With the successful completion of the fourth round of buybacks and burns on July 17, the core decentralized financial infrastructure of the TRON ecosystem, JUST, has orderly and fully completed four rounds of large-scale JST buyback and burn operations, relying on the stable profitability of its core DeFi protocol, JustLend DAO.

As of now, a total of 1.711 billion JST has been destroyed in four rounds, accounting for 17.29% of the initial total supply, with nearly one-fifth of JST permanently exiting the circulating market, and the total investment has exceeded 94 million USD.

This substantial achievement stands in stark contrast to the current challenging environment of the crypto industry. The industry is currently undergoing a deep downward reshuffling phase, with numerous DeFi projects suffering from shrinking revenue, depleted cash flow, and user attrition, leading to cutbacks in expenditures, and some top-tier legacy protocols opting to cease operations. However, the JUST ecosystem has continued to invest tens of millions of dollars in this counter-cyclical environment, driving each round of large-scale on-chain JST buybacks and burns as scheduled and in full amounts. Even as the crypto market remains under pressure and industry-wide confidence continues to wane, JUST has never reduced the scale of any round of destruction nor interrupted the established deflationary execution plan.

The reason JST can achieve this independent growth curve in a down cycle is rooted in the long-term stable profitability of JustLend DAO. As the core financial pillar of JST buybacks and burns, JustLend DAO generates positive returns from its real business operations, with quarterly profits stabilizing at the ten million dollar level for several consecutive quarters, providing a sufficient and stable source of funds for regular large-scale buybacks of JST.

More importantly, the JUST ecosystem is continuously exploring new incremental funding channels: the fourth round of destruction included the historical stable fee special destruction of USDJ for the first time, and the accumulated profit scale of the USDD ecosystem is about to surpass 10 million USD. These new sources of funds, combined with the core business profits of JustLend DAO, create synergies that lay a solid foundation for subsequent long-term and sustainable large-scale destruction. As ecological profits continue to grow, the intensity and sustainability of future destructions are expected to further increase, accelerating the token deflation process.

Accelerated Release of JST Deflationary Value: Cumulative Destruction of Over 1.711 Billion JST in Four Rounds, Deflation Rate Reaching 17.29%, with Investment Exceeding 94.6 Million USD

Since the buyback and burn mechanism was established in October 2025, in just nine months, JST has successfully completed four rounds of large-scale buybacks and burns, with a cumulative destruction of 1.711 billion JST, accounting for approximately 17.29% of the total token supply. The total invested funds exceed 94.62 million USD. Based on JST's recent market price of around 0.1 USD, the permanently destroyed JST tokens correspond to a market value of nearly 170 million USD.

This high-frequency, large-scale, and continuous real destruction activity is exceedingly rare in the entire Web3 and DeFi industry, showcasing the JUST ecosystem’s steadfast strategic determination to continuously empower JST's value and maintain genuine deflation.

A review of the complete execution data from the four rounds of buybacks and burns clearly shows that the overall scale of funds for single-round destruction has shown a steady upward trend, and it has repeatedly exceeded market expectations through widening revenue sources, with the intensity of deflation continuously escalating:

• First Round (October 22, 2025): Destroyed approximately 559 million JST, accounting for 5.66% of the total supply, corresponding to funds of 17.72 million USD, all funded from JustLend DAO's historical stock profits, marking the official start of the JST regular deflation cycle;
• Second Round (January 15, 2026): Destroyed approximately 525 million JST, accounting for 5.30% of the total supply, corresponding to funds of 21 million USD, composed of JustLend DAO's stock profits plus net profits from Q4 2025, exceeding market expectations;
• Third Round (April 15, 2026): Destroyed approximately 271 million JST, accounting for 2.74% of the total supply, corresponding to funds of 21.3 million USD, supported by DAO stock profits and additional profits from Q1 2026, with the funding scale showing a slight increase;
• Fourth Round (July 17, 2026): A total of approximately 355 million JST was destroyed, accounting for 3.59% of the total supply. Regular destruction funds were drawn from DAO stock profits and net profits from Q2 2026, with an additional special destruction of the historical stable fee of USDJ, bringing the overall investment scale to a significant 34.59 million USD, setting a historical record for single-round destruction funds.

