JST has completed four rounds of large-scale buyback and burning, totaling 1.711 billion JST burned, with a deflation rate approaching 20%. JustLend DAO's 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 completed four consecutive rounds of large-scale JST buyback and burn operations in an orderly and fully funded manner. This is backed by the stable profitability of its core DeFi protocol, JustLend DAO, which generates real business revenue.

To date, the total amount of JST burned across all four rounds has reached a staggering 1.711 billion tokens, representing 17.29% of the initial total supply. Nearly 20% of all JST has been permanently removed from circulation, with cumulative funds deployed surpassing $94 million.

This substantial achievement stands in stark contrast to the broader environment of the crypto industry. The sector is currently undergoing a deep downturn and consolidation cycle. Many DeFi projects are struggling under the triple impact of shrinking revenues, depleted cash flows, and user attrition, forcing them to cut costs, while some leading, established protocols have even chosen to shut down operations. In this counter-cyclical environment, the JUST ecosystem has consistently deployed tens of millions of dollars in real capital, round after round, faithfully executing large-scale on-chain JST buybacks and burns on schedule and in full amounts. Even as the crypto market remains under pressure and overall industry sentiment is low, JUST has never reduced the scale of any burn round nor interrupted the planned deflationary execution.

The core confidence behind JST's independent growth trajectory of deflation during the industry downturn is rooted in JustLend DAO's long-term, stable ecosystem profitability. As the primary financial pillar for JST buybacks and burns, JustLend DAO generates consistent positive returns from its real business operations. Its quarterly profitability has remained stable at tens of millions of dollars for several consecutive quarters, providing ample and stable funding for regular large-scale JST repurchases.

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

JST Deflationary Value Accelerates: Cumulative Burns Across Four Rounds Exceed 1.711 Billion JST, Deflation Rate Hits 17.29%, Total Funds Deployed Surpass $94.6 Million

 Since the buyback and burn mechanism was implemented in October 2025, JST has successfully completed four rounds of large-scale buybacks and burns in just nine months. The cumulative amount of JST burned has reached a total of 1.711 billion tokens, accounting for approximately 17.29% of the total token supply. The cumulative funds deployed exceed $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.

Such high-frequency, large-scale, and consistently executed real burn actions are exceedingly rare in the entire Web3 and DeFi industry. This fully demonstrates the JUST ecosystem's firm strategic determination to empower JST value long-term and adhere to genuine deflation.

An analysis of the complete execution data for the four rounds of buybacks and burns clearly shows a steady upward trend in the scale of funds used per round. Moreover, the deflationary intensity has been consistently upgraded, often exceeding expectations through the expansion of revenue sources:

• Round 1 (October 22, 2025): Approximately 559 million JST burned, representing 5.66% of total supply, corresponding to $17.72 million in funds. Funds were entirely sourced from JustLend DAO's historical accumulated revenue, marking the official start of JST's regular deflation cycle.
• Round 2 (January 15, 2026): Approximately 525 million JST burned, representing 5.30% of total supply, corresponding to $21 million in funds. Funds consisted of JustLend DAO's historical revenue combined with Q4 2025 net income, surpassing market expectations for the burn scale.
• Round 3 (April 15, 2026): Approximately 271 million JST burned, representing 2.74% of total supply, corresponding to $21.3 million in funds. Supported by DAO historical revenue and newly generated Q1 2026 profits, the scale of fund deployment continued to increase slightly.
• Round 4 (July 17, 2026): A total of approximately 355 million JST burned, representing 3.59% of total supply. Regular burn funds were sourced from DAO historical revenue and Q2 2026 net income. Additionally, a dedicated burn of USDJ historical stability fees was included for the first time. The total deployment scale surged to $34.59 million, setting a new historical high for a single round of burns.

Looking at the scale of buyback and burn funds across all four rounds, there is a clear upward trend of steady growth and expansion: The first round relied solely on JustLend DAO's historical revenue for a $17.72 million burn. The second round added Q4 2025 quarterly net new income, raising the scale to $21 million. The third round incorporated Q1 2026 current profits, slightly increasing deployment to $21.3 million. The fourth round added USDJ historical stability fees as dedicated incremental funds on top of the regular quarterly revenue, pushing the single-round burn volume past $34.5 million. Data from multiple rounds clearly confirms that the JST buyback and burn fund pool is continuously widening, and the burn intensity consistently surpasses market expectations, delivering exceptional value back to the community.

It is worth noting that all JST buyback and burn operations are executed independently on-chain by the decentralized governance organization, Grants DAO, without intervention from centralized entities. Users can verify the number of tokens burned, fund amounts, on-chain transaction hashes, and other complete credentials for each round via the Transparency section on the JustLend DAO official website or the Grants DAO official page. All burn records are permanently stored on-chain, with data open, transparent, and fully auditable.

In just nine months, the JUST ecosystem has implemented four rounds of large-scale on-chain buybacks and burns in an orderly manner according to the governance plan. Cumulatively, nearly 20% of JST's original total supply has been permanently burned and removed from circulation. Under the fundamental rule of a fixed total token supply with no new issuance, each buyback and burn represents a permanent reduction in circulating supply. As burn rounds proceed as scheduled, the circulating tokens available in the market continue to contract, strengthening JST's scarcity attribute and steadily enhancing its intrinsic value.

CoinGecko data directly confirms the effectiveness of this value logic: Since the official buyback and burn mechanism was launched in October 2025, JST has charted a completely independent inverse trend detached from the broader market. The token price has steadily climbed from a low of around $0.03 to the current threshold of $0.1. The circulating market cap has surged from less than $300 million to over $830 million, achieving a cumulative increase of over 333% during the period. JST's market cap ranking has successfully entered the top 70 globally.

