JST Buyback and Burn Mechanism Upgraded: GasFree Revenue Added and $20.34 Million in Existing Funds Injected, JUST's Three Major Businesses Jointly Build a New Foundation for JST Value

Recently, the DeFi infrastructure of the TRON ecosystem, JUST, has seen a continuous stream of positive developments. First, on October 16, it completed the fifth buyback and burn of its native token JST as scheduled, marking the successful conclusion of the first phase of JST buyback and burn. Immediately after, on October 23, the JUST brand completed a comprehensive upgrade, becoming the unified entry point for the ecosystem, fully integrating the three major business lines of JustLend, USDD, and GasFree, with JUST DAO serving as the unified entity responsible for the governance of all JUST ecosystem businesses. At the same time, JUST also released a brand-new JST buyback and burn mechanism, propelling the JST value feedback system into an entirely new phase.

As the native governance token of the entire JUST ecosystem, the value support and empowerment methods of JST have always been the focus of the community. This upgrade of the JST buyback and burn mechanism not only achieves diversified expansion of funding sources but also ensures the continued use of existing funds: on top of the original JustLend and USDD, GasFree business revenue has been added as a funding source; at the same time, $20.34 million in existing funds has been set aside for subsequent phased buyback execution, providing more stable and predictable funding support for buyback and burn.

Overall, under the new mechanism, the funding sources for JST buyback and burn have officially expanded from the two businesses of JustLend and USDD to JUST's three major businesses of JustLend, USDD, and GasFree, supplemented by the continued deployment of existing funds, making the funding base more diversified and robust. This is not only an expansion of funding sources for buyback and burn but also means that the development results of JUST's various business lines can be channeled more directly back into JST's value itself — reflecting both JUST's long-term commitment to the JST value feedback mechanism and its determination to deeply align with the interests of JST holders and the community.

With the simultaneous implementation of the JUST brand upgrade, unified governance, and the upgrade of the buyback and burn mechanism, the value support logic of JST is shifting from "single-business driven" to "full JUST ecosystem value capture." For JST holders and ecosystem co-builders, a deflationary mechanism with more diversified funding sources, more transparent execution, and a more predictable rhythm is providing more solid support for JST's long-term value. 

New JST Buyback and Burn Mechanism Implemented: $50 Million Reserve as Backstop, GasFree Revenue Added, $20.34 Million in Existing Funds Injected

With the completion of the fifth JST buyback and burn on October 16, the first phase of JST buyback and burn has successfully concluded. Now, the new JST buyback and burn mechanism has been implemented: on top of JustLend and USDD, GasFree business revenue has been added, bringing all three core JUST business revenues into the buyback and burn system; at the same time, approximately $20.34 million in existing funds has been set aside for phased deployment in subsequent buybacks; buyback and burn will be uniformly executed by JUST DAO.

The new JST buyback and burn mechanism is built on the successful practices of the first phase. Since its launch in October 2025, up to the completion of the fifth buyback and burn on October 16, over the course of one year, JUST has successively completed five rounds of large-scale JST buyback and burn as scheduled, with a cumulative burn of approximately 1.881 billion tokens, a cumulative deflation rate exceeding 19%, and cumulative real buyback funds exceeding $118 million. The smooth operation of the first phase not only validated the executability of the buyback and burn mechanism but also accumulated reliable practical experience for the mechanism upgrade in the new phase.

According to the Announcement on the Adjustment of the JST Buyback and Burn Mechanism, the new mechanism completes upgrades and adjustments across five dimensions: treasury fund reserves, funding sources, existing funds, buyback and burn execution, and executing entity, delineating risk boundaries for ecosystem operations while supplementing more stable and predictable funding sources for JST buybacks:

In terms of treasury fund reserves, a fund reserve worth no less than $50 million will be maintained on a long-term basis for risk preparation, redemption under extreme circumstances, and liquidity assurance.

In terms of funding sources, the new mechanism adds GasFree business revenue on top of the original foundation, bringing all three core JUST businesses into full coverage of buyback funding sources. Specifically, this includes business revenues from JustLend's sTRX staking yields and SBM revenues, GasFree business revenue, and the portion of USDD net income exceeding $10 million. Going forward, the sustainable incremental revenue from JUST's various business lines will serve as the primary source of buyback funds.

In terms of existing funds, funds beyond the reserve line will be used for JST buybacks. Approximately $20.34 million has currently been set aside, primarily from the historical cumulative revenue of the GasFree business and the portion of treasury addresses exceeding the reserve line. These funds will begin phased deployment in subsequent buybacks starting from Q4 2026.

