JUST 네 차례 누적 소각 17.11억 JST, 디플레이션율 20% 육박... JustLend DAO 수익이 디플레이션 심화를 지속적으로 견인

With the successful completion of the fourth round of buyback and burn on July 17, the JUST Ecosystem, the core decentralized finance infrastructure of the TRON ecosystem, has systematically and fully completed four consecutive large-scale JST buyback and burn operations, relying on the stable profitability of its core DeFi protocol, JustLend DAO's real business.

To date, the total amount of JST burned across the four rounds has reached 1.711 billion tokens, accounting for 17.29% of the initial total supply. Nearly a fifth of all JST has been permanently removed from circulation, with cumulative funds deployed exceeding $94 million.

This significant achievement stands in stark contrast to the broader crypto industry environment. The sector is currently in a deep downward consolidation cycle, with numerous DeFi projects facing a triple impact of shrinking revenues, depleted cash flow, and user churn, leading many to cut costs. Some established legacy protocols have even chosen to shut down operations. In this counter-cyclical environment, the JUST Ecosystem has consistently injected tens of millions of dollars in real capital round after round, faithfully executing each large-scale on-chain JST buyback and burn on schedule and in full. Even as the crypto market continues to face pressure and overall industry confidence remains low, JUST has never reduced the scale of any burn round or interrupted its planned deflationary execution.

JST's ability to forge an independent deflationary growth trajectory amidst this industry downturn is fundamentally rooted in the long-term, stable profitability of the JustLend DAO ecosystem. As the core capital backbone for the JST buyback and burn, JustLend DAO consistently generates positive returns from its real business operations, maintaining quarterly profits in the tens of millions of dollars for several consecutive quarters. This provides a sufficient and stable source of funds for JST's regular large-scale buybacks.

More importantly, the JUST Ecosystem is continuously exploring new incremental capital channels. The fourth round of burns incorporated, for the first time, a special burn using historical stability fees from USDJ. Furthermore, the cumulative profits from the USDD ecosystem are nearing the $10 million mark. These new capital sources, combined with the core business revenue from JustLend DAO, lay a solid foundation for long-term, sustainable large-scale burns in the future. As ecosystem earnings continue to grow, the intensity and sustainability of future burns are expected to increase, accelerating the token's deflationary process.

JST Deflationary Value Accelerates: 1.711 Billion JST Burned Across Four Rounds, Deflation Rate at 17.29%, Over $94.6 Million Invested

Since the implementation of the buyback and burn mechanism in October 2025, JST has successfully completed four large-scale buyback and burn operations within just nine months. The total amount of JST burned has reached 1.711 billion tokens, representing approximately 17.29% of the total token supply. The cumulative capital deployed exceeds $94.62 million. Based on JST's recent market price of around $0.1, the total market value of the permanently burned tokens is estimated to be nearly $170 million.

Such high-frequency, large-scale, and consistent real burns are extremely rare across the entire Web3 and DeFi industry. This fully demonstrates the JUST Ecosystem's firm strategic resolve to empower JST's value over the long term and commit to genuine deflation.

Analyzing the execution data from all four rounds of buybacks and burns reveals a clear trend of steadily increasing capital deployment per round, often exceeding expectations through the diversification of revenue streams, with deflationary intensity continuously escalating:

• Round 1 (October 22, 2025): Burned approximately 559 million JST (5.66% of total supply), corresponding to $17.72 million. Funds were entirely sourced from JustLend DAO's historical accumulated earnings, marking the official start of JST's regular deflationary cycle.
• Round 2 (January 15, 2026): Burned approximately 525 million JST (5.30% of total supply), corresponding to $21 million. Funds comprised JustLend DAO's accumulated earnings combined with net profits from Q4 2025, exceeding market expectations for the burn size.
• Round 3 (April 15, 2026): Burned approximately 271 million JST (2.74% of total supply), corresponding to $21.3 million. Supported by DAO accumulated earnings and new profits from Q1 2026, the capital deployment continued its slight upward trend.
• Round 4 (July 17, 2026): Burned a total of approximately 355 million JST (3.59% of total supply). Regular burn funds came from DAO accumulated earnings and Q2 2026 net profits, with an addition of a special burn using historical USDJ stability fees. The total capital deployed surged to $34.59 million, setting a new historical high for a single burn round.

