBNB holders must withdraw back into BNB or slisBNB to participate in this pool and zap-out withdrawals are limited to slisBNB.
Collateral Factor and Liquidation Threshold
Using the parameters provided in the pool, it is possible to infer the minimum price of the PT token; this minimum price converges to 1 as the token approaches maturity. As charted below, this market has a relatively large max implied APY and, thus, a low minimum PT price. As such, we recommend somewhat conservative CF and LT parameters: 80% and 85%, respectively.
Supply Cap
Given the relatively small size of this market, we recommend starting at 1x the liquidity available below the Liquidation Penalty, noting that the underlying asset, slisBNB, is a limiting factor, as just 2,000 can be swapped at 2.5% slippage. The chart below shows the slippage of the PT token as it approaches maturation, indicating that slippage within Pendle will not present risks to the Venus protocol.
Pricing/Oracle
At maturity, 1 PT-clisBNB is equal to 1 BNB staked in Lista. As stated previously, clisBNB maintains a 1:1 ratio with BNB, indicating that the users are speculating upon the yield generated from Launchpool events in this market.
Given these factors, we recommend using the BNB/USD market rate oracle, augmented with a 30-minute VWAP PT token oracle.
asBNB
asBNB is a BNB liquid staking derivative, which, unlike other LSTs, generates value by participating in Binance Launchpool events and receiving Binance Hodler airdrops and Megadrop rewards.
asBNB can be minted by users with BNB and slisBNB; any BNB deposited is automatically converted into slisBNB; slisBNB is then deposited as collateral by Lista DAO, creating clisBNB, as described above, representing tokens deposited on Lista that are earning Launchpool rewards. Minting transactions generate the following net transfers, in which the user deposits slisBNB and a greater amount of clisBNB (representing the exchange rate process described above) are received by a separate address:
Essentially, asBNB serves as a slisBNB wrapper that automates the claiming of Launchpool rewards for users; the clisBNB token serves an accounting purpose in distributing the rewards.
Withdrawals function the same way in reverse, with the user calling Burn As BNB, the delegated address burning clisBNB, and the user receiving slisBNB; we again note that withdrawals are atomic because the underlying tokens are never locked despite participating in Launchpools.
All tokens received from Launchpools are converted to BNB and reflected in the asset’s price, while Hodler and Megadrop rewards are sent to Lista DAO, which converts them to BNB, which then converted into asBNB by Astherus and able to be claimed on the Astherus interface.
Requests to mint asBNB done during a Launchpool are only processed after the Launchpool is complete and asBNB’s NAV has been updated. As a result, we observe that asBNB’s exchange rate with slisBNB, as defined in the Minter smart contract’s convertToTokens function, has increased only following Launchpool events.
Additionally, all withdrawals are done back into slisBNB, not BNB. As stated in the documentation, asBNB can be withdrawn as slisBNB atomically.
PeckShield conducted an audit of the asBNB contracts in December 2024, finding three low-severity issues, two of which were resolved and one which was mitigated. Salus Security also conducted a code security assessment in December 2024, finding two medium and one low-severity issue, all of which were resolved.
The asBNB contract contains minter and owner functions, with the latter directing towards a Timelock contract with a minDelay of six hours. There is a separate contract that allows users to claim their asBNB rewards.
Market Cap and Liquidity
asBNB has a total supply of 190K on BNB chain, representing a market cap of just over $100M. 54% of this total supply is restaked on Kernel. Its supply has grown rapidly in recent weeks, reaching 200K before falling slightly.
The asset currently has virtually no on-chain liquidity, instead relying on slisBNB’s liquidity.
Collateral Factor and Liquidation Threshold
Given that the asset functions in largely the same manner as slisBNB, with added smart contract complexity and risk, we recommend setting its CF and LT slightly lower than slisBNB’s, at 87% and 90%, respectively.
Supply and Borrow Cap
We recommend setting the supply according to our usual methodology, at 2x the liquidity available at a price impact equivalent to the Liquidation Penalty; this leads to a recommendation of 2,000 asBNB in the Liquid Staked BNB pool.
We do not recommend allowing borrowing, given the limited potential use cases and the novelty of the asset.
Pricing/Oracle
We recommend utilizing the same Oracle setup as for slisBNB, in this instance further augmented using the convert assets exchange rate included in the Minter contract to reflect asBNB’s price relative to slisBNB’s.
Specification
Liquid Staked BNB Pool
| Current Liquidation Penalty |
Recommended Liquidation Penalty |
| 10.00% |
2.50% |
| Parameter |
Value |
Value |
| Asset |
pt-clisBNB-24APR2025 |
asBNB |
| Chain |
BNB Chain |
BNB Chain |
| Pool |
Liquid Staked BNB |
Liquid Staked BNB |
| Collateral Factor |
80.00% |
87.00% |
| Liquidation Threshold |
85.00% |
90.00% |
| Liquidation Penalty |
2.50% |
2.50% |
| Supply Cap |
2,000 |
2,000 |
| Borrow Cap |
- |
- |
| Kink |
- |
- |
| Base |
- |
- |
| Multiplier |
- |
- |
| Jump Multiplier |
- |
- |
| Reserve Factor |
- |
- |
Disclaimer
Chaos Labs has not been compensated by any third party for publishing this recommendation.
