JUST Cumulatively Burns 1.711 Billion JST Over Four Rounds, Deflation Rate Nears 20%, JustLend DAO Revenue Continues to Drive Deepening Deflation
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JUST Cumulatively Burns 1.711 Billion JST Over Four Rounds, Deflation Rate Nears 20%, JustLend DAO Revenue Continues to Drive Deepening Deflation
JUST has completed four consecutive rounds of large-scale JST buyback and burn: cumulatively burning 1.711 billion JST, with a deflation rate as high as 17.29%. JustLend DAO continues to ramp up counter-trend deflation with real ecosystem revenue.
Navigating Web3 tides with focused insightsWith the successful completion of the fourth round of buyback and burn on July 17, the JUST ecosystem, the core decentralized financial infrastructure of the TRON ecosystem, relying on the stable profitability of real business under its core DeFi protocol JustLend DAO, has orderly and fully completed four rounds of large-scale JST buyback and burn operations consecutively.
To date, the total amount of JST burned across the four rounds has reached as high as 1.711 billion, accounting for 17.29% of the initial total supply. Nearly 20% of JST has permanently exited the circulation market, and the cumulative funds invested have exceeded 94 million USD.
This substantial achievement stands in stark contrast to the current environment of the crypto industry. The industry is currently in a deep downward consolidation cycle. A large number of DeFi projects, impacted by the triple shock of shrinking revenue, drying up cash flow, and user loss, are cutting expenses one after another, and some top veteran protocols have even chosen to shut down operations. However, in such a counter-cyclical environment, the JUST ecosystem continues to invest tens of millions of USD of real money round after round, promoting the implementation of each round of large-scale on-chain JST buyback and burn on schedule and in full amount according to the established timeline. Even though the crypto market continues to be under pressure and overall industry confidence is low, JUST has never reduced the scale of any round of burns, nor has it interrupted the established deflationary execution plan.
JST's ability to chart this independent growth curve of counter-cyclical deflation during the industry's downward cycle is rooted in the long-term stable ecosystem profitability of JustLend DAO. As the core financial pillar for JST buyback and burn, JustLend DAO continues to generate positive earnings based on the platform's real business, with single-quarter profits remaining stable at the ten-million-USD level for multiple consecutive quarters, providing sufficient and stable funding sources for JST's normalized large-scale buybacks.
More importantly, the JUST ecosystem continues to explore new incremental funding channels: the fourth round of burns included the special burn of USDJ historical stability fees for the first time, and the cumulative profit scale of the USDD ecosystem is about to break the 10 million USD threshold. These new funding sources, combined with the core business earnings of JustLend DAO, form a合力 (synergy) to build a solid foundation for subsequent long-term, sustainable large-scale burns. With the continuous growth of ecosystem profits, the intensity and sustainability of subsequent burns are expected to further improve, accelerating the token deflation process.
JST Deflationary Value Accelerates: Over 1.711 Billion JST Burned Across Four Rounds, Deflation Rate Reaches 17.29, Funds Invested Exceed 94.6 Million USD
Since the buyback and burn mechanism was implemented in October 2025, in just nine months, JST has successfully completed four rounds of large-scale buyback and burn. The total amount of JST burned has reached as high as 1.711 billion, accounting for about 17.29% of the total token supply, and the cumulative funds invested have exceeded 94.62 million USD. If calculated based on the recent market price of JST around 0.1 USD, the total market value of the four batches of permanently burned JST tokens is nearly 170 million USD.
Such high-frequency, large-scale, and consistently implemented real burn actions are very scarce in the entire Web3 and DeFi industry, fully demonstrating the JUST ecosystem's firm strategic determination to long-term empower JST value and persist in real deflation.