In terms of buyback and burn execution, a strategy of "long-term buyback, periodic burn" will be adopted: 100% of revenue from JUST's various business lines will continuously be used to buy back JST, with the specific amount of each buyback period determined dynamically based on market conditions at the time, and the JST obtained from buybacks will be burned periodically. 

In terms of the executing entity, JST buyback and burn will be uniformly executed by JUST DAO, with relevant financial data periodically disclosed to the community, and all transactions publicly transparent on-chain.

Compared with the first-phase buyback and burn plan, this JST buyback and burn mechanism upgrade brings five core changes:

First, fund reserves are more clearly defined: The new mechanism establishes a separate treasury fund reserve line worth $50 million outside of buybacks, providing a safety cushion for ecosystem operations on the one hand, and delineating the boundary of funds available for buybacks on the other;

Second, existing funds are bridged: The $20.34 million in existing funds set aside under the new mechanism will be deployed in phases for subsequent buybacks, providing a relatively fixed source of funds beyond business revenue; the phased deployment arrangement makes the buyback rhythm smoother and the transition between existing funds and subsequent business revenue more natural.

Third, funding sources are more diversified: Previously, buyback and burn funds came mainly from the two business revenues of JustLend and USDD. The new mechanism adds GasFree business revenue on this basis, bringing funding sources into full coverage of all JUST ecosystem business lines, making the connection between JST value and overall ecosystem business development even closer.

Fourth, execution rhythm is clearer: The "long-term buyback, periodic burn" strategy establishes a fixed rhythm for buyback and burn, making it easier for the community to track and verify.

Fifth, the executing entity is more unified: JUST DAO, upgraded from the original JustLend DAO, serves as the unified governance organization of the JUST ecosystem, taking overall responsibility for the execution of buyback and burn, bringing the decision-making and execution of buyback and burn under the same entity, consistent with the previous JUST brand upgrade and governance integration.

In summary, the new JST buyback and burn mechanism follows a "backstop first, release next, sustain thereafter" approach: first, an asset reserve line worth no less than $50 million safeguards ecosystem security and delineates the boundary of buyback funds; then existing funds above the reserve line are released in phases to provide stable base funding for buybacks; subsequently, new revenue from the three major businesses continuously takes over, forming a sustainable funding source. This arrangement balances risk preparation and liquidity while also enabling JST buyback and burn to gradually transition from a phased investment to a long-term mechanism synchronized with business development.

GasFree Expected to Become the Second Growth Engine for JST Buyback and Burn Funds

 With the implementation of the new mechanism, GasFree business revenue has been officially incorporated into the buyback and burn fund pool and will formally participate in the JST buyback plan starting from Q4 2026. This move not only expands the funding sources for buyback and burn but also channels the development results of JUST's various business lines more directly into JST value support. More notably, GasFree's business performance is particularly impressive, with significant revenue-generating potential, and is expected to grow into the second growth engine for JST buyback and burn funds.

From a funding structure perspective, the addition of GasFree directly changes the previous situation where JST buyback funds were highly dependent on a single business. Previously, JST buyback and burn funds came mainly from JustLend business revenue and the portion of USDD net income exceeding $10 million; since USDD has not yet reached the activation threshold, actual buyback funds have relied primarily on the single JustLend business. With GasFree revenue included, buyback funding sources expand to JustLend, GasFree, and the incremental USDD revenue once the threshold is met in the future, significantly enhancing the risk resilience of the funding structure. 

GasFree, as a gas-free on-chain transfer solution launched by the TRON ecosystem, supports users in paying gas fees directly with the tokens being transferred: without needing to hold TRX or other native network tokens in advance, users can complete fee payment and on-chain transfers using the assets to be transferred, effectively resolving the industry limitation that "transfers require holding specific native tokens first" and significantly improving the stablecoin transfer experience. Currently, GasFree supports gas-free transfers of the two major stablecoins USDT and USDD, and will continue to expand the range of supported asset types going forward.

From a business foundation perspective, GasFree's user and transaction scale remains on a rapid expansion trajectory. As of October 23, GasFree's cumulative stablecoin transfer volume has exceeded $157.1 billion, with cumulative transactions exceeding 9.14 million, cumulative fee savings for users of nearly $9.4 million, and total users served surpassing 500,000. This rapidly expanding business foundation is precisely the core confidence behind GasFree's ability to continuously contribute buyback funds and grow into the second growth engine for JST buybacks.

From a revenue performance perspective, GasFree's profitability has been verified by data. According to the announcement, since its launch in March 2025, GasFree revenue has continued to grow, with cumulative historical existing revenue of approximately $12.027 million as of Q3 2026; the approximately $20.34 million in existing funds set aside in this upgrade also comes mainly from the historical cumulative revenue of the GasFree business and the portion of treasury addresses exceeding the reserve line. 

