On January 15, the core DeFi lending protocol of the TRON ecosystem, JustLend DAO, released significant positive news, announcing the completion of the second round of large-scale buyback and destruction of JST tokens, accelerating the release of token deflationary dividends.
The official announcement indicated that the number of JST tokens repurchased and destroyed in this round reached 525 million, corresponding to a value of over 21 million USD, accounting for approximately 5.3% of the total supply of JST tokens, continuously strengthening the rigid deflationary foundation of the token.
If we add the quantity from the first round of destruction, since the JST buyback and destruction plan was initiated in October last year, the cumulative buyback and destruction of JST has strongly surpassed 1 billion tokens, accounting for about 11% of the total supply. In less than three months, over 1 billion tokens have been destroyed. The intensity of deflation and execution efficiency is rare in the industry, injecting strong confidence into a market that has recently appeared somewhat flat.
The successful completion of this JST buyback and destruction not only ensures the continuous and effective implementation of the JST destruction plan but also strongly promotes the accelerated release of the token deflationary effect dividends. More importantly, it verifies from a fundamental logic perspective that JustLend DAO possesses strong and sustainable real ecological profitability.
Exceeding Expectations: Cumulative Destruction of Over 1 Billion JST in Two Rounds, Accelerating the Deflation Process
As of January 15, 2026, the JST token has completed two rounds of large-scale buyback and destruction, with a cumulative destruction quantity exceeding 1.08 billion tokens (specifically 1,084,890,753 tokens), accounting for 10.96% of the total supply, involving a value of over 38.7 million USD. In terms of both the scale of deflation and execution efficiency, it is in a leading position within the DeFi industry.
The JST destruction plan began in October 2025, when the JustLend DAO community officially passed a related proposal, deciding to use the existing earnings of the JustLend DAO protocol and future net income, as well as the portion exceeding 10 million USD from the USDD multi-chain ecosystem income, entirely for JST buyback. All buyback transaction processes are executed publicly on-chain, ensuring that the funding path is traceable and verifiable.
From the structure of funding sources, the core support for the JST buyback and destruction is divided into two major segments—existing earnings and future net income of JustLend DAO, and the excess income of over 10 million USD from the USDD multi-chain ecosystem. At the beginning of the plan, JustLend DAO extracted over 59.08 million USDT from existing earnings and adopted a tiered execution strategy of "30% immediate destruction + 70% destruction after quarterly interest accrual" to balance short-term deflation effects with long-term value accumulation.
The first round of destruction was completed in October 2025. In this round, 30% of the funds were used to destroy 560 million JST, accounting for 5.6% of the total supply. The remaining 70% was deposited into the JustLend DAO's SBM USDT lending market for value appreciation, executed over four quarters.
On January 15 of this year, JustLend DAO released an announcement regarding the completion of the second buyback and destruction of JST tokens, marking the successful conclusion of the second large-scale buyback and destruction action. The number of JST tokens repurchased and destroyed in this round was 525 million, accounting for 5.3% of the total supply, corresponding to a token value of approximately 21 million USD.
Thus, the two rounds of buyback and destruction of JST have been fully completed:
First Round (October 2025): Destroyed approximately 556 million JST, corresponding to a value of about 17.72 million USD, accounting for 5.66% of the total supply.
Second Round (January 2026): Destroyed 525 million JST, corresponding to a value of about 21 million USD, accounting for 5.3% of the total supply.
Notably, the second round of JST buyback and destruction demonstrated an outstanding performance that exceeded expectations. Compared to the first round of destruction, the scale of funds invested in this round not only did not decrease due to market fluctuations and other factors but actually achieved counter-cyclical growth, far exceeding initial market expectations. This strong action has generated a huge response among community users, leaving everyone pleasantly surprised.
As of now, the cumulative destruction of JST has surpassed 1.08 billion tokens, accounting for 10.96% of the total supply, with the cumulative investment in both rounds of destruction exceeding 38.7 million USD. Such strong deflationary intensity and large-scale capital investment intensity rank among the top in the global DeFi sector.
In addition, all JST buyback and destruction operations are executed on-chain in a decentralized manner by the community autonomous organization Grants DAO. Every fund transfer and token destruction record is completely retained on-chain, ensuring transparency. The on-chain records are immutable and publicly accessible. Users can view core data and the entire execution process, such as destruction batches and on-chain transactions, at any time through the dedicated page for Grants DAO on the JustLend DAO official website and the "Transparency" operational indicators section, truly achieving information transparency and winning user trust and support for the development of the JST ecosystem.
JustLend DAO's Profitability Revalidated, Q4 2025 Net Income Exceeds 10 Million USD
The smooth implementation of this round of JST buyback and destruction not only represents the normalization of the destruction plan but also, with an investment scale exceeding expectations, intuitively demonstrates JustLend DAO's strong ecological operational strength and sustainable profitability, injecting core support for the long-term effectiveness of the JST deflationary mechanism.