Reviewing the complete execution data of the four rounds of buyback and burn clearly shows that the single-round burn fund scale of JST has maintained a steady upward trend overall, and has repeatedly achieved unexpected increases by broadening revenue sources, with deflationary intensity continuing to upgrade:
- First Round (October 22, 2025): Burned approximately 559 million JST, accounting for 5.66% of the total supply, corresponding to funds of 17.72 million USD. Funds were entirely taken from JustLend DAO's historical existing earnings, marking the official start of the JST normalized deflation cycle;
- Second Round (January 15, 2026): Burned approximately 525 million JST, accounting for 5.30% of the total supply, corresponding to funds of 21 million USD. Funds were composed of JustLend DAO existing earnings plus 2025 Q4 current net earnings, with the burn scale exceeding market expectations;
- Third Round (April 15, 2026): Burned approximately 271 million JST, accounting for 2.74% of the total supply, corresponding to funds of 21.3 million USD. Supported by DAO existing earnings and 2026 Q1 new profits, the fund deployment scale continued to rise slightly;
- Fourth Round (July 17, 2026): Total burned approximately 355 million JST, accounting for 3.59% of the total supply. Regular burn funds were taken from DAO existing earnings and 2026 Q2 net earnings, with the additional overlay of USDJ historical stability fee special burn. The overall investment scale surged significantly to 34.59 million USD, creating a historical high for single-round burn funds.
Looking at the scale of buyback and burn funds across the four rounds, the overall trend shows a steady rise and expansion round by round: the first round relied only on JustLend DAO historical existing earnings to complete 17.72 million USD in burns; the second round added 2025 Q4 quarterly new net earnings, increasing the fund scale to 21 million USD; the third round combined 2026 Q1 current profits, increasing the deployment scale slightly to 21.3 million USD; the fourth round, on the basis of quarterly regular earnings, added USDJ historical stability fees as exclusive incremental funds, with the single-round burn volume breaking through 34.5 million USD at once. Data from multiple rounds clearly confirms that the JST buyback and burn fund pool continues to broaden, and the burn intensity constantly exceeds market expectations, bringing unexpected value feedback to the community multiple times.
It is worth mentioning that all JST buyback and burn operations were executed independently on-chain by the decentralized governance organization Grants DAO, without centralized institution intervention. Users can query complete vouchers such as the number of tokens burned, fund amounts, and on-chain transaction hashes for each round through the Financial Transparency section of the JustLend DAO official website and the Grants DAO official page. All burn records are permanently stored on-chain, with data open, transparent, and verifiable and traceable throughout the process.
In just nine months, the JUST ecosystem has orderly implemented four rounds of large-scale on-chain buyback and burn according to governance planning. A total of nearly 20% of the original total supply of JST has been permanently burned and completely exited the circulation market. Under the basic rule of constant total token supply and no new issuance, every buyback and burn is a permanent reduction of circulating supply. As rounds of burns proceed on schedule, the tradable tokens in the market continue to contract, JST's scarcity attributes are continuously strengthened, and intrinsic value also steadily improves.
CoinGecko data intuitively confirms the effectiveness of this value logic: Since the official buyback and burn mechanism was officially launched in October 2025, JST has charted an independent counter-trend market completely detached from the broader market trend: the token price has steadily climbed from a low of about 0.03 USD to the current 0.1 USD threshold; circulating market cap has jumped from less than 300 million USD to 830 million USD, with a cumulative increase in the range exceeding 333%, and the token market cap ranking has successfully entered the top 70 global cryptocurrencies.
In contrast, during the same period, the broader crypto market trend saw Bitcoin oscillate downward from a historical high of around 100,000 USD to near 65,000 USD today, with a cumulative decline in the range reaching 40%. In a bear market environment where mainstream crypto assets are generally under pressure and most token prices have retreated significantly, JST has charted a counter-trend rise, strongly confirming that a normalized deflationary mechanism supported by real business earnings can build a solid value moat for tokens.
In the future, as each round of buyback and burn continues to advance, the JST circulation scale will continue to narrow, the scarcity effect will be further amplified, and deflationary value will also accelerate release.
