Recently, the crypto market as a whole has entered a period of adjustment. However, JUST, a core DeFi project in the TRON ecosystem, has broken through the trend and become the focus of the crypto market by continuously implementing large-scale buybacks and burns of JST tokens.
On January 28, the "JST 2025 Q4 Report" was officially released, systematically disclosing key information such as the operational progress of the JST governance token, the ecosystem value empowerment strategy, and the quarterly revenue performance of the core protocol JustLend DAO. This report clearly outlines the overall ecosystem development for market participants and releases a clear long-term value signal.
In the fourth quarter of 2025, JST token development reached a significant milestone. The team successfully implemented the JST buyback and burn mechanism, completing the entire process from proposal voting to execution, and successfully carried out two rounds of buybacks and burns. This officially marks JST's entry into a new phase of normalized deflation and opens a new chapter for its value growth.
As of January 28, JST had completed two rounds of large-scale on-chain buybacks and burns, with a cumulative burn volume exceeding 1 billion tokens, accounting for 10.89% of the total token supply. Behind this steady and orderly burn is JustLend DAO's core driver of real yield, which directly empowers token value with protocol revenue, building a positive virtuous cycle of revenue-driven deflation. On this basis, the value effect of JST's deflationary model has been fully released, and the continuously implemented deflationary dividends have also solidified the foundation for JST's value development.
JustLend DAO, as the core supplier of funds for JST buyback and burn, plays a crucial role in the implementation of the deflationary mechanism. Leveraging a diversified product matrix including lending, staking, and energy leasing, JustLend DAO achieves sustained and stable profitability. All of its real protocol revenue is invested in JST buyback and burn, laying a solid foundation for JST's long-term value growth and directly demonstrating the stability and sustainability of the protocol's profitability. This series of actions not only showcases JustLend DAO's strong cash flow generation capabilities to the market but also sends a core signal that JST's value growth is not based on speculative hype but has solid underlying economic support, with its long-term development potential receiving strong backing from the real yield of the ecosystem.
With a cumulative burn of over 1.08 billion JST tokens across two rounds, the deflationary effect of JST tokens has been fully strengthened.
According to the "JST Q4 2025" report, the company focused on building long-term value and sustainable growth of the ecosystem throughout the quarter, cultivating its core business and refining its ecosystem layout. It also made significant progress in key areas such as the implementation of the JST buyback and burn mechanism and the establishment of a transparent on-chain disclosure system.
Currently, the JST buyback and burn mechanism has been implemented steadily and systematically on a quarterly basis. This mechanism is driven by the real yield of the core protocol JustLend DAO and the stablecoin USDD, promoting the smooth implementation and stable operation of the long-term deflation mechanism, continuously releasing the long-term value potential of the JST token, and laying a solid ecological foundation for its steady value increase.
Looking back at the timeline of the mechanism's implementation, on October 21, 2025, the JustLend DAO community officially passed the JST buyback and burn mechanism proposal: clearly stating that all existing revenues, future net incomes, and over $10 million of revenue from the JustLend DAO protocol's multi-chain USDD multi-chain ecosystem would be used for JST buyback and burn.
Following the proposal's approval, Grants DAO, the decentralized community organization within the JustLend DAO ecosystem, acted swiftly. It immediately extracted over 59.08 million USDT from the protocol's existing revenue and implemented a tiered execution strategy: 30% immediately burned initially, followed by 70% burned quarterly after accruing interest. Simultaneously, it completed the first round of JST burning, destroying approximately 560 million JST tokens, representing 5.66% of the total token supply, with an investment of approximately $17.72 million. This series of actions marks a significant step towards the substantial implementation of the JUST ecosystem protocol's revenue and JST token value return mechanism, laying a solid foundation for subsequent quarterly and regular buyback and burning operations.