According to the initial data of the destruction plan, the 70% of existing earnings previously reserved by JustLend DAO is executed in four quarters for buyback, with a single quarter destruction amount of approximately 10.34 million USD. However, the actual investment in the buyback and destruction funds for this round exceeded 21 million USD, reaching more than double the preset amount.
In the regular rhythm of quarterly destruction, the volume of funds has not decreased but increased, far exceeding community and market expectations. The underlying support for this is JustLend DAO's intrinsic hard-core profitability, completely distinguishing it from "pseudo-deflation" operations in the market that rely on financing and token issuance.
From the funding composition disclosed in this round of destruction announcement, 100% of the funds for the second round of JST destruction come from JustLend DAO platform earnings, which include the originally planned existing earnings for this quarter of approximately 10.34 million USD, plus an additional net income of approximately 10.19 million USD generated in Q4 2025.
The dual funding support model of "existing earnings as a base + additional net income as a boost" not only significantly accelerates the JST buyback and destruction process but also, with solid cash flow data, fully verifies the health and abundance of the protocol's financial status, completely dispelling market concerns about "subsequent destruction funding gaps."
Moreover, the new net income exceeding 10 million USD in Q4 2025 undoubtedly showcases JustLend DAO's hard profitability. This fully indicates that the JST buyback and destruction is never an isolated action detached from the ecosystem but a value-driven behavior deeply rooted in the growth of the protocol's business. The profitability resilience of JustLend DAO provides a guarantee for the long-term effective operation of the deflationary mechanism.
It is worth noting that JustLend DAO still has approximately 31.02 million USD in existing earnings, which will be gradually invested in buyback and destruction in subsequent quarters. "Over 30 million USD in existing earnings as a base + continuously growing protocol net income" will provide solid support for future JST destruction.
This means that the JST buyback and destruction is by no means a short-term marketing action but a normalized, long-term value empowerment plan anchored to protocol earnings. It establishes a clear and solid long-term deflationary closed loop for JST, fundamentally distinguishing it from the common "one-off" short-term buyback operations in the crypto market, providing strong support for the long-term stable development of JST.
As another potential core funding source for the JST buyback and destruction, the stablecoin USDD ecosystem is entering a golden period of rapid growth, reserving ample momentum for the continuous strengthening of the deflationary mechanism. Currently, USDD has successfully achieved cross-chain deployment, covering mainstream public chain networks such as Ethereum and BNB Chain. As of January 15, the total supply of USDD has risen to 960 million USD, and the total value locked (TVL) on related platforms has exceeded 1 billion USD. With the continuous expansion of the USDD ecosystem, the excess income generated in the future will become an important incremental funding source for JST buyback and destruction, further strengthening the deflationary effect and driving the continuous increase in JST value.
In summary, the JST deflationary mechanism is by no means a simple "token destruction - supply contraction" linear logic but is built on the real and sustainable earnings foundation of both JustLend DAO and USDD dual ecosystems, deeply binding the intensity of deflation to ecological profitability, completely breaking free from the industry's dilemma of "deflation without earnings support being meaningless," and laying a solid and irreversible logical foundation for the long-term value growth of JST.
JustLend DAO's Ecological Earnings Continue to Enhance the Deflationary Effect, Driving JST Token Value Growth
JustLend DAO, with real ecological earnings as its core engine, continues to enhance the intensity of JST token buyback and destruction, promoting the deep fermentation of the deflationary effect. This successfully constructs a virtuous value cycle of "increased ecological activity → growth in protocol profitability → enhanced buyback and destruction intensity → increased token scarcity → enhanced ecological attractiveness," forming a self-reinforcing growth flywheel.
With the normalization of the JST buyback and destruction plan, the large reserve fund pool will continue to release deflationary dividends. Supported by the steady expansion of the JustLend DAO ecological landscape, the value support logic of the JST token is becoming increasingly solid, and market performance is gradually realizing its long-term potential.
In terms of deflationary effectiveness, the JST token has been reduced by 1.08 billion tokens, accounting for 10.96% of the total supply, with large-scale destruction directly achieving a rigid contraction of the circulating supply. Under the premise of a constant total supply, each round of destruction continues to reduce circulating chips, and the ongoing deflationary actions are continuously strengthening the token's scarcity, driving JST value into a long-term upward channel.
The value potential of JST has already been widely recognized by the market. On January 8, CoinMarketCap data showed that the market capitalization of JST tokens successfully surpassed 400 million USD, with a 24-hour trading volume surging by 21.92% and a cumulative price increase of 10.82% over the past month. The simultaneous expansion of trading volume and market capitalization intuitively reflects the strong confidence of the market in the development prospects of the JustLend DAO ecosystem.