JustLend DAO Drives JST Deflation with Real Earnings, Diversified Product Matrix Continues to Boost Long-Term Deflation
Reviewing the results of the four large-scale JST buyback and burn rounds, the total scale of burn funds invested cumulatively has exceeded 94.62 million USD, of which over 94 million USD comes entirely from net earnings generated by JustLend DAO's real business—including both existing earnings accumulated in the early stage of the ecosystem and covering new operating profits continuously released each quarter. As of now, JustLend DAO still has 10.34 million USD in existing earnings reserves, waiting to be invested in the next round of regular buyback and burn.
According to the previous buyback and burn mechanism, JST's buyback funds mainly have two core source channels: first, JustLend DAO's historical existing earnings and quarterly new net earnings; second, excess profits generated after USDD multi-chain ecosystem earnings break the 10 million USD threshold. As of now, USDD cumulative earnings have not yet reached the standard for inclusion in the fund pool, so except for the USDJ historical stability fee independent burn newly added for the first time in the fourth round of buyback and burn, funds for all four rounds of regular buyback and burn come entirely from JustLend DAO's real business operating income. Fund sources are real and transparent, with no external fundraising subsidies.
Specifically breaking it down, when the JST buyback and burn mechanism was officially launched in October 2025, the ecosystem withdrew 59.08 million USDT from JustLend DAO's existing earnings at once as the startup fund pool: the first round of burn directly invested 30% (about 17.72 million USD), and the remaining 70% was invested sequentially over four quarters, with a single quarter fixed deployment scale of about 10.34 million USD. Starting from the second round of buyback and burn, the fund composition upgraded from "single existing release" to a dual-wheel drive mode of "existing earnings + quarterly new net earnings", and the fund investment scale for single-round buyback and burn jumped directly to over 20 million USD: the second round invested 21 million USD, the third round invested about 21.3 million USD, the fourth round regular part invested about 20.6 million USD, and after overlaying the USDJ historical stability fee special burn, the fourth round total investment amount broke through 34 million USD, creating a new high in JST buyback and burn historical scale.
This clear fund evolution trajectory fully confirms that from the fourth quarter of 2025 to present, JustLend DAO's single-quarter net earnings have remained stable at above the 10 million USD volume, forming a predictable and sustainable stable cash flow, building an unshakable solid basic plate for the long-term operation of the JST deflationary mechanism.
According to the latest data disclosed on the official Financial Page, JustLend DAO platform cumulative net earnings have exceeded 94.2 million USD, with 91.04 million USD extracted, leaving 3.17 million USD in earnings remaining. Among them, funds invested in the JST buyback and burn fund pool have reached nearly 105 million USD; after deducting USDJ special historical stability fees of 10.39 million USD, nearly 94 million USD of funds come from JustLend DAO. Currently, JustLend DAO still has about 10.34 million USD in existing reserve earnings, which will be invested in the next regular burn process according to plan.
As the core financial pillar for JST buyback and burn, JustLend DAO has not stopped at the current earnings scale, but continues to inject more sufficient real earnings support for subsequent buybacks through the iteration and improvement of the product matrix and the healthy growth of operational data.
Currently, JustLend DAO has built a complete DeFi business matrix covering multiple scenarios such as SBM lending, sTRX liquid staking, Energy Rental, GasFree Smart Wallet, etc. Driven by the synergy of full-ecosystem business, it always maintains stable and continuous earnings output capability, continuously supplying fund "ammo" for JST buyback and burn. As of July 21, the total value of crypto assets locked (TVL) on the JustLend DAO platform is as high as 6.664 billion USD, providing safe and efficient one-stop DeFi services for nearly 486,000 users globally.
From the perspective of individual products, whether it is the core SBM lending market, or 特色 businesses like TRX liquid staking and Energy Rental, or innovative tools like the GasFree Smart Wallet, JustLend DAO's various business lines all possess extremely strong market competitiveness, ranking in the industry's first tier in their respective 细分 tracks.
