On July 21, JustLend DAO officially released its Q2 2026 review report. In a complex market environment, the protocol not only maintained a strong operational foundation but also welcomed a key historical moment of "financial infrastructure expansion and token value reshaping" in this quarter.

The most remarkable breakthrough of this quarter lies in the unprecedented acceleration of the JST deflationary flywheel. With the successful completion of the third and fourth large-scale repurchase and destruction operations, the cumulative destruction of JST has robustly reached 17.29% of the initial maximum supply, and the amount of the fourth repurchase and destruction hit a record high of $34.59 million.

Supporting this historic scale of deflation are the strong explosion of the protocol's core revenue-generating business and the diversified expansion of ecological funds. In this quarter, JustLend DAO's energy leasing revenue continued to rise, contributing nearly 70% of the funds for the fourth destruction and becoming the most core pillar of risk-free real revenue. More importantly, the historical stability fee of USDJ was for the first time officially and massively included in the repurchase fund pool, marking that JST's value capture map has officially crossed the boundaries of a single protocol. This dual funding pump of "core business revenue + ecological historical accumulation" provides a continuous and abundant fuel supply for the deflationary engine.

Through this impressive quarterly report, a large ecosystem with interlocking gears is unfolding before us. Whether in refining cutting-edge products or in decisively implementing deflationary policies, JustLend DAO is using real on-chain data and governance actions to build an unbreakable long-term value barrier for the vast community and holders.

JST price hits a new high, diversified ecological income strengthens JST's long-term upward channel

In Q2 2026, JustLend DAO's most eye-catching strategic move was undoubtedly the unprecedented strength and structural breakthrough demonstrated in the JST repurchase and destruction mechanism. During the reporting period, the protocol successfully completed the third JST repurchase and destruction, destroying a total of 271,337,579 JST, corresponding to a fund scale of $21.3 million.

And this strong deflationary pace has not stopped. On July 17, just after the quarter ended, the fourth and currently most symbolic repurchase and destruction was officially executed. This time, a total of 355,021,530.97 JST were destroyed, costing as much as $34.59 million. As a result, after four rounds of intensive and large-scale destruction actions, the total cumulative destruction of JST has reached an astonishing 1,711,249,863 tokens, with the proportion of the initial maximum supply rising to 17.29%.

By deeply analyzing the funding composition of the fourth repurchase and destruction, a structural change with profound implications for JST's long-term value can be found. Previously, the repurchase funds for JST mainly relied on the operational income generated by JustLend DAO itself, such as profits from energy leasing business.

However, in the fourth action, USDJ's historical stability fee was for the first time formally and massively投入 into the repurchase and destruction fund pool. Specific data shows that the funds from JustLend DAO's energy leasing revenue corresponded to 248,357,799 JST, accounting for about 69.96%; while the funds from the historical stability fee of USDJ corresponded to 106,663,731.97 JST, accounting for 30.04%. This leap in funding sources is of high strategic significance, marking that JST has evolved from being merely a governance token of JustLend DAO's single lending protocol to being substantively the ultimate value capture of the entire vast JUST ecosystem. As the historical income achieved within the ecosystem begins to continuously flow into the deflationary engine, the value support base of JST becomes broader and more solid than ever.

This systemic improvement in fundamentals has received extremely keen and positive feedback in the secondary market. According to on-chain and circulation data statistics, in Q2 2026, JST's market trading price showed a significant upward trend. Its price maintained a range between 0.05790 and 0.09742 USDT, especially experiencing an independent and strong upward trend during April to May. The highest price in the quarter achieved an approximately 50.7% leap compared to the first quarter's peak of 0.06466 USDT. Between Q2 2026 and early July, JST's market performance was strong. On July 10, JST's price successfully broke through the $0.1 mark, setting a new record since the repurchase and destruction plan was launched. The continuous rise in price visually validates the global secondary market's high recognition of JST's positive cycle logic of "real protocol revenue-driven repurchase destruction, accelerated repurchase destruction lifting value".

Meanwhile, liquidity and trading activity also experienced an explosion, with a total quarterly trading volume reaching $3.27 billion, and the average daily trading volume maintaining a high of nearly $36 million, with a single-day peak exceeding three times the average daily trading volume. This rise in both volume and price fully demonstrates that the injection of diversified repurchase funds and high-intensity deflation expectations have successfully translated into a substantial consensus for bullish sentiment.

