JUST has burned 1.711 billion JST tokens across four rounds, with a deflation rate approaching 20%, as JustLend DAO revenue continues to drive deepening deflation

With the successful completion of the fourth round of buyback and burn on July 17, the JUST ecosystem, a core decentralized finance infrastructure on the TRON blockchain, has orderly and fully executed four consecutive large-scale JST buyback and burn operations. This is underpinned by the stable profitability of its core DeFi protocol, JustLend DAO, which relies on real business revenue.

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

This substantial achievement stands in stark contrast to the current challenging environment in the crypto industry. The sector is undergoing a deep downturn and consolidation cycle. Many DeFi projects are forced to cut spending due to the triple impact of shrinking revenue, drying cash flows, and user attrition, with some established protocols even choosing to shut down operations. Against this counter-cyclical backdrop, the JUST ecosystem has consistently deployed tens of millions of dollars in real funds, round after round, pushing through 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 sentiment remains low, JUST has never reduced the scale of any burn round nor halted its predetermined deflationary execution plan.

JST's ability to carve out this independent, counter-cyclical deflationary growth trajectory is rooted in the long-term, stable profitability of the JustLend DAO ecosystem. As the core financial pillar for JST buybacks and burns, JustLend DAO leverages its real platform business activities to generate consistent positive income. Its quarterly profit has remained steadily in the tens of millions of dollars for several consecutive quarters, providing ample and stable funding sources for JST's routine large-scale buybacks.

More importantly, the JUST ecosystem is actively exploring new incremental funding channels. The fourth burn round incorporated the first-ever dedicated burn from USDJ historical stability fees. Meanwhile, the cumulative profit from the USDD ecosystem is also approaching the $10 million mark. These new funding sources, combined with the core business revenue from JustLend DAO, form a synergistic effect, building a solid foundation for long-term, sustainable large-scale burns. As the ecosystem's profitability continues to grow, the intensity and sustainability of future burns are expected to further increase, accelerating the token's deflationary process.  

Accelerated Release of JST Deflationary Value: Cumulative Burn Exceeds 1.711 Billion JST Across Four Rounds, Deflation Rate Reaches 17.29%, Total Funds Deployed Exceed $94.6 Million

 Since the implementation of the buyback and burn mechanism in October 2025, in just nine months, JST has successfully completed four rounds of large-scale buybacks and burns. A total of 1.711 billion JST has been burned, representing approximately 17.29% of the total token supply, with cumulative funds deployed exceeding $94.62 million. Based on JST's recent market price of around $0.1, the total market value of the permanently burned JST tokens is nearly $170 million.

This level of frequent, high-value, and consistently executed genuine on-chain burning is exceptionally rare across the entire Web3 and DeFi industry, fully demonstrating the JUST ecosystem's firm strategic commitment to long-term JST value enhancement and true deflation.

Analyzing the complete execution data from the four rounds of buybacks and burns clearly reveals a steady upward trend in the size of capital allocated per round. Multiple rounds have exceeded expectations by broadening income sources, continually escalating the deflationary force:

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

Looking at the scale of buyback and burn funds across the four rounds, a clear upward trend of steady increase and progressive expansion is evident. The first round relied solely on JustLend DAO's historical accumulated revenue, completing a $17.72 million burn. The second round added Q4 2025 net new income, increasing the scale to $21 million. The third round incorporated Q1 2026 profits, with deployed capital slightly increasing to $21.3 million. The fourth round, building on regular quarterly income, added USDJ historical stability fees as a dedicated incremental funding source, pushing the single-round burn volume beyond $34.5 million. This multi-round data clearly confirms that JST's buyback and burn fund pool is continuously expanding, the burn intensity consistently surpasses market expectations, and the community has repeatedly received value returns exceeding projections.

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 credentials for each burn round—including the number of tokens burned, capital amounts, and on-chain transaction hashes—through the JustLend DAO official website's Transparency section or the Grants DAO official page. All burn records are permanently stored on-chain, with data that is publicly transparent and fully verifiable and traceable.

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 destroying and removing from circulation nearly 20% of JST's original total supply. Under the foundational rule of a fixed total token supply with no new issuance, each buyback and burn represents a permanent reduction in circulating supply. As rounds of burns are completed on schedule, the number of tokens available on the market continues to shrink, JST's scarcity attributes are continuously strengthened, and its intrinsic value steadily increases.

CoinGecko data directly corroborates the effectiveness of this value logic. Since the official buyback and burn mechanism was launched in October 2025, JST has charted an independent counter-trend trajectory completely detached from the broader market: the token price has steadily risen from around $0.03 to the current $0.1 mark; market capitalization has jumped from under $300 million to $830 million, achieving a cumulative gain of over 333% during the period, successfully propelling the token into the top 70 global cryptocurrencies by market cap ranking.

In contrast, over the same period, Bitcoin has been in a volatile downtrend from its all-time high of around $100,000 to its current level near $65,000, experiencing a cumulative decline of 40%. In a bear market environment where mainstream crypto assets are generally under pressure and most token prices have seen significant pullbacks, JST's counter-trend rally strongly proves that a routine deflationary mechanism supported by real business revenue can build a solid value moat for the token.

Looking ahead, as each round of buybacks and burns continues, JST's circulating supply will keep contracting, the scarcity effect will be further amplified, and the deflationary value will accelerate its release. 