According to public data from DeFiLlama, JustLend DAO's SBM lending market TVL is 3.29 billion USD, long-term ranking in the top four globally in the lending track; among them, the scale of supplied assets in the SBM lending market exceeds 3.492 billion USD, and the scale of borrowed assets reaches 200 million USD, with fund activity and overall volume always maintaining industry leadership.
More notably, in June 2026, JustLend DAO officially launched SBM V2, innovatively introducing an isolated pool mechanism, expanding the lending business from a single market architecture to a dual-track mode where SBM V1 and SBM V2 run in parallel: SBM V1 continues to carry deposit and borrowing needs for mainstream assets; SBM V2 adopts an isolated lending market architecture, covering more new types of assets, further improving the platform's overall security and risk resistance capabilities.
sTRX liquid staking has long become the preferred platform for users in the TRON ecosystem to stake TRX. According to the latest operational data, the number of TRX staked by sTRX has exceeded 9.73 billion, and the number of independent addresses participating in staking has broken through 17,000, with the total staking amount and number of participating users always maintaining a steady upward trend. And the Energy Rental business derived from the liquid staking business, relying on the flexible model of "rent as needed, pay as needed", completely solves the pain point where ordinary users have to stake large amounts of TRX long-term to reduce Gas costs, allowing all on-chain users to enjoy the low-cost transaction advantage on the TRON chain with zero threshold. Currently, the cumulative total number of users participating in Energy Rental has exceeded 80,000.
Meanwhile, as an innovative smart tool focusing on Gas optimization, the GasFree Smart Wallet supports users to directly deduct on-chain fees through the target token of the transfer without holding the network native token TRX, effectively removing the native token usage restriction for on-chain transactions. Its user scale and fund transfer volume are growing rapidly. As of July 21, the GasFree Smart Wallet has cumulatively processed fund transaction volume exceeding 114.3 billion USD, serving over 6.6 million accounts, cumulatively saving 7.78 million USD in fees for global users, and is rapidly growing into a new growth engine for the JustLend DAO ecosystem.
From SBM lending, sTRX liquid staking, Energy Rental to GasFree Smart Wallet, JustLend DAO has built a comprehensive DeFi platform with complete functions and diversified earnings sources, with multiple business lines creating stable revenue simultaneously, forming a profit pattern with blooms everywhere.
Currently, funds for JST buyback and burn mainly come from JustLend DAO's sTRX staking and Energy Rental, and mature businesses like SBM lending. Subsequently, earnings from innovative businesses like GasFree will also be gradually included in JustLend DAO platform's overall earnings statistics system, continuously broadening JST buyback and burn fund source channels.
JUST Ecosystem Synergy Continues to Exert Force, Fully Boosting JST Value Enhancement
More fundamentally, JST's value growth has never relied on short-term market trends created by single large-scale burns. Behind it lies the deep support of the entire JUST ecosystem system—a full-link value support network built by a complete business closed loop, completely based on solid ecosystem fundamentals. Through the combined force of multi-track business synergy and diversified earnings channel complementarity, it continuously consolidates the long-term value base of the JST token.
In terms of the overall size of the JUST ecosystem, its full-ecosystem total value locked (TVL) has reached as high as 11 billion USD, directly accounting for 41% of the total value locked on the entire TRON network (current TVL of the TRON network is 26.7 billion USD). This means that over 40% of crypto assets on the TRON chain actively choose to settle within the JUST ecosystem. This overwhelming market share of nearly half the market is itself the most direct recognition by global users of the ecosystem's security capabilities and continuous profitability.
As the core decentralized financial infrastructure of the TRON ecosystem, JUST has long built a complete DeFi product matrix covering multiple tracks: based on the core lending protocol JustLend DAO, it has created a full-scenario comprehensive DeFi service system integrating "SBM lending market + sTRX liquid staking + Energy Rental + GasFree Smart Wallet"; simultaneously pairing with core products like decentralized stablecoin USDD and cross-chain infrastructure JustCrypto, forming an integrated DeFi ecosystem pattern with business complementarity and traffic interconnection, completely covering full-link needs of asset appreciation, stablecoin circulation, fund cross-chain circulation, and on-chain experience optimization.
