JUST đã tiêu hủy tổng cộng 1,711 tỷ token JST qua bốn vòng, tỷ lệ giảm phát tiến sát 20%, doanh thu từ JustLend DAO tiếp tục thúc đẩy quá trình giảm phát sâu hơn

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 methodically and fully completed four consecutive large-scale JST buyback and burn rounds, backed by the stable profitability of its core DeFi protocol, JustLend DAO.

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 20% of JST has been permanently removed from circulation, with cumulative funds deployed exceeding $94 million.

This substantial achievement presents a stark and powerful contrast to the current environment within the crypto industry. The sector is currently undergoing a deep downturn and consolidation cycle, with numerous DeFi projects slashing expenditures under the triple impact of shrinking revenues, cash flow depletion, and user attrition. Some established leading protocols have even chosen to cease operations. Yet, against this counter-cyclical backdrop, the JUST ecosystem has consistently deployed tens of millions of dollars in real capital round after round, driving each large-scale on-chain JST buyback and burn on schedule and in full. Even as the crypto market faces sustained pressure and overall industry confidence remains low, JUST has never reduced the scale of any burn round nor interrupted its planned deflationary execution.

The core confidence behind JST's independent counter-cyclical deflationary growth trajectory lies in JustLend DAO's long-term, stable ecosystem profitability. As the primary financial pillar for the JST buyback and burn, JustLend DAO leverages its real on-platform business activities to generate consistent positive revenue. Its single-quarter profitability has remained stable at the tens of millions of dollars level for multiple consecutive quarters, providing ample and stable capital sources for JST's regular large-scale buybacks.

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

JST Deflationary Value Accelerates: 1.711 Billion JST Burned Across Four Rounds, Deflation Rate Reaches 17.29%, Funds Deployed Exceed $94.6 Million

Since the implementation of the buyback and burn mechanism in October 2025, JST has successfully completed four large-scale buyback and burn rounds in just nine months. A total of 1.711 billion JST has been burned, constituting 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 tokens across the four batches is nearly $170 million.

Such high-frequency, large-scale, and consistently executed real burn actions are rare across the entire Web3 and DeFi industry, fully demonstrating the JUST ecosystem's firm strategic commitment to long-term JST value enhancement and genuine deflation.

A review of the execution data for all four complete buyback and burn rounds clearly shows a steady upward trend in the scale of capital deployed per round. Several rounds have exceeded expectations by broadening revenue sources, continuously escalating the deflationary intensity:

• Round 1 (October 22, 2025): Burned approximately 559 million JST, representing 5.66% of the total supply, corresponding to $17.72 million. All funds were sourced from JustLend DAO's historical accumulated revenue, marking the official start of JST's regular deflation cycle.
• Round 2 (January 15, 2026): Burned approximately 525 million JST, representing 5.30% of the total supply, corresponding to $21 million. Funds consisted of JustLend DAO's historical revenue combined with Q4 2025 net profit, 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 historical revenue and new Q1 2026 profits, the capital deployment scale continued to increase modestly.
• 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 historical revenue and Q2 2026 net profit, with an additional dedicated burn of historical USDJ stability fees. This drove the overall deployment scale up significantly to $34.59 million, setting a new historical high for single-round burn capital.

Observing the capital scale across the four buyback and burn rounds reveals a clear upward trajectory of steady increase and successive 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 profit, raising the scale to $21 million. The third round incorporated Q1 2026 profits, slightly increasing deployment to $21.3 million. The fourth round added dedicated historical USDJ stability fees to the quarterly regular 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 repeatedly exceeds market predictions, delivering unexpected value returns to the community.

Notably, 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—through the JustLend DAO official website's Transparency section and the Grants DAO official page. All burn records are permanently stored on-chain, ensuring data is public, transparent, and fully verifiable and traceable.

In just nine months, the JUST ecosystem has methodically executed four large-scale on-chain buyback and burn rounds according to governance plans. Cumulatively, nearly 20% of JST's original total supply has been permanently destroyed and removed from circulation. Under the fundamental rule of a fixed total token supply with no additional issuance, each buyback and burn represents a permanent reduction in circulating supply. As rounds progress as scheduled, the number of tokens available for circulation continues to shrink, constantly 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 an independent counter-trend trajectory completely detached from the broader market. The token price has risen steadily from a low of around $0.03 to the current $0.1 mark. Its circulating market cap has surged from less than $300 million to $830 million, achieving a cumulative gain of over 333% during the period, successfully securing a spot among the top 70 global cryptocurrencies by market capitalization.

In contrast, over the same period, Bitcoin has experienced a volatile decline from around $100,000 to its current level near $65,000, a cumulative drop of 40%. In a bear market environment where major crypto assets are generally under pressure and most token prices have seen significant pullbacks, JST has bucked the trend. This strongly demonstrates that a regular deflation mechanism supported by real business revenues can build a solid value moat for the token.

Looking ahead, as each subsequent buyback and burn round progresses, JST's circulating supply will continue to shrink, the scarcity effect will be amplified, and its deflationary value will accelerate its release.