JustLend DAO Drives JST Deflation with Real Revenue, Diversified Product Matrix Bolsters Long-Term Deflation

Reviewing the outcomes of the four rounds of large-scale JST buybacks and burns, the total cumulative funds deployed have exceeded $94.62 million. Of this, over $94 million came entirely from the net income generated by JustLend DAO's real business activities—including both historical accumulated revenue from the ecosystem's early stages and the ongoing operating profits released each quarter. As of now, JustLend DAO still holds a reserve of $10.34 million in accumulated revenue, ready to be deployed in the next routine buyback and burn round.

According to the established buyback and burn mechanism, JST buyback funds primarily come from two core sources: first, JustLend DAO's historical accumulated revenue and quarterly net new income; second, the surplus profits generated once the USDD multi-chain ecosystem revenue surpasses the $10 million threshold. To date, USDD's cumulative revenue has not yet met the criteria for inclusion in the fund pool. Therefore, aside from the newly introduced dedicated USDJ historical stability fee burn in the fourth round, all funds for the four routine buyback rounds came entirely from JustLend DAO's real business operating income. The funding sources are genuine and transparent, with no external fundraising or subsidies involved.

Breaking this down in detail: at the formal launch of the JST buyback and burn mechanism in October 2025, the ecosystem initially withdrew 59.08 million USDT from JustLend DAO's accumulated revenue as a startup fund pool. The first burn round directly deployed 30% (approximately $17.72 million), while the remaining 70% was scheduled to be deployed sequentially over four quarters, with a fixed quarterly deployment scale of approximately $10.34 million. Starting from the second buyback round, the funding structure upgraded from relying solely on "historical accumulated revenue" to a dual-engine model combining "accumulated revenue + quarterly net new income." This immediately pushed the capital deployed per buyback round above $20 million: Round 2 deployed $21 million, Round 3 $21.3 million, and the regular portion of Round 4 was approximately $20.6 million. After adding the dedicated USDJ historical stability fee burn, the total investment for Round 4 exceeded $34 million, setting a new historical high for JST buyback and burn scale.

This clear trajectory of fund evolution fully confirms that, from Q4 2025 to the present, JustLend DAO's single-quarter net profit has consistently remained above the $10 million level. This has formed a predictable and sustainable stream of 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 Transparency page, JustLend DAO's platform cumulative net profit has exceeded $94.2 million. Of this, $91.04 million has been withdrawn, leaving approximately $3.17 million in residual profit. Notably, the total funds deployed into the JST buyback and burn pool have reached nearly $105 million; after deducting the $10.39 million dedicated USDJ historical stability fee, nearly $94 million of the funds originated from JustLend DAO. Currently, JustLend DAO still holds approximately $10.34 million in accumulated reserve revenue, which will be deployed according to plan in the next routine burn process.

As the core financial pillar for JST buybacks and burns, JustLend DAO is not resting on its current revenue scale. Instead, it continues to inject more robust real revenue support for subsequent buybacks through the iterative refinement of its product matrix and the healthy growth of its operational data.

Currently, JustLend DAO has built a comprehensive DeFi business matrix covering multiple scenarios, including the SBM lending market, sTRX liquid staking, Energy Rental, and the GasFree smart wallet. Driven by the synergy of its entire ecosystem business, it consistently maintains a stable and sustainable income output capability, continuously supplying "ammunition" for the JST buyback and burn mechanism. As of July 21, the total value locked (TVL) on the JustLend DAO platform stood at $6.664 billion, providing safe and efficient one-stop DeFi services to nearly 486,000 users globally.

From a product-level perspective, whether it's the core SBM lending market, distinctive services like TRX liquid staking and Energy Rental, or innovative tools such as the GasFree smart wallet, each of JustLend DAO's business lines boasts strong market competitiveness, firmly holding a leading position in their respective niche sectors.

According to public data from DeFiLlama, the TVL of JustLend DAO's SBM lending market is $3.29 billion, consistently ranking among the top four globally in the lending track. Within the SBM lending market, the supply-side asset scale exceeds $3.492 billion, while borrowed assets amount to $200 million. Both capital activity and overall volume remain industry-leading.

More 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 to a dual-track model with SBM V1 and SBM V2 running in parallel: SBM V1 continues to accommodate the deposit and borrowing needs of mainstream assets, while SBM V2 adopts an isolated lending market architecture capable of covering more new asset types, further enhancing the platform's overall security and risk resilience.

sTRX liquid staking has long been the preferred platform for TRON ecosystem users to stake their TRX. According to the latest operational data, the amount of TRX staked via sTRX exceeds 9.73 billion, with the number of unique participating addresses surpassing 17,000. Both the total staked amount and the number of participating users continue to show a steady upward trend. Derived from the liquid staking business, the Energy Rental service, with its flexible "rent-as-you-go, pay-as-you-need" model, has completely solved the pain point for ordinary users who previously had to lock up large amounts of TRX for long periods to reduce gas costs. This allows all on-chain users to access the low-cost transaction advantages of the TRON blockchain 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 transferred target tokens without needing to hold the network's native token, TRX. This effectively removes the native token usage limitation for on-chain transactions. Its user base and transaction volume are growing rapidly. As of July 21, the GasFree smart wallet had processed a 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 the SBM lending market, sTRX liquid staking, and Energy Rental to the GasFree smart wallet, JustLend DAO has constructed a comprehensive DeFi platform with complete functionality and diverse revenue sources. Multiple business lines simultaneously generate stable income, creating a profitability landscape where multiple sectors flourish together.

Currently, the funds for JST buybacks and burns mainly originate from JustLend DAO's mature businesses, including sTRX staking, Energy Rental, and the SBM lending market. Subsequently, revenue from innovative businesses like GasFree will also be gradually incorporated into the overall income statistics of the JustLend DAO platform, continuously broadening the funding channels for JST buybacks and burns. 

JUST Ecosystem Synergy Continues