On July 21, JustLend DAO officially released its Q2 2026 retrospective report. Amid a complex market environment, the protocol not only maintained strong operational fundamentals but also reached a pivotal historical milestone this quarter: the expansion of financial infrastructure and the rebalancing of token value.
The most notable breakthrough this quarter has been the unprecedented acceleration of the JST deflationary flywheel. With the successful completion of the third and fourth large-scale buybacks and burns, the total amount of JST burned has strongly reached 17.29% of the initial maximum supply, with the fourth buyback and burn amounting to $34.59 million, setting a new all-time high.
The scale of this historic deflation is supported by the strong growth of the protocol’s core revenue-generating businesses and the diversified expansion of ecosystem funds. This quarter, JustLend DAO’s energy leasing revenue continued to rise, contributing nearly 70% of the funds for the fourth burn, solidifying its position as the cornerstone of risk-free, real yield. More importantly, for the first time, historical USDJ stability fees were substantially integrated into the buyback pool, marking JST’s value capture scope as officially expanding beyond a single protocol. This dual engine—core business revenue generation combined with ecosystem historical accumulation—provides relentless fuel for the deflationary mechanism.
Through this impressive quarterly performance, a vast, intricately interconnected ecosystem is coming into view. Whether in refining cutting-edge products or decisively implementing deflationary policies, JustLend DAO is building an unshakable long-term value barrier for the broader community and holders, backed by on-chain data and governance actions.
JST price reaches a new high, with diversified ecosystem revenue solidifying JST's long-term upward trajectory.
In the second quarter of 2026, the most notable strategic move by JustLend DAO was its unprecedented scale and structural breakthrough in the JST buyback and burn mechanism. During the reporting period, the protocol successfully completed its third JST buyback and burn, destroying a total of 271,337,579 JST tokens, equivalent to a capital value of $21.3 million.
This strong deflationary momentum has not slowed; on July 17, just after the end of the quarter, the fourth and most significant buyback and burn to date was executed. A total of 355,021,530.97 JST were burned, at a cost of $34.59 million. With these four rounds of intensive and large-scale burns, the cumulative total of JST burned has reached an impressive 1,711,249,863, raising the proportion of the initial maximum supply to 17.29%.
A detailed analysis of the funding composition for the fourth buyback and burn reveals a structural shift with profound long-term implications for JST’s value. Previously, JST buyback funds primarily relied on protocol-generated revenue from JustLend DAO itself, such as profits from energy leasing activities.
In the fourth action, USDJ’s historical stability fees were formally and significantly allocated to the buyback and burn pool for the first time. Specific data shows that the funds from JustLend DAO’s energy leasing revenue corresponded to 248,357,799 JST, accounting for approximately 69.96%, while the funds from USDJ’s historical stability fees corresponded to 106,663,731.97 JST, representing 30.04%. This substantial expansion of funding sources holds profound strategic significance, marking JST’s evolution from merely the governance token of the JustLend DAO lending protocol to the ultimate value capture mechanism of the entire JUST ecosystem. As historical revenues generated within the ecosystem begin to continuously flow into the deflationary engine, the foundational support for JST’s value has become broader and more robust than ever before.
This systemic improvement in fundamentals received an extremely sharp and positive response in the secondary market. According to on-chain and circulating supply data, JST’s market price showed a significant upward trend in the second quarter of 2026, trading within a range of $0.05790 to $0.09742 USDT. Notably, between April and May, it executed a strong and independent rally. Its quarterly high surpassed the first-quarter peak of $0.06466 USDT by approximately 50.7%. From the second quarter of 2026 through early July, JST demonstrated robust market performance. On July 10, JST’s price successfully broke above the $0.10 mark, reaching a new阶段性 high since the launch of the buyback and burn program. The sustained price appreciation clearly validates the global secondary market’s strong recognition of JST’s positive feedback loop: “real protocol earnings drive buybacks and burns, which accelerate deflation and elevate value.”
Meanwhile, liquidity and trading activity surged, with the quarterly cumulative trading volume reaching $3.27 billion and daily average trading volume sustaining at a high of nearly $36 million, with a single-day peak exceeding three times the daily average. This simultaneous increase in volume and price clearly demonstrates that the injection of diversified buyback funds and strong deflationary expectations have successfully translated into tangible market consensus for bullish positioning.