JustLend DAO Drives JST Deflation with Real Revenue, Diversified Product Matrix Continues to Bolster Long-Term Deflation

Reviewing the outcomes of the four large-scale JST buyback and burn rounds, the total capital deployed for burns has surpassed $94.62 million. Over $94 million of this has come entirely from the net revenues generated by JustLend DAO's real business operations—including both the ecosystem's historical accumulated revenue and the ongoing quarterly new operating profits. As of now, JustLend DAO still holds $10.34 million in historical revenue reserves designated for the next regular buyback and burn round.

According to the established buyback and burn mechanism, JST's buyback funds primarily come from two core sources: first, JustLend DAO's historical accumulated revenue and quarterly net new profits; second, excess profits generated from the USDD multi-chain ecosystem after its 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 new dedicated burn of historical USDJ stability fees in the fourth round, all funds for the four regular buyback and burn rounds have come entirely from JustLend DAO's real business income. The funding sources are transparent and genuine, with no external fundraising subsidies.

Breaking this down specifically: When the JST buyback and burn mechanism officially launched in October 2025, the ecosystem immediately allocated 59.08 million USDT from JustLend DAO's historical revenue to serve as the initial fund pool. The first burn round directly utilized 30% (approximately $17.72 million). The remaining 70% is allocated sequentially over four quarters, with a fixed quarterly deployment scale of approximately $10.34 million. Starting from the second buyback round, the fund composition upgraded from a "single historical reserve release" model to a "dual-engine model" combining historical reserves and quarterly new net profits. This caused the capital deployment for a single buyback round to jump directly to over $20 million: $21 million was deployed in the second round, approximately $21.3 million in the third, and approximately $20.6 million in the regular portion of the fourth round. When combined with the dedicated burn of historical USDJ stability fees, the total deployment for the fourth round exceeded $34 million, setting a new historical record for JST buyback and burn scale.

This clear trajectory of capital evolution fully confirms that since Q4 2025, JustLend DAO's single-quarter net profit has consistently remained above the $10 million mark. This has created a predictable and sustainable stream of stable cash flow, establishing an unshakeable 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 profit has exceeded $94.2 million. Of this, $91.04 million has been withdrawn, leaving a remaining profit of $3.17 million. Specifically, the capital deployed into the JST buyback and burn fund pool has reached nearly $105 million. After deducting the $10.39 million in dedicated historical USDJ stability fees, nearly $94 million in funds originated from JustLend DAO. Currently, JustLend DAO still holds approximately $10.34 million in historical reserve revenue, which will be deployed in the next regular burn process as planned.

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

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

From a single product perspective, whether it's the core SBM lending market, distinctive features like TRX liquid staking and Energy Rental, or innovative tools like the GasFree smart wallet, each of JustLend DAO's business lines possesses strong market competitiveness, firmly occupying 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 ranking among the top four in the global lending sector. Within this SBM lending market, the supply asset size exceeds $3.492 billion, while the borrowed asset size stands at $200 million, maintaining industry-leading capital activity and overall scale.

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 operating in parallel. SBM V1 continues to support the deposit and borrowing needs of mainstream assets. SBM V2 adopts an isolated lending market structure capable of covering more new asset types, 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, the amount of TRX staked in sTRX has exceeded 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. The Energy Rental business, derived from this liquid staking service, leverages a flexible "pay-as-you-rent" model. It has fundamentally solved the pain point for ordinary users who had to lock up large amounts of TRX for extended periods to reduce gas costs, allowing all on-chain users to enjoy the low-cost transaction advantages of the TRON chain without any barriers. The cumulative number of users participating in Energy Rental has now exceeded 80,000.

Concurrently, the GasFree smart wallet, an innovative smart tool focused on gas optimization, allows users to pay on-chain fees directly through the target token being transferred without needing to hold the network's native token, TRX. This effectively removes the limitation of needing the native token for on-chain transactions, and its user base and transaction volume are growing rapidly. As of July 21, the GasFree smart wallet has processed a cumulative transaction volume exceeding $114.3 billion, served over 6.6 million accounts, and saved a total of $7.78 million in fees for global users. It is rapidly emerging as a new growth engine for the JustLend DAO ecosystem.

From SBM lending and sTRX liquid staking to Energy Rental and the GasFree smart wallet, JustLend DAO has constructed a comprehensive DeFi platform with complete functionalities and diversified revenue streams. Multiple business lines simultaneously generate stable income, creating a multi-faceted profit landscape.

Currently, the primary sources of JST buyback and burn funds are JustLend DAO's mature businesses such as sTRX staking, Energy Rental, and SBM lending. Subsequently, revenue from innovative businesses like GasFree will be gradually integrated into JustLend DAO's overall revenue statistics system, continuously broadening the capital sources for the JST buyback and burn.

JUST Ecosystem Synergy Continues to Drive JST Value Appreciation

More fundamentally, the value growth of JST has never relied on short-term price spikes triggered by a single large-scale burn. Behind it lies the deep support of the entire JUST ecosystem—a full-chain value support network built upon a complete business闭环. This network is entirely grounded in the tangible fundamentals