Throughout the four rounds of buyback destruction funding scale, a steady upward trend of increasing expansion is evident: the first round was based solely on JustLend DAO's historical stock profits, achieving 17.72 million USD in destruction; the second round included new net profits from Q4 2025, raising the funding scale to 21 million USD; the third round combined profits from Q1 2026, resulting in a slight increase to 21.3 million USD; the fourth round built on regular quarterly profits, with an added historical stable fee from USDJ, dramatically increasing the single-round destruction volume to over 34.5 million USD. Multiple rounds of data clearly confirm that the JST buyback destruction fund pool continues to widen, and the intensity of destruction repeatedly exceeds market expectations, bringing unexpected value returns to the community.

It is worth noting that all JST buyback and destruction operations are independently executed on-chain by the decentralized governance organization Grants DAO, without any intervention from centralized institutions. Users can check the amount of tokens destroyed, funding amounts, and on-chain transaction hashes for each round through the financial transparency section on the JustLend DAO official website and the official Grants DAO page, with all destruction records permanently stored on-chain, ensuring open, transparent, and fully verifiable data.

In just nine months, the JUST ecosystem has orderly carried out four rounds of large-scale on-chain buybacks and burns according to governance plans, with nearly 20% of the original total supply of JST permanently destroyed and entirely withdrawn from the circulating market. Under the fundamental rule of stable total token supply and no new issuance, every buyback and destruction is a permanent reduction in circulating supply. As rounds of destruction advance as scheduled, the market's available tokens continue to shrink, further strengthening JST's scarcity, resulting in a steady increase in intrinsic value.

CoinGecko data visually confirms the effectiveness of this value logic: since the official launch of the buyback and burn mechanism in October 2025, JST has completely decoupled from the market trend, showing an independent counter-cyclical market: the token price has steadily climbed from a low of about 0.03 USD to the current 0.1 USD; circulating market value has surged from less than 300 million USD to 830 million USD, with a cumulative increase exceeding 333%, and the token's market value ranking successfully entered the top 70 of global cryptocurrencies.

In contrast, during the same period, the overall market began to fall, with Bitcoin decreasing from its historical high around 100,000 USD to about 65,000 USD, an accumulated drop of 40%. In a bear market environment where mainstream crypto assets are under pressure and most token prices have significantly retracted, JST has instead risen against the trend, effectively demonstrating that a deflationary mechanism supported by real business profits can build a solid value moat for the token.

In the future, as each round of buyback and destruction continues, the circulating scale of JST will continue to shrink, further amplifying the scarcity effect and accelerating the release of deflationary value.

JustLend DAO Drives JST Deflation Through Real Profits, Continuous Expansion of Diverse Product Matrix

Reflecting on the results of the four rounds of large-scale buybacks and destruction, the total scale of destruction funds exceeded 94.62 million USD, of which over 94 million USD came entirely from net profits generated by the real operations of JustLend DAO—consisting of both the earlier accumulated stock profits and ongoing quarterly released new operating profits. As of now, JustLend DAO still has 10.34 million USD in stock profits reserved for investment in the next round of regular buyback and destruction.

According to the previous buyback and destruction mechanism, the core funding sources for JST buybacks mainly include two channels: first, JustLend DAO's historical stock profits and quarterly new net profits; second, the excess profits generated after USDD's multi-chain ecosystem revenue surpasses the threshold of 10 million USD. As of now, USDD's cumulative revenue has not yet reached the standard to be included in the funding pool; therefore, in addition to the special destruction of the historical stable fee of USDJ newly included in the fourth round, all four rounds of regular buyback and destruction funds derive entirely from JustLend DAO's real business income, ensuring genuine transparency of funding sources with no external fundraising subsidies.

Specifically, at the inception of the JST buyback and destruction mechanism in October 2025, the ecosystem extracted 59.08 million USDT in one go from JustLend DAO’s stock profits as start-up funds: 30% (approximately 17.72 million USD) was directly invested in the first round of destruction, while the remaining 70% was sequentially invested over four quarters, with a fixed quarterly funding scale of approximately 10.34 million USD. Beginning from the second round of buybacks, the funding structure upgraded from "single stock release" to a dual-driven model of "stock profits + quarterly new net profits," significantly increasing the funding scale of each round of buybacks to over 20 million USD: the second round involved 21 million USD, the third round about 21.3 million USD, and the fourth round's regular portion approximately 20.6 million USD. Adding the special destruction of historical stable fees from USDJ, the total input for the fourth round surpassed 34 million USD, setting a new historical record for JST buybacks and destruction in scale.