Looking at the capital scale across the four buyback and burn rounds, there is a clear upward trend of steady increase and expansion: Round 1 relied solely on JustLend DAO's historical earnings, deploying $17.72 million. Round 2 added net profits from Q4 2025, increasing the scale to $21 million. Round 3 incorporated profits from Q1 2026, slightly increasing deployment to $21.3 million. Round 4, in addition to the regular quarterly earnings, added historical USDJ stability fees as dedicated incremental capital, pushing the single-round burn volume past $34.5 million. The data across multiple rounds clearly confirms that the JST buyback and burn fund pool is continuously expanding, burn intensity consistently surpasses market expectations, and the community has repeatedly received greater value returns than anticipated.

Importantly, all JST buyback and burn operations are executed independently on-chain by the decentralized governance organization Grants DAO, without any centralized intervention. Users can verify the complete records – including the number of tokens burned, fund amounts, and on-chain transaction hashes for each round – via the JustLend DAO Transparency section on its official website or the Grants DAO official page. All burn records are permanently stored on-chain, with data being open, transparent, and fully auditable.

In just nine months, the JUST Ecosystem has methodically executed four rounds of large-scale on-chain buybacks and burns according to its governance plan, permanently removing nearly a fifth of JST's original total supply from circulation. Under the fundamental rules of a fixed total supply with no additional minting, each buyback and burn represents a permanent reduction in circulating supply. As rounds of burns proceed on schedule, the market-circulating tokens continue to decrease, strengthening JST's scarcity and steadily enhancing its intrinsic value.

Data from CoinGecko directly confirms the effectiveness of this value logic. Since the official buyback and burn mechanism launched in October 2025, JST has charted an independent, counter-trend trajectory diverging from the broader market. The token price has steadily climbed from around $0.03 to the current $0.1 mark. Its circulating market cap has surged from under $300 million to $830 million, achieving an accumulated gain of over 333% during this period, successfully placing it among the top 70 global cryptocurrencies by market cap rank.

In contrast, the broader crypto market, represented by Bitcoin, has experienced a volatile decline from its historical high of around $100,000 to its current price near $65,000, recording an accumulated loss of approximately 40%. Amidst this bear market where major crypto assets are under pressure and most token prices have significantly retraced, JST has achieved an upward trend. This powerfully demonstrates that a regular deflationary mechanism backed by real business revenue can build a solid value moat for a token.

Looking ahead, as each round of buybacks and burns continues, JST's circulating supply will further shrink, amplifying its scarcity effect and accelerating the release of deflationary value.

JustLend DAO Drives JST Deflation with Real Revenue; Diversified Product Matrix Strengthens Long-Term Deflation

Reviewing the results of the four large-scale JST buyback and burn rounds, the total cumulative capital deployed has exceeded $94.62 million. Over $94 million of this came entirely from the net profits generated by JustLend DAO's real business operations – encompassing both the historical accumulated earnings from the ecosystem's early stages and the ongoing operational profits released each quarter. As of now, JustLend DAO still holds reserve earnings of $10.34 million, earmarked for the next regular buyback and burn round.

According to the established buyback and burn mechanism, JST's buyback capital primarily comes from two core sources: firstly, JustLend DAO's historical accumulated earnings and its quarterly net new profits; secondly, the surplus profits generated by the USDD multi-chain ecosystem after its profits exceed the $10 million threshold. To date, USDD's cumulative profits have not yet met the criteria for inclusion in the fund pool. Therefore, aside from the newly added dedicated burn of historical USDJ stability fees in the fourth round, all capital for the four regular buyback and burn rounds has come entirely from JustLend DAO's real business operating income. The source of funds is genuine and transparent, with no external fundraising or subsidies involved.

Breaking this down further: When the JST buyback and burn mechanism was formally initiated in October 2025, the ecosystem extracted 59.08 million USDT from JustLend DAO's accumulated earnings as a startup fund pool. 30% (approximately $17.72 million) was directly deployed in the first burn round. The remaining 70% is scheduled to be deployed sequentially over four quarters, with a fixed quarterly deployment volume of approximately $10.34 million. Starting from the second buyback round, the capital composition evolved from a "single historical reserve release" to a "dual-engine model" combining "historical reserves + quarterly new net profits." This propelled the capital deployment for a single round to over $20 million: Round 2 deployed $21 million, Round 3 deployed approximately $21.3 million, and the regular portion of Round 4 was approximately $20.6 million. With the addition of the special burn of historical USDJ stability fees, Round 4's total expenditure exceeded $34 million, setting a new all-time high for JST buyback and burn scale.

This clear trajectory of capital evolution fully confirms that, from Q4 2025 onwards, JustLend DAO's single-quarter net profit has consistently remained above the $10 million mark. This forms a predictable and sustainable stable cash flow, establishing an unshakeable and solid foundation for the long-term operation of the JST deflationary mechanism.