Additionally, it is important not to overlook the robust treasury reserve system behind the protocol. As of the report release date, the treasury address has a core asset valued at approximately $119 million, including over 104 million sTRX, nearly 1.3 billion jUSDT, 500 million JST, and about 13.08 million USDT. Meanwhile, JustLend DAO's cumulative net reserve has also reached $94.21 million, indicating extremely healthy asset operation.

Even more promising hidden "catalysts" lie in the vigorous development of the USDD ecosystem. In the second quarter, USDD achieved quarterly revenue of $76,600, a substantial month-over-month growth of 21.50%, and quarterly surplus also surged 24.27% to $76,300, with the cumulative treasury balance climbing to $2.154 million. According to the current governance arrangement, this constantly expanding USDD ecological income will also be included in JST's repurchase map in the future upon meeting relevant conditions. This means that, in addition to existing lending income, energy leasing, and USDJ stability fees, USDD is becoming the next huge potential "ammunition depot" under the JST deflationary flywheel, laying a solid financial foundation for longer-term value rises in the future.

Expansion of business territory, dual-core drive of protocol upgrades and ecological traffic

Behind the dazzling financial data and token economics is JustLend DAO's continuous deepening in underlying protocol architecture innovation and ecological business expansion. In Q2 2026, despite global macro funding fluctuations, JustLend DAO still maintained a dominant market share, with the total locked value (TVL) stabilizing at a massive scale of $6.7 billion.

Such a huge capital volume is inseparable from the continuous iteration of the underlying architecture of the protocol. This quarter, JustLend DAO officially launched SBM V2, marking the comprehensive evolution of lending business from a single market architecture to the parallel dual-track operation of SBM V1 and SBM V2. At this stage, SBM V1 remains an absolute "stabilizing force" for the protocol, carrying the deposit demand for mainstream core assets with its highly advantageous liquidity depth, with a deposit scale reaching $3.532 billion and a loan scale reaching $191 million. The isolated lending market structure introduced by SBM V2 can strictly contain the risks of different long-tail or new assets within their respective independent lending pools, reducing the possibility of extreme volatility of a single asset spreading to the entire network. This lays a solid foundation for safely and massively absorbing more diversified assets into the TRON DeFi ecosystem in the future.

In addition to solidifying the traditional lending business, the distinctive derivative businesses centered around the TRON underlying mechanism also exhibited strong growth momentum in this quarter, especially the energy leasing, which showcased excellent revenue-generating capabilities. In the second quarter. The total energy on the network climbed to 47.458 billion, with the actual energy borrowed reaching 13.621 billion, and the number of users renting energy grew by 3.45% year-over-year, surpassing 81,000. The energy leasing market not only effectively reduces the on-chain interaction costs for TRON developers and active users but also contributes significant real revenue for JustLend DAO.

Meanwhile, the sTRX staking business also delivered impressive results in this quarter. Its TVL steadily climbed to 9.689 billion TRX, with the user base for participation in staking experiencing a significant leap of 18.48%, approaching 17,000 households. This rapid expansion of the audience profoundly reflects the market's strong consensus on the TRX secure yield model. While activating users' idle assets, this business also further solidifies the foundational liquidity of the entire TRON underlying network.

While continuing to deepen the existing market, JustLend DAO is also accelerating its external expansion. In this quarter, the GasFree business emerged as a standout performer, targeting the biggest pain point of on-chain interactions with its core function of waiving native token transfer fees and experiencing explosive growth immediately after launch.

By the end of the second quarter, the total user count for this business had surged past 359,000, and the total number of transactions processed exceeded 6.2 million. With a payment experience that rivals that of Web2 in terms of smoothness, GasFree has become a huge traffic funnel within the JUST ecosystem, continuously bringing a massive number of truly active users into the realm of TRON DeFi.

Looking ahead, what JustLend DAO demonstrated in the second quarter is not merely a dimension of prosperity but the comprehensive operation of a highly self-consistent, multi-gear tightly meshed ecosystem. The fourth repurchase and destruction broke the limitations of a single funding source, allowing the market to see JST's infinite elasticity as a value-capturing vehicle. With the next quarter's expected repurchase funds of about $21.55 million gearing up, along with the future influx of USDD surpluses and scaled revenues from GasFree, the fuel supply for the repurchase engine will be even more abundant and diversified. Under the premise of adhering to the established governance framework and transparency principles, JST is continuously writing its own long-term value paradigm in an unstoppable manner.