This clear funding evolution trajectory fully verifies that since Q4 2025, JustLend DAO's quarterly net profits have consistently remained above the scale of 10 million USD, forming a predictable and sustainable strong cash flow that solidifies the 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 cumulative net profit has surpassed 94.2 million USD, with 91.04 million USD extracted, leaving a remaining profit of 3.17 million USD. Among that, the funding for the JST buyback and destruction fund has reached nearly 105 million USD; after deducting USDJ’s historical stable fee of 10.39 million USD, nearly 94 million USD of funds originated from JustLend DAO. Currently, JustLend DAO still has about 10.34 million USD in stock reserve profits, which will be invested in the next regular destruction process as planned.

As the key financial pillar for JST buybacks and destruction, JustLend DAO has not stopped at the current profit scale but continues to enhance the steady growth of operational data and improve the product matrix to inject more substantial real profit support for future buybacks.

Currently, JustLend DAO has established a complete DeFi business matrix covering multiple scenarios including SBM lending, sTRX liquid staking, Energy Rental, and GasFree smart wallets, maintaining a stable and continuous profit output capability under the synergistic drive of the entire ecosystem, continuously supplying financial "ammunition" for JST buybacks and destruction. As of July 21, the total value of locked crypto assets (TVL) on the JustLend DAO platform has reached 6.664 billion USD, providing safe and efficient one-stop DeFi services to nearly 486,000 users worldwide.

From a single product dimension, whether in the core SBM lending market or distinctive businesses like TRX liquid staking, energy leasing, or innovative tools like GasFree smart wallets, JustLend DAO's various business lines show strong market competitiveness, maintaining a leading position in their respective niches.

According to publicly available data from DeFiLlama, JustLend DAO's SBM lending market TVL is 3.29 billion USD, consistently ranking among the top four in global lending sectors; the supply asset scale within the SBM lending market exceeds 3.492 billion USD, while the amount lent is 200 million USD, with capital activity and overall scale always leading the industry.

Additionally, it's noteworthy that in June 2026, JustLend DAO officially launched SBM V2, introducing an innovative isolated pool mechanism that expands lending operations from a single market structure to a dual-track model of parallel operation between SBM V1 and SBM V2: SBM V1 continues to handle mainstream asset lending needs; SBM V2 adopts a separated lending market structure that can cover more new assets and further enhances the platform’s overall safety and risk resistance.

sTRX liquid staking has already become the preferred platform for TRON ecosystem users to stake TRX. According to the latest operational data, more than 9.73 billion TRX has been staked in sTRX, with participation from over 17,000 unique addresses, and the total staking amount and participant numbers continue to show a steady increase. The Energy Rental service, derived from liquid staking, solves the pain point for regular users who must stake a large amount of TRX long-term to reduce gas costs, allowing all on-chain users to enjoy low-cost transaction advantages on the TRON chain without barriers, with total participating users in energy rental already exceeding 80,000.

At the same time, the GasFree smart wallet, an innovative tool focusing on gas optimization, allows users to directly pay on-chain fees without holding the native token TRX, effectively removing the native token usage restrictions for on-chain transactions, and its user scale and capital turnover are rapidly growing. As of July 21, the GasFree smart wallet has processed a total fund transaction volume exceeding 114.3 billion USD, serving over 6.6 million accounts, helping users save a cumulative 7.78 million USD in transaction fees, rapidly growing into a new growth engine for the JustLend DAO ecosystem.

From SBM lending, sTRX liquid staking, Energy Rental leasing to GasFree smart wallets, JustLend DAO has built a comprehensive DeFi platform with a complete functional set and diversified revenue sources. Multiple business lines create stable revenue simultaneously, forming a blooming profit pattern.

Currently, the funding for JST buybacks and destruction mainly comes from JustLend DAO's sTRX staking and Energy Rental leasing, as well as mature businesses like SBM lending. In the future, the revenue from innovative businesses like GasFree will gradually be incorporated into the overall revenue statistics of the JustLend DAO platform, continuously broadening the funding channels for JST buybacks and destruction.

JUST Ecosystem Collaboration Continues to Advance, Fully Supporting JST Value Enhancement

More fundamentally, the value growth of JST has never solely relied on short-term market momentum generated by one-time large-scale destruction; what underpins it is the deep support of the entire JUST ecosystem—built upon a complete business closed loop establishing an all-link value support network, firmly grounded in real ecological fundamentals, continually solidifying the long-term value base for JST tokens through the synergy of multi-track business collaboration and diverse revenue channels.

From the overall scale of the JUST ecosystem, its total locked value (TVL) has reached 11 billion USD, directly accounting for 41% of the total locked value of TRON’s ecosystem (the current TVL of TRON network is 26.7 billion USD). This means that over 40% of crypto assets on the TRON chain have actively chosen to be deposited within the JUST ecosystem. This overwhelming market share, close to half the territory, is the most direct recognition of the ecosystem's security capabilities and ongoing profitability by global users.