In contrast, over the same period, Bitcoin has experienced a volatile downturn from its all-time high of around $100,000 to the current levels near $65,000, representing a cumulative decline of 40%. In a bear market environment where mainstream crypto assets are generally under pressure and most token prices have suffered significant pullbacks, JST has bucked the trend and risen. This powerfully demonstrates that a regular deflationary mechanism supported by real business revenue can build a solid value moat for a token.

Looking ahead, as each round of buybacks and burns continues, the circulating supply of JST will further tighten, the scarcity effect will amplify, 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 size of funds deployed for burns has surpassed $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 revenue from the ecosystem's earlier stages and the new operational profits generated across various quarters. As of now, JustLend DAO still holds $10.34 million in historical revenue reserves, earmarked for the next regular round of buybacks and burns.

According to the established buyback and burn mechanism, JST's repurchase funds primarily come from two core sources: First, JustLend DAO's historical accumulated revenue and quarterly net new income; second, any excess profits generated by the USDD multi-chain ecosystem after its cumulative 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, apart from the newly introduced dedicated burn of USDJ historical stability fees in the fourth round, all funds for the four regular buyback and burn rounds came 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 down the specifics: When the JST buyback and burn mechanism was officially launched in October 2025, the ecosystem initially withdrew 59.08 million USDT from JustLend DAO's historical revenue to serve as the startup fund pool. 30% (approximately $17.72 million) was directly deployed in the first round of burns. The remaining 70% was scheduled for sequential deployment across four quarters, with a fixed quarterly allocation of approximately $10.34 million. Starting from the second round, the funding composition was upgraded from "single historical reserve release" to a "dual-engine model" combining "historical revenue + quarterly new net income." The capital deployment scale for a single buyback round immediately jumped to over $20 million: $21 million in the second round, approximately $21.3 million in the third round, and approximately $20.6 million for the regular portion of the fourth round. Combined with the dedicated USDJ historical stability fee burn, the fourth round's total investment exceeded $34 million, setting a new historical record for JST buyback and burn scale.

This clear evolutionary trajectory of funds fully confirms that, from Q4 2025 to the present, JustLend DAO's single-quarter net profit has consistently remained above the $10 million threshold. This has created a predictable and sustainable cash flow stream, securing an unshakable and solid foundation for the long-term operation of JST's deflationary mechanism.

According to the latest data disclosed on the official financial page, JustLend DAO's platform cumulative net revenue has exceeded $94.2 million. Of this, $91.04 million has been withdrawn, leaving a remaining balance of $3.17 million. Specifically, the total funds channeled into the JST buyback and burn pool have reached nearly $105 million. After deducting the $10.39 million USDJ special historical stability fee burn, nearly $94 million of the funds originated from JustLend DAO. Currently, JustLend DAO holds approximately $10.34 million in historical reserve revenue, which will be deployed in the next scheduled burn process.

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

Currently, JustLend DAO has established 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 the entire ecosystem business, it maintains a stable and sustained revenue generation capability, continuously supplying financial "ammunition" for JST buybacks and burns. As of July 21, the total value locked (TVL) on the JustLend DAO platform stands at a substantial $6.664 billion, providing secure and efficient one-stop DeFi services to nearly 486,000 users worldwide.

From a single product perspective, whether it's the core SBM lending market, the distinctive TRX liquid staking and energy rental services, or innovative tools like the GasFree smart wallet, each business line of JustLend DAO possesses strong market competitiveness, firmly holding a top-tier position in its respective niche.

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 sector. Within the SBM lending market, the supply asset size exceeds $3.492 billion, while the borrowed asset size stands at $200 million. Both capital activity and overall scale 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 where SBM V1 and SBM V2 operate in parallel: SBM V1 continues to cater to 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 resilience.

sTRX liquid staking has long become the preferred platform for TRX staking among users on the TRON ecosystem. According to the latest operational data, the number of TRX staked via sTRX exceeds 9.73 billion, with the number of unique staking addresses surpassing 17,000. Both the total staked amount and the number of participating users maintain a steady upward trend. The Energy Rental service, derived from the liquid staking business, leverages a flexible "rent-as-you-go, pay-as-you-need" model. It has completely solved the pain point for ordinary users who previously had to lock up large amounts of TRX long-term to reduce Gas costs. It allows all on-chain users zero-barrier access to the low-cost transaction advantages of the TRON network. The total number of cumulative users participating in Energy Rental has now exceeded 80,000.

Simultaneously, the GasFree smart wallet, serving as an innovative smart tool focused on Gas optimization, supports users in paying on-chain fees directly through the target transfer token without needing to hold the network's native token, TRX. This effectively removes the native token usage restriction for on-chain transactions, and both its user base and transaction volume are growing rapidly. As of July 21, the GasFree smart wallet has processed cumulative fund transfers exceeding $114.3 billion, serving over 6.6 million accounts and saving users a total of $7.78 million in fees globally. It is rapidly evolving into 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 built a versatile, multi-revenue-source comprehensive DeFi platform. Multiple business lines simultaneously generate stable revenues, creating a diversified profitability landscape.

Currently, the funds for JST buybacks and burns primarily originate from JustLend DAO's mature businesses, including sTRX staking, Energy Rental, and the SBM lending market. In the future, revenues from innovative businesses like GasFree will also be gradually integrated into JustLend DAO's overall revenue statistical framework, continuously widening the funding sources for JST buybacks and burns.