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 orderly and fully executed four consecutive large-scale JST buyback and burn operations, supported by the stable profitability of its core DeFi protocol, JustLend DAO.

To date, four rounds of burns have collectively destroyed 1.711 billion JST, accounting for 17.29% of the initial total supply. Nearly one-fifth of all JST has been permanently removed from circulation, with cumulative funding exceeding $94 million.

This substantial on-chain achievement stands in stark, striking contrast to the current macro environment of the crypto industry. The sector is currently in a deep downturn and consolidation phase, with numerous DeFi projects facing triple pressures—shrinking revenues, depleted cash flows, and user attrition—leading many to cut costs, and some established top-tier protocols even choosing to shut down operations. Yet, in this counter-cyclical environment, the JUST ecosystem has consistently delivered multiple rounds of multi-million-dollar real-world investments, faithfully executing each scheduled large-scale on-chain JST buyback and burn on time and in full. Even as crypto market conditions remain under persistent pressure and overall industry confidence remains low, JUST has never reduced the scale of any burn round or interrupted its predetermined deflationary execution plan.

JST has been able to chart an independent growth curve of deflationary momentum during an industry downturn, thanks primarily to the long-term, stable profitability of the JustLend DAO. As the core financial pillar backing JST buybacks and burns, JustLend DAO consistently generates positive returns from genuine platform operations, with quarterly profits remaining steadily in the tens of millions of dollars for multiple consecutive quarters—providing ample and reliable funding for regular, large-scale JST buybacks.

More importantly, the JUST ecosystem is continuously unlocking new sources of incremental funding: for the first time, the fourth burn cycle includes dedicated burns of historical USDJ stability fees, while the cumulative profits of the USDD ecosystem are about to surpass the $10 million mark. These new funding sources, combined with the core business revenues of JustLend DAO, create a strong foundation for sustained, large-scale burns in the future. As ecosystem profits continue to grow, the scale and consistency of future burns are expected to increase further, accelerating the token deflationary process.

Since the implementation of the buyback and burn mechanism in October 2025, JST has successfully completed four large-scale buyback and burn rounds within just nine months, cumulatively burning 1.711 billion JST tokens, accounting for approximately 17.29% of the total token supply, with a total capital investment exceeding $94.62 million. Based on JST’s recent market price of around $0.10, the market value of the four batches of permanently burned JST tokens amounts to nearly $170 million.

Such frequent, large-scale, and sustained real burn actions are extremely rare across the entire Web3 and DeFi industry, fully demonstrating JUST ecosystem's unwavering strategic commitment to long-term value empowerment of JST and adherence to genuine deflation.

Reviewing the complete data from four rounds of buyback and burn executions clearly shows that the amount of funds burned per round has maintained a steady upward trend, with multiple instances of exceeding expectations by expanding revenue sources, leading to continuously increasing deflationary pressure:

• Round 1 (October 22, 2025): Approximately 559 million JST tokens were burned, representing 5.66% of the total supply, equivalent to $17.72 million in value. All funds were sourced from historical surplus yields of the JustLend DAO, marking the official commencement of JST’s常态化 deflationary cycle;
• Round 2 (January 15, 2026): Approximately 525 million JST tokens, representing 5.30% of the total supply, equivalent to $21 million in value, will be burned. The funds are derived from the accumulated yield of JustLend DAO combined with the net yield from Q4 2025; the burn size exceeds market expectations;
• Round 3 (April 15, 2026): Approximately 271 million JST tokens burned, representing 2.74% of the total supply, equivalent to $21.3 million in value, supported by DAO existing yields and Q1 2026 new profits, with continued modest increases in funding scale;
• Round 4 (July 17, 2026): Approximately 355 million JST were burned in total, accounting for 3.59% of the total supply. The standard burn funds were sourced from DAO reserve earnings and Q2 2026 net revenue, supplemented by a dedicated burn of historical USDJ stability fees, resulting in a significant increase in total funding to $34.59 million—the highest single-round burn funding on record.

Looking at the total scale of the four buyback and burn cycles, there has been a steady upward trend with each cycle expanding further: the first cycle burned $17.72 million, funded solely by historical earnings from JustLend DAO; the second cycle increased the scale to $21 million by adding net earnings from Q4 2025; the third cycle slightly raised the amount to $21.3 million by incorporating Q1 2026 profits; and the fourth cycle, building on regular quarterly earnings, introduced historical USDJ stability fees as dedicated incremental funding, pushing the single-cycle burn volume past $34.5 million. These multiple cycles clearly demonstrate that the JST buyback and burn fund continues to expand, with burn volumes consistently exceeding market expectations and delivering multiple rounds of unexpected value back to the community.