As the core decentralized financial infrastructure of the TRON ecosystem, JUST has established a complete DeFi product matrix covering multiple tracks: based on the core lending protocol, JustLend DAO, it has created an all-scenario comprehensive DeFi service system integrating "SBM lending market + sTRX liquid staking + Energy Rental + GasFree smart wallets"; simultaneously paired with decentralized stablecoin USDD and cross-chain infrastructure JustCrypto, forming an integrated DeFi ecosystem with business complementarity and traffic interchange, fully covering the complete link needs of asset appreciation, stablecoin circulation, capital cross-chain transfer, and on-chain experience optimization.

As the native value carrier token of the JUST ecosystem, JST's application scenarios span the core links of the entire ecosystem: from governance voting in JustLend DAO’s ecological business to equity empowerment in the USDD ecosystem, JST is always the core link connecting all businesses. The current JST buyback and destruction mechanism binds the value flow of JST deeply with the two core protocols of JustLend DAO and USDD within the JUST ecosystem, allowing every real business profit in the ecosystem to directly translate into the core driving force for JST's value growth.

As the core pillar of the ecosystem, JustLend DAO has built a decentralized multi-revenue channel through multi-business collaboration, effectively avoiding the risks associated with market cycle volatility of a single business while opening up growth space for long-term revenue. Its risk resistance and profitability stability far exceed most similar protocols in the industry that rely solely on a single business for support, enabling it to maintain a stable and ample revenue state over the long term, continuously supplying the core capital pool for JST deflation.

Currently, USDD is experiencing rapid expansion, with its circulating scale steadily increasing. According to the latest data as of July 21, the supply of USDD has exceeded 1.53 billion USD, and the total value of locked crypto assets (TVL) on the platform has reached 2.21 billion USD, with a treasury balance of 21.54 million USD, making it the second largest stablecoin in the TRON ecosystem. As the acceleration of the USDD ecosystem's development progresses, it will soon become the "second profit engine" for JST's deflation mechanism, unlocking new incremental funding channels for the deflationary mechanism.

It is noteworthy that the JUST ecosystem's layout in the JST buyback and destruction mechanism goes far beyond the four rounds of large-scale destruction already realized. According to the JST Q1 2026 financial report released in April this year, once the first phase's 1.0 version of stock profit destruction plan is fully executed, the ecosystem will officially upgrade into the new JST deflation 2.0 phase. By then, JUST will complete a systematic upgrade based on the existing buyback and destruction mechanism, broadly expanding the boundaries of funding sources, adding revenues from the GasFree smart wallet business and historical stable fee surpluses from USDJ, injecting stronger and more diverse funding into JST buybacks.

Currently, the historical stable fee surplus of USDJ has completed its first special destruction, indicating that with the inclusion of USDJ historical stable fees into the buyback funding sources, the funding for JST buybacks has gradually expanded from relying mainly on JustLend DAO protocol income to a diversified structure, opening up new funding pathways for the long-term sustainable operation of the buyback mechanism. Meanwhile, work related to GasFree business is progressing as planned.

In the latest released JST Q2 2026 financial report, the official disclosed that according to the historical stock profit buyback rules, combined with revenue forecasts from JustLend DAO and USDD, approximately 21.55 million USD is expected to be invested in JST buybacks in the next quarter, with the actual investment amount dynamically adjusted after the quarter concludes based on the project’s actual revenue situation.

Looking at the longer term, relying on the stable quarterly profit foundation established by JustLend DAO's mature business operations, coupled with ongoing revenue contributions from innovative businesses like GasFree, combined with the formal unlocking of subsequent USDD ecosystem incremental revenue channels, JST's buyback and destruction efforts will continue to increase.

From the perspective of the entire DeFi industry, the value of the JUST ecosystem goes beyond fulfilling the long-term deflation commitment through multiple rounds of substantial on-chain destruction; more critically, during the industry's down cycle, the ecosystem, backed by complete verifiable operational and destruction data, creates a replicable, sustainable real value paradigm—entirely reliant on the real business profits of the protocol to drive token value enhancement, forming a positive cycle of "business profit → buyback and destruction → increased scarcity → ecosystem expansion." Demonstrating through consistent, tangible investments in solid business fundamentals that only a deflation model based on solid operational foundations can support the long-term value rising of tokens; this also provides a clear and feasible model for the DeFi industry to return to genuine value development.