According to the latest data disclosed on the official financial transparency page, JustLend DAO's platform cumulative net profit has exceeded $94.2 million. Of this, $91.04 million has been withdrawn, leaving a remaining profit of $3.17 million. Notably, the total capital deployed into the JST buyback and burn fund pool has reached nearly $105 million. After deducting the $10.39 million special allocation for USDJ historical stability fees, nearly $94 million originated from JustLend DAO. Currently, JustLend DAO still has approximately $10.34 million in reserve earnings, which will be deployed as planned into the next regular burn process.

As the core capital pillar for JST buybacks and burns, JustLend DAO is not resting on its current earnings. Instead, it continues to iterate its product matrix and foster healthy operational data growth to inject more robust real revenue support into subsequent buybacks.

Currently, JustLend DAO has built a comprehensive DeFi business matrix covering multi-scenario services including the SBM Lending Market, sTRX Liquid Staking, Energy Rental, and the GasFree Smart Wallet. Driven by the synergy of the entire ecosystem's business lines, it consistently maintains stable and continuous revenue generation capacity, continuously supplying the "ammunition" for JST buybacks. As of July 21, JustLend DAO's Total Value Locked (TVL) stands at a substantial $6.664 billion, providing secure and efficient one-stop DeFi services to nearly 486,000 users globally.

From a product-specific perspective, whether it's the core SBM Lending Market, distinctive offerings like TRX Liquid Staking and Energy Rental, or innovative tools like the GasFree Smart Wallet, each business line within JustLend DAO possesses strong market competitiveness, consistently ranking among the top tier in their respective sub-sectors.

According to public data from DeFiLlama, the TVL of JustLend DAO's SBM Lending Market is $3.29 billion, consistently placing it among the top four lending protocols globally. Within this SBM Lending Market, the supply asset size exceeds $3.492 billion, while borrowed assets amount to $200 million, maintaining industry-leading capital activity and overall scale.

Notably, in June 2026, JustLend DAO officially launched SBM V2, innovatively introducing an isolated pool mechanism. This expands the lending business from a single market structure into a dual-track model with SBM V1 and SBM V2 running in parallel. SBM V1 continues to handle the deposit and borrowing needs for mainstream assets, while SBM V2 adopts an isolated lending market architecture capable of covering more novel assets, further enhancing the platform's overall security and risk resistance capabilities.

sTRX Liquid Staking has long been the preferred platform for TRON ecosystem users to stake their TRX. According to the latest operational data, over 9.73 billion TRX have been staked via sTRX, with the number of unique staking addresses surpassing 17,000. The total staked amount and number of participating users continue to show a steady upward trend. The Energy Rental service, derived from the liquid staking business, utilizes a flexible "rent-as-you-go, pay-as-you-need" model. It has effectively solved the pain point for ordinary users who previously had to lock up large amounts of TRX long-term to reduce gas costs, allowing all on-chain users to enjoy the low-cost transaction advantages of the TRON network with zero barriers. To date, the cumulative number of users participating in Energy Rental has exceeded 80,000.

Simultaneously, the GasFree Smart Wallet, an innovative smart tool focused on gas optimization, allows users to pay on-chain fees directly from the target transfer tokens without needing to hold the network's native token, TRX. This effectively removes the native token usage restriction for on-chain transactions, and its user base and transaction volume are growing rapidly. As of July 21, the GasFree Smart Wallet has processed cumulative transaction volume exceeding $114.3 billion, serving over 6.6 million accounts, and saving users a total of $7.78 million in fees. It is rapidly emerging as a new growth engine for the JustLend DAO ecosystem.

From SBM Lending, sTRX Liquid Staking, and Energy Rental to the GasFree Smart Wallet, JustLend DAO has constructed a comprehensive DeFi platform with complete functionality and diversified revenue sources. Multiple business lines simultaneously generate stable revenue, creating a multi-faceted profit structure.

Currently, the funds for JST buybacks and burns primarily originate from JustLend DAO's mature business lines, including sTRX Staking, Energy Rental, and the SBM Lending Market. Moving forward, revenue from innovative businesses like GasFree will also be gradually incorporated into JustLend DAO's platform-wide revenue statistics, continuously broadening the funding sources for JST buybacks.

JUST Ecosystem Synergy Intensifies, Driving JST Value Appreciation

More fundamentally, JST's value growth has never relied solely on short-term price spikes triggered by a single large burn. Behind it lies the deep support of the entire JUST ecosystem—a comprehensive value support network built upon a complete business loop. Entirely based on solid ecosystem fundamentals, it leverages the synergy of multi