On January 15th of this year, JST underwent its second large-scale buyback and burn. This round burned a total of 525 million tokens, representing 5.3% of the total token supply, with a corresponding value of approximately $21 million. This burn not only effectively continued JST's stable and orderly buyback and burn schedule but also demonstrated strong momentum in terms of capital investment—compared to the first round, the actual investment increased by nearly $4 million, accelerating the release of deflationary benefits and fully demonstrating the project's firm commitment to deflationary implementation and its strong financial backing.
As of January 27, JST had successfully completed two rounds of large-scale on-chain buybacks and burns, with a cumulative burn volume exceeding 1.08 billion tokens (specifically 1,084,890,753), representing 10.96% of the total token supply, corresponding to a buyback investment of over $38.72 million. Such a large-scale on-chain deflationary operation is extremely rare in the history of cryptocurrency development.
The successful implementation of two rounds of large-scale buybacks and burns has achieved a rigid contraction of JST's circulating supply, resulting in significant deflationary effects. The burning of over 1.08 billion tokens reduced the total JST supply from 9.9 billion to approximately 8.815 billion. Crucially, JST has already achieved 100% full circulation, with no locked tokens. This means that the burning of every token represents a genuine deflation of the actual circulating supply, ensuring a solid and effective deflationary effect, continuously optimizing the supply and demand structure, strengthening token scarcity, and thus driving JST's value onto a long-term upward trajectory.
This series of buyback and burn operations not only significantly reduced the circulating supply of JST in the short term, but also sent a clear signal to the market that the project team is determined to promote value returns. As the deflationary model becomes the norm, the deflationary effect of JST is fully released, and the long-term value support is further consolidated.
Meanwhile, JST's market performance fully demonstrates the positive effects of ecosystem development and the deflationary mechanism, with the implementation of deflation garnering positive market feedback. Since the buyback and burn proposal was passed on October 21, 2025, the price of JST has been on a continuous upward trend from 0.032 USDT, surging to a high of 0.045 USDT on December 3 of the same year, with a cumulative increase of approximately 40%. This trend directly reflects the market's high recognition of JustLend DAO's stable operation capabilities and the long-term value growth logic of JST. As of January 27, the total supply of JST tokens was approximately 8.815 billion, with the latest price at $0.044, corresponding to a total market capitalization of approximately $387 million.
Furthermore, in terms of building ecosystem transparency, not only has the detailed asset list of the reserve treasury been disclosed, but the on-chain disclosure system has also been continuously improved, allowing community users to clearly understand the full picture of the treasury funds. At the same time, both JustLend DAO and USDD official platforms have officially launched dedicated disclosure pages for "Financial Operations Indicators (Transparency)," which centrally display core data such as protocol treasury reserves, JST buyback and burn pool balance, and executed buyback amounts, as well as all on-chain transaction records. This achieves a one-stop visual presentation of core operational data, helping community members track the entire process of protocol revenue accumulation, fund allocation, and buyback and burn in real time.
JustLend DAO's cash flow engine is operating steadily, solidifying the foundation of JST's long-term value.
As the core "cash flow engine" of the JUST ecosystem, JustLend DAO continuously expands its revenue channels and enriches user application scenarios through a series of structured products. Currently, JustLend DAO's product matrix covers lending (SBM), liquidity staking (sTRX), energy rental, and the GasFree smart wallet. With these products, JustLend DAO has achieved steady cash flow growth, providing continuous funding for JST buybacks and burns, thus laying a solid foundation for the long-term value of the JST token.
The value of the JST token lies in the JUST ecosystem behind it. As a one-stop DeFi solution within the TRON ecosystem, JUST has established a complete and mature DeFi ecosystem, encompassing a diverse range of on-chain financial instruments, including the core lending protocol JustLend DAO, the decentralized stablecoin USDD, the staking product sTRX, the energy rental service Energy Rental, and the cross-chain product JustCrypto. This provides a one-stop solution for users' needs across all scenarios, from asset appreciation to flexible asset allocation. According to the latest official data on January 28th, the total value locked (TVL) on the TRON network has reached $25.1 billion, of which the JUST ecosystem accounts for $11.1 billion, or 44%, firmly maintaining its core position within the TRON ecosystem.