It is worth noting that all JST buyback and burn operations are independently executed on-chain by the decentralized governance organization Grants DAO, with no intervention from centralized entities. Users can verify the complete documentation for each burn round—including the number of tokens burned, the amount of funds involved, and the on-chain transaction hashes—via the Transparency section on the JustLend DAO official website and the Grants DAO official page. All burn records are permanently stored on-chain, ensuring full transparency and traceability.

Within just nine months, the JUST ecosystem has systematically executed four large-scale on-chain buybacks and burns according to its governance plan, permanently destroying nearly 20% of the original total supply of JST and removing it entirely from circulation. Under the fundamental rule of a fixed total token supply with no additional minting, each buyback and burn permanently reduces the circulating supply. As these burns proceed on schedule, the amount of JST available in the market continues to shrink, steadily reinforcing its scarcity and enhancing its intrinsic value.

CoinGecko data clearly validates the real-world impact of this value logic: since the official buyback and burn mechanism was launched in October 2025, JST has forged an independent, counter-trend trajectory entirely detached from broader market movements—the token price has steadily risen from a low of approximately $0.03 to its current level of $0.10; the circulating market cap has surged from under $300 million to $830 million, achieving a cumulative gain of over 333% during this period, and the token’s market cap rank has successfully entered the top 70 among global cryptocurrencies.

In contrast, during the same period, the broader crypto market saw Bitcoin decline from its historical high of around $100,000 to approximately $65,000, representing a cumulative drop of 40%. Amid a bear market characterized by widespread pressure on major crypto assets and significant price corrections across most tokens, JST has demonstrated an upward trend contrary to the market, strongly validating that a常态化 deflationary mechanism backed by real business revenues can build a robust value moat for the token.

In the future, as each round of buyback and burn continues, the circulating supply of JST will steadily decrease, amplifying its scarcity effect and accelerating the release of its deflationary value.

Reviewing the outcomes of the four rounds of large-scale JST buybacks and burns, the total amount of funds allocated for destruction has exceeded $94.62 million, with over $94 million entirely derived from the net profits generated by JustLend DAO’s real business operations—including both accumulated profits from the ecosystem’s early stages and ongoing quarterly operating profits. As of now, JustLend DAO still has $10.34 million in accumulated profit reserves pending allocation for the next regular buyback and burn cycle.

According to the previous buyback and burn mechanism, the main sources of funding for JST buybacks are two core channels: first, the historical accumulated earnings and quarterly net earnings of JustLend DAO; second, the excess profits generated after USDD’s multi-chain ecosystem earnings surpass the $10 million threshold. To date, USDD’s cumulative earnings have not yet reached the standard required to contribute to the funding pool. Therefore, apart from the first-time independent burn of historical USDJ stability fees in the fourth buyback and burn round, all funds for the four regular buyback and burn rounds have come entirely from the genuine business operating income of JustLend DAO, ensuring transparent and legitimate funding sources without external fundraising subsidies.

Breaking it down in detail, at the initial launch of the JST buyback and burn mechanism in October 2025, the ecosystem immediately allocated $59.08 million USDT from existing JustLend DAO revenues as the initial funding pool: the first round of burns directly deployed 30% (approximately $17.72 million), while the remaining 70% was distributed evenly across four quarters, with a fixed quarterly injection of approximately $10.34 million. Starting from the second buyback and burn round, the funding structure evolved from a “single-source release of existing revenues” to a dual-driver model combining “existing revenues + quarterly net new revenues.” The funding per buyback and burn round surged to over $20 million: the second round invested $21 million, the third round approximately $21.3 million, and the fourth round’s regular portion invested approximately $20.6 million; when combined with the dedicated burn of historical USDJ stability fees, the total fourth-round investment exceeded $34 million, setting a new all-time high for JST buyback and burn volume.

This clear trajectory of fund evolution fully confirms that, since the fourth quarter of 2025, JustLend DAO has consistently maintained quarterly net profits above $10 million, establishing a predictable and sustainable cash flow that solidifies an unshakable foundation for the long-term operation of the JST deflation mechanism.