With the orderly advancement of the buyback plan, the circulation of JST tokens will further decrease, highlighting their scarcity value and potentially driving the value of JST tokens to achieve a new round of growth. More importantly, the profitability of both JustLend DAO and the USDD dual ecosystem continues to strengthen, further enhancing the deflationary pressure on JST and providing abundant underlying momentum for value growth.
As a lasting source of power for the JST deflationary mechanism, JustLend DAO continuously injects real earnings support into the buyback through the ongoing improvement of its product matrix and healthy growth of operational data.
As the core financial infrastructure of the TRON ecosystem, JustLend DAO has evolved from a single lending protocol into a comprehensive DeFi solution that integrates asset lending, liquid staking, energy rental, and gas optimization through continuous integration and upgrades, building a complete product matrix that will provide diverse momentum for ecological revenue growth:
- SBM Lending Market: As the foundational business of the ecosystem, it supports users in depositing assets to earn interest or borrowing against collateral, achieving efficient asset allocation.
- sTRX Liquid Staking: The preferred TRX staking entry point in the TRON ecosystem, where users can stake TRX to receive liquidity certificates in the form of sTRX.
- Energy Rental Service: Provides flexible energy rental with "rent as you go," significantly lowering the on-chain operation threshold for users.
- GasFree Smart Wallet: Supports direct deduction of fees from transferred tokens, and with platform-subsidized activities, users only need to pay about 1 USD in fees for each USDT transfer, greatly enhancing the usability of on-chain transactions.
Driven by a diverse product matrix, key metrics of JustLend DAO have shown growth across the board, whether in the liquid staking market or lending demand. According to DeFiLlama data, JustLend DAO has firmly secured the third position in the global lending sector, only behind the multi-chain lending protocols Aave and Morpho, which spans over thirty chains. Notably, JustLend DAO is a single-chain deployed protocol that stands out in a multi-chain competitive landscape, fully demonstrating its leading position and user recognition within the TRON ecosystem.
As of January 15, the total value locked (TVL) of crypto assets on the JustLend DAO platform has risen to approximately 7.038 billion USD, with cumulative incentives distributed to the community exceeding 192 million USD, providing safe and efficient DeFi services to over 480,000 users worldwide. Among them, the supply of assets in the SBM lending market exceeds 4.2 billion USD, with borrowed assets reaching 200 million USD, maintaining a high level of capital activity and volume in the industry.
In terms of protocol earnings, according to the Transparency financial metrics dashboard, as of January 15, the platform's cumulative net income has exceeded 72.69 million USD, of which 69.7 million USD has been withdrawn, and 2.99 million USD remains as retained earnings, indicating a healthy and robust overall financial structure that provides solid funding support for buyback and destruction.
From the earnings structure, the current net income of JustLend DAO comes solely from the two main business lines of the SBM lending market and sTRX liquid staking, with sTRX being the absolute core pillar of earnings. Of the 69.7 million USD in withdrawn earnings, the net income contributed by sTRX amounts to 68.81 million USD, while the SBM lending market contributes approximately 2.25 million USD in net income.
As the scale of sTRX staking continues to grow, its contribution to earnings is expected to further increase. According to the latest data, over 9.3 billion TRX has been staked in sTRX, with the number of participating addresses exceeding 13,500, and the current annualized yield is 7.23%, with both the staking amount and the number of participating users showing a steady upward trend. The SBM lending market also performs outstandingly; according to DeFiLlama data, it captured approximately 2.2 million USD in interest fees in Q4 2025 (only counting the interest paid by borrowers), setting a historical high and reflecting the continuous expansion of the lending business scale.
At the same time, the energy rental and GasFree smart wallet, two high-frequency essential services, are becoming a new engine for the growth of the JustLend DAO ecosystem. The basic rate for energy rental has been significantly reduced from 15% to 8% as of January 9, with the daily rental of 100,000 units of energy now costing approximately 6.21 TRX (equivalent to staking 10,674 TRX for energy, covering two contract transactions), and the number of addresses participating in rentals has increased to 73,000. Meanwhile, the GasFree smart wallet has processed a total transaction volume exceeding 46.3 billion USD, serving over 2.5 million accounts and saving users approximately 3.64 million USD in fees.
In the future, the earnings from energy rental and GasFree services will gradually be included in the JustLend DAO platform's revenue statistics, becoming a new growth pole for ecological income and further broadening the sources of funds for JST buyback. As diverse business revenues are injected into buyback and destruction, the deflationary pressure and value growth of JST will increase in tandem, and the ceiling for the long-term value growth of the token will continue to open up.
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