As the native value-bearing token of the JUST ecosystem, JST's application scenarios run through the core links of the entire ecosystem: from governance voting of JustLend DAO ecosystem business, to rights empowerment of the USDD ecosystem, JST has always been the core link connecting all businesses. Today's JST buyback and burn mechanism further binds JST's value circulation deeply with JustLend DAO and USDD, the two core protocols within the JUST ecosystem, allowing every real business earnings within the ecosystem to be directly converted into core 动力 for JST value growth.
JustLend DAO, as the core pillar of the ecosystem, has built decentralized diversified revenue channels through multi-business synergy, which not only effectively avoids the risk of single business being affected by market cycle fluctuations but also opens up long-term revenue growth space. Its risk resistance capability and profit stability far exceed most similar protocols in the industry that rely on single business support, able to maintain a stable and full revenue state long-term, continuously supplying the core fund pool for JST deflation.
Currently, USDD is in a stage of rapid expansion, with circulation scale continuing to steadily climb. According to the latest data from July 21, USDD's supply has exceeded 1.53 billion USD, the value of crypto assets locked (TVL) on the platform is as high as 2.21 billion USD, and the treasury balance has reached 21.54 million USD, making it the second largest stablecoin in the TRON ecosystem. With the accelerated development of the USDD ecosystem, it will soon become the "second profit engine" for the JST deflationary mechanism, unlocking new incremental fund channels for the deflationary mechanism.
It is worth mentioning that the JUST ecosystem's layout on the JST buyback and burn mechanism goes far beyond the four rounds of large-scale burns already implemented. According to the "JST 2026 Q1 Financial Quarterly Report" released in April this year, after the existing earnings burn plan of the first phase 1.0 version is fully executed, the ecosystem will officially fully upgrade and enter the new stage of JST Deflation 2.0. At that time, JUST will complete a systematic upgrade based on the existing buyback and burn mechanism, comprehensively broadening fund source boundaries, newly including diversified fund channels such as GasFree Smart Wallet business revenue and USDJ historical stability fee surplus, injecting stronger and more dimensional fund 动力 into JST buybacks.
Currently, the USDJ historical stability fee surplus has completed its first special burn, which means that with USDJ historical stability fees newly included in buyback fund sources for the first time, JST buyback funds have gradually expanded from mainly relying on JustLend DAO protocol income to a diversified structure, opening up a new fund path for the long-term continuous operation of the buyback mechanism. Meanwhile, related work for the GasFree business is also steadily advancing according to plan.
In the newly released "JST 2026 Q2 Financial Quarterly Report", officials disclosed: According to historical existing income buyback rules, combined with business income forecasts from JustLend DAO and USDD, about 21.55 million USD is expected to be invested in JST buybacks in the next quarter, and the actual investment amount will be dynamically adjusted based on the project's real revenue situation after the quarter ends.
Looking at a longer cycle, relying on the stable quarterly profit basic plate built by JustLend DAO's mature business, superimposed with the continuous revenue contribution of innovative businesses like GasFree, and coupled with the official unlocking of subsequent USDD ecosystem earnings incremental channels, JST's buyback and burn actions will continue to intensify.
From the perspective of the entire DeFi industry, the value of the JUST ecosystem lies not only in fulfilling long-term deflationary commitments through multiple rounds of sufficient on-chain burns; more critically, in the industry's downward cycle, the ecosystem, relying on complete and verifiable operational and burn data, has created a replicable and sustainable real value paradigm—completely relying on protocol real business earnings to drive token value enhancement, forming a positive flywheel of "business profit → buyback and burn → scarcity improvement → ecosystem expansion". Using continuous investment of real money to prove that only a deflationary mode based on solid business fundamentals can support long-term token value upward movement; this also provides a clear and feasible model for the DeFi industry to return to real value development.
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