According to the latest data disclosed on the official financial page, the cumulative net earnings of the JustLend DAO platform have exceeded $94.2 million, with $91.04 million withdrawn and $3.17 million remaining. Of this, the funding allocated to the JST buyback and burn pool has reached nearly $105 million; after deducting the historical stable fee of $10.39 million designated for USDJ, nearly $94 million originated from JustLend DAO. Currently, JustLend DAO still holds approximately $10.34 million in residual reserve earnings, which will be systematically allocated to the next scheduled burn cycle.

As the core funding pillar for JST buyback and burn, JustLend DAO has not stopped at its current revenue scale, but continues to strengthen future buybacks with sustained, healthy growth in operational data and iterative improvements to its product ecosystem.

Currently, JustLend DAO has established a comprehensive DeFi business matrix covering SBM lending, sTRX liquid staking, Energy Rental, GasFree smart wallets, and more. Driven by synergistic ecosystem-wide operations, it consistently delivers stable and sustained revenue, continuously fueling JST buyback and burn initiatives. As of July 21, the total value locked (TVL) in encrypted assets on the JustLend DAO platform reached $6.664 billion, providing secure and efficient one-stop DeFi services to nearly 486,000 users worldwide.

From a product-specific perspective, whether it’s the core SBM lending market, TRX liquid staking and energy leasing features, or innovative tools like the GasFree smart wallet, JustLend DAO’s various business lines all demonstrate strong market competitiveness and consistently rank among the industry’s top tier in their respective niches.

According to publicly available data from DeFiLlama, JustLend DAO's SBM lending market has a TVL of $3.29 billion and has consistently ranked among the top four globally in the lending sector; the total supply of assets within the SBM lending market exceeds $3.492 billion, with $200 million in borrowed assets, maintaining industry-leading levels of activity and overall scale.

Notably, in June 2026, JustLend DAO officially launched SBM V2, innovatively introducing an isolated pool mechanism that expanded the lending and borrowing business from a single-market architecture to a dual-track model running SBM V1 and SBM V2 in parallel: SBM V1 continues to serve deposit and borrowing demands for mainstream assets, while SBM V2 employs an isolated lending market architecture to support a broader range of new assets, 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 TRX. According to the latest operational data, the total amount of TRX staked via sTRX has exceeded 9.73 billion, with over 17,000 unique addresses participating in staking—both the total staked amount and number of participants continue to grow steadily. Additionally, the Energy Rental service, derived from liquid staking, has completely addressed the pain point of ordinary users who were forced to lock up large amounts of TRX for extended periods to reduce gas costs, thanks to its flexible “rent-as-you-go, pay-as-you-use” model. This enables all on-chain users to enjoy the low-cost transaction advantages of the TRON network with zero barriers to entry; the total number of users participating in Energy Rental has now exceeded 80,000.

Meanwhile, GasFree Smart Wallet, as an innovative smart tool focused on gas optimization, enables users to pay on-chain transaction fees directly using the target token of the transfer, without needing to hold the network’s native token, TRX. This effectively removes the restriction of requiring native tokens for on-chain transactions. Its user base and transaction volume are growing rapidly. As of July 21, the GasFree Smart Wallet has processed a cumulative transaction volume exceeding $11.43 billion, served over 6.6 million accounts, and saved users a total of $7.78 million in fees, quickly emerging as a new growth engine for the JustLend DAO ecosystem.

From SBM lending and sTRX liquid staking to Energy Rental and GasFree smart wallets, JustLend DAO has built a comprehensive DeFi platform with robust functionality and diversified revenue streams, generating stable income across multiple business lines and creating a well-rounded profit ecosystem.

Currently, the funds used for JST buybacks and burns primarily come from mature business lines such as sTRX staking and Energy Rental on JustLend DAO, as well as SBM lending. In the future, revenues from innovative services like GasFree will also be gradually integrated into JustLend DAO’s overall revenue tracking system, continuously expanding the sources of funding for JST buybacks and burns.

The JUST ecosystem continues to strengthen collaboration, fully driving the value enhancement of JST

More importantly, JST’s value growth has never been driven by short-term price spikes from single large-scale burns; instead, it is underpinned by the deep support of the entire JUST ecosystem—a comprehensive value infrastructure built on a complete business loop, grounded firmly in real, tangible ecosystem fundamentals, and sustained through synergistic multi-track business operations and complementary revenue streams that continuously reinforce JST’s long-term value foundation.