Overall, the addition of GasFree, on the one hand, opens up entirely new revenue channels for JST buyback and burn, improving the previously relatively single-source funding structure; on the other hand, the continuously rising user scale and transaction volume lay the foundation for the long-term stable and sustainable supply of buyback funds. As GasFree's revenue contribution continues to increase, JST buyback and burn will gradually move away from sole dependence on JustLend and enter a new phase of multi-business collaborative support, driving the deep integration and synchronized development of the JST value feedback mechanism with the overall JUST ecosystem.

JUST's Three Major Businesses Collaboratively Empower JST Buyback and Burn, Value Support System Enters a New Phase of Multi-Point Collaboration

 With the implementation of the new mechanism, GasFree has officially been included as a buyback funding source, and the portion of USDD net income meeting the threshold has also joined simultaneously. JST buyback and burn has thus evolved from early single-business supply relying on JustLend to a diversified support structure underpinned by multiple business lines in collaboration. Under this new framework, the growth results of the three core businesses — JustLend, USDD, and GasFree — will all continuously transform into long-term deflationary momentum and value feedback capability for JST. The diversified funding base not only enhances the stability and sustainability of buyback fund supply but also significantly strengthens JST's resilience against market fluctuations, laying a solid foundation for the long-term operation of the deflationary mechanism.

The diversification of buyback funding sources also echoes JUST's brand upgrade. The upgraded JUST brings its three core products — JustLend, USDD, and GasFree — together under a unified brand and entry point, with JUST DAO coordinating governance decisions, product synergy, and JST value empowerment across all business lines. 

As the native governance token of the entire JUST ecosystem, JST's value support will run through the core product scenarios of the JUST ecosystem as brand unification and JUST DAO governance advance: JustLend covers lending and resource markets, USDD provides stablecoin services, and GasFree handles on-chain transfer payment scenarios. JST's value foundation no longer corresponds to a single product alone but is linked to the business development of the entire ecosystem.

As the core financial infrastructure of the TRON ecosystem, the JUST platform has long maintained custody of crypto assets in excess of $10 billion, with current TVL exceeding $12.2 billion, carrying more than half of the TRON network's total capital volume. At the same time, its three core businesses have all established competitive moats in their respective niche tracks, with solid and robust fundamentals, laying a firm foundation for ecosystem revenue to continuously feed back into JST. 

JustLend is both the core source of JST buyback funds in the first phase and an important revenue base under the new mechanism, with its SBM lending and sTRX liquid staking businesses continuing to operate steadily. As of October 23, the total value locked (TVL) on the JustLend platform is nearly $7.135 billion. Among this, the JustLend SBM lending market TVL is approximately $3.71 billion, firmly ranking among the top five globally in the lending sector; in its Staked TRX liquid staking market, the total amount of TRX staked by users exceeds 9.83 billion tokens, with staking scale still growing, providing strong support for JustLend's stable revenue generation. In addition, leveraging energy services derived from sTRX, JustLend is growing into the primary energy supply entry point for the TRON network, with energy direct purchase and energy leasing businesses steadily expanding.

GasFree, as the newly added funding source under the new mechanism, is continuously accelerating its ecosystem expansion. At the end of September, GasFree reached a partnership with Binance Wallet, the Web3 wallet under the world's leading crypto asset trading platform Binance, jointly launching a new TRC-20 USDT gas payment feature: when users transfer USDT or TRC-20 assets on the TRON network through Binance Web3 Wallet, they no longer need to hold TRX and can directly use USDT to offset gas fees. This integration has dual significance: on the one hand, it extends GasFree's gas-free transfer experience to the mainstream user base of a top global CEX, completing the leap from an in-ecosystem tool to an industry-level payment entry point; on the other hand, the proactive integration by a leading platform is also strong validation of the value of the GasFree model, expected to further accelerate the growth of its user scale and business revenue. 

USDD is a potential funding source for buyback and burn, and its revenue is also continuously growing. Currently, USDD has completed multi-chain deployment across Ethereum, BNB Chain, and other chains. As of October 23, USDD's platform TVL has exceeded $2.48 billion, with total supply nearing $1.8 billion, and its market cap has ranked among the global top ten stablecoins. In terms of revenue, USDD revenue in Q3 2026 was approximately $9.7 million, up from over $7.65 million in Q2, a quarter-over-quarter increase of over 27%. According to the previous rules, the portion of USDD ecosystem net income exceeding $10 million will be included in the JST buyback and burn reserve. At the current growth rate, the breakthrough of this threshold is approaching, at which point USDD will officially become another regular funding source for the buyback mechanism.

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