Additionally, it is essential to note the rock-solid treasury reserve system underlying the protocol. As of the report date, the treasury address holds approximately $119 million in core assets, including over 104 million sTRX, nearly 1.3 billion jUSDT, 500 million JST, and approximately 13.08 million USDT. Meanwhile, JustLend DAO’s cumulative net reserves have reached $94.21 million, indicating extremely healthy asset operations.
An even more promising hidden catalyst lies in the thriving USDD ecosystem. In the second quarter, USDD generated $76,600 in quarterly revenue, a significant 21.50% increase quarter-over-quarter, while quarterly surplus surged 24.27% to $76,300, bringing the cumulative treasury balance to $21.54 million. Under the current governance structure, this growing stream of USDD ecosystem revenue will, upon meeting relevant conditions, be incorporated into JST’s buyback program in the future. This means that, in addition to existing sources of income—such as lending yields, energy leasing, and USDJ stability fees—USDD is emerging as a substantial new potential “ammunition” for JST’s deflationary flywheel, laying a solid financial foundation for longer-term value appreciation.
Business expansion driven by dual engines: protocol upgrades and ecosystem traffic acquisition
Behind the outstanding financial data and tokenomics, JustLend DAO has consistently deepened its efforts in innovative protocol architecture and ecosystem expansion. In the second quarter of 2026, despite global macroeconomic funding volatility, JustLend DAO maintained a dominant market share, with its total value locked (TVL) stabilizing at a substantial $6.7 billion.
Such a massive volume of funds would not be possible without continuous iteration of the protocol’s underlying architecture. This quarter, JustLend DAO officially launched SBM V2, marking a full transition from a single-market structure to a dual-track system running SBM V1 and SBM V2 in parallel. Currently, SBM V1 remains the protocol’s absolute cornerstone, leveraging its superior liquidity depth to meet the deposit and borrowing demands of core mainstream assets, with deposits reaching $3.532 billion and borrowings at $191 million. SBM V2 introduces an isolated lending market architecture that strictly confines the risks of different long-tail or new assets within their own independent lending pools, reducing the likelihood of extreme price fluctuations in a single asset propagating across the entire network. This lays a solid foundation for the safe and large-scale integration of a broader range of assets into the Tron DeFi ecosystem.
In addition to solidifying our core traditional lending business, distinctive derivative services built around the TRON blockchain’s underlying mechanisms also demonstrated strong growth this quarter, particularly in the flagship area of energy leasing, which showed exceptional revenue-generating potential. In the second quarter, the total network energy increased to 47.458 billion, with 13.621 billion actually leased, and the number of users leasing energy rose by 3.45% quarter-over-quarter, surpassing 81,000. The energy leasing market has effectively reduced on-chain interaction costs for TRON developers and active users, while generating substantial real revenue for JustLend DAO.
Meanwhile, the sTRX staking service also delivered outstanding results this quarter. Its TVL rose steadily to 9.689 billion TRX, while the number of users participating in staking surged by 18.48%, nearing 17,000 accounts. This rapid expansion of the user base reflects strong market consensus on TRX’s secure yield-generating model. At the same time, the service has further strengthened the underlying liquidity of the entire TRON network by unlocking the value of users’ idle assets.
While continuing to deeply cultivate its existing market, JustLend DAO is also accelerating its expansion outward. This quarter, the GasFree service emerged as a standout, achieving rapid, explosive growth after launch by directly addressing the biggest pain point in on-chain interactions—its core feature of eliminating native token transaction fees.
By the end of the second quarter, the total number of users for this service surged past 359,000, with the cumulative number of processed transactions exceeding 6.2 million. With a seamless, Web2-like frictionless payment experience, GasFree has become a massive traffic funnel for the JUST ecosystem, continuously drawing in vast numbers of active, real users into the TRON DeFi landscape.
Looking ahead, JustLend DAO’s second quarter did not merely reflect growth in a single dimension, but rather the full-scale operation of a highly coherent ecosystem with tightly interlocked components. The fourth buyback and burn broke through the limitations of a single funding source, demonstrating to the market the infinite elasticity of JST as a value-capture vehicle. With approximately $21.55 million in expected buyback funds set to be deployed next quarter, and future contributions from USDD surpluses and scaled GasFree revenues, the fuel supply for the buyback engine will become even more robust and diversified. Upholding its established governance framework and transparency principles, JST is relentlessly shaping its own long-term value paradigm with unstoppable momentum.