From the overall scale of the JUST ecosystem, its total value locked (TVL) across the entire ecosystem has reached $11 billion, accounting for 41% of TRON’s total network TVL (which currently stands at $26.7 billion). This means that over 40% of all crypto assets on the TRON chain are actively held within the JUST ecosystem—a dominant market share that serves as the most direct recognition by global users of the ecosystem’s security and sustained profitability.

As the core decentralized finance infrastructure of the TRON ecosystem, JUST has already established a comprehensive DeFi product matrix spanning multiple sectors: built on its core lending protocol, JustLend DAO, it delivers an all-in-one DeFi service system integrating the "SBM lending market, sTRX liquid staking, Energy Rental, and GasFree smart wallet"; alongside core products such as the decentralized stablecoin USDD and the cross-chain infrastructure JustCrypto, it forms an integrated DeFi ecosystem with complementary business lines and interconnected traffic, fully addressing end-to-end needs including asset appreciation, stablecoin circulation, cross-chain fund transfers, and on-chain experience optimization.

As the native value-bearing token of the JUST ecosystem, JST is integrated throughout the core functions of the ecosystem: from governance voting in JustLend DAO to权益赋能 within the USDD ecosystem, JST serves as the essential link connecting all operations. The current JST buyback and burn mechanism further tightly aligns JST’s value circulation with the two core protocols of the JUST ecosystem—JustLend DAO and USDD—ensuring that every real business revenue generated within the ecosystem directly fuels JST’s value growth.

As the core pillar of the ecosystem, JustLend DAO has established diversified revenue streams through synergistic multi-business operations, effectively mitigating risks from market cycle fluctuations in any single business while unlocking long-term revenue growth potential. Its risk resilience and profit stability far exceed those of most industry peers reliant on a single revenue source, enabling it to maintain a consistently robust and well-funded revenue stream that continuously supplies the core liquidity pool for JST deflation.

USDD is currently in a phase of rapid expansion, with its circulating supply steadily increasing. According to the latest data as of July 21, USDD’s supply has exceeded $1.53 billion, the total value of crypto assets locked on the platform (TVL) has reached $2.21 billion, and the treasury balance has hit $21.54 million, making it the second-largest stablecoin in the TRON ecosystem. As the USDD ecosystem accelerates its growth, it will soon become the “second revenue engine” for the JST deflationary mechanism, unlocking a new channel for incremental funding.

It is worth noting that the JUST ecosystem’s arrangement for the JST buyback and burn mechanism extends far beyond the four large-scale burns already implemented. According to the JST Q1 2026 Financial Report released in April, once the existing first-phase 1.0 yield burn plan is fully executed, the ecosystem will officially advance into the new JST deflation 2.0 phase. At that time, JUST will systematically upgrade its current buyback and burn mechanism, significantly expanding its funding sources by incorporating new revenue streams such as GasFree smart wallet business income and historical USDJ stability fee surpluses, providing stronger and more diversified financial support for JST buybacks.

The historical stability fee balance for USDJ has now completed its first dedicated burn, meaning that as historical stability fees are for the first time included as a source of buyback funds, JST buyback funding is gradually shifting from reliance primarily on JustLend DAO protocol revenue toward a more diversified structure, opening up a new financial pathway for the long-term sustainability of the buyback mechanism. Meanwhile, related work on the GasFree service is also progressing steadily according to plan.

In the newly released JST Q2 2026 Financial Report, the official disclosed that, based on the historical stock buyback rules and projected revenue from JustLend DAO and USDD, approximately $21.55 million is expected to be allocated for JST buybacks in the next quarter, with the actual amount subject to dynamic adjustment after the quarter ends based on the project’s actual revenue.

Looking at a longer time horizon, with JustLend DAO’s mature business establishing a stable quarterly profit foundation, combined with ongoing revenue contributions from innovative initiatives like GasFree, and further supported by the upcoming unlocking of additional USDD ecosystem revenue streams, JST buyback and burn activities will continue to intensify.

From the perspective of the entire DeFi industry, JUST’s ecosystem value extends beyond fulfilling its long-term deflationary commitment through multiple rounds of full on-chain burns. More importantly, during this industry downturn, the ecosystem has established a replicable and sustainable model of real value—driving token appreciation entirely through genuine protocol revenue, creating a positive feedback loop: “business profitability → buyback and burn → increased scarcity → ecosystem expansion.” By consistently investing real, tangible resources, JUST proves that only a deflationary model grounded in solid business fundamentals can support long-term token value growth. This provides the DeFi industry with a clear, actionable blueprint for returning to value-driven development.