Within the JUST ecosystem, JustLend DAO serves as the core hub for cash flow creation and value capture. Through the integration of a diversified product matrix including lending SBM, liquidity sTRX, energy rental, and the GasFree smart wallet, it continuously provides the core driving force for the diversified growth of ecosystem revenue.
According to the JST buyback and burn mechanism, its funds mainly come from two core sources: first, the existing returns and future net returns of JustLend DAO; and second, excess revenue exceeding $10 million from the USDD multi-chain ecosystem. Currently, the revenue related to the USDD multi-chain ecosystem has not reached the established standard; therefore, the JST buyback and burn funds are primarily supported by the JustLend DAO protocol.
In terms of buyback and burn, the JustLend DAO project demonstrated strong execution and financial security. Compared to the initial buyback and burn investment of $17.72 million, the second round of burn involved a direct investment of approximately $21 million, all funded by JustLend DAO's net income in the fourth quarter of 2025 and historical carryover revenue, representing a significant acceleration beyond the planned schedule. As planned, the remaining 70% of the proceeds from the first round of burn were to be repurchased over four quarters, with an estimated quarterly investment of $10.34 million. The second burn investment far exceeded this expectation. This means that JustLend DAO's net income in the fourth quarter also exceeded $10 million, demonstrating its strong profitability.
According to official data, JustLend DAO's total value locked (TVL) reached $6.81 billion in the fourth quarter, ranking among the top three in the global lending sector, covering over 480,000 users, demonstrating its strong competitiveness and broad influence in the market. Meanwhile, all business segments of JustLend DAO performed exceptionally well:
• SBMs performed exceptionally well in the market , with deposits reaching approximately $4.03 billion and loans totaling approximately $205 million, representing a quarter-over-quarter increase of over 35% in total loans. According to DeFiLlima data, SBMs captured a record high of $2.2 million in interest expenses in the fourth quarter of 2025, reflecting the continued expansion of the lending business. This growth not only demonstrates the high market demand for SBM products but also reflects JustLend DAO's strong operational and market expansion capabilities in the lending sector.
• sTRX liquidity staking saw enthusiastic participation from users , with approximately 9.32 billion TRX staked and over 13,600 users participating. This active participation not only brought stable capital inflows to JustLend DAO but also further enhanced the vitality and stability of the ecosystem.
• The energy leasing service has been continuously optimized . Through multiple rate adjustments and reductions in the usage threshold, the minimum deposit has been reduced to 20 TRX, further consolidating its infrastructure position in the resource market and promoting the efficient allocation and utilization of resources within the ecosystem.
According to the Transparency page, JustLend DAO's cumulative net revenue has reached $72.69 million. In the fourth quarter of 2025, it withdrew $69.7 million in reserve revenue from the protocol, including over $68.81 million from the sTRX segment and $2.25 million from the SBM segment. Currently, JustLend DAO has approximately $2.99 million in remaining revenue reserves, of which $1.8 million is available in sTRX.
From the perspective of the revenue structure, the liquidity sTRX product has become the core component of JustLend DAO for obtaining stable returns and distributing protocol revenue. It is also a key source of funds for JST repurchase and burn. This revenue structure lays the foundation for the platform to achieve stable and sustainable revenue growth and continuously empowers the long-term development of the ecosystem.
According to the "JST Q4 2025 Report," JustLend DAO's vault and JST's buyback and burn reserve addresses collectively hold 130 million sTRX and approximately 2.1 billion jUSDT. These reserve assets not only provide ample financial support for JST's buyback and burn operations but also form a solid material foundation for the stable development of the JUST ecosystem.
The team will strictly fulfill its community governance commitments and prioritize the repurchase and destruction of JST using existing revenue according to the established plan. Currently, after completing two rounds of repurchase and destruction, the relevant addresses still retain assets worth $31.02 million, which will be implemented in phases to continuously inject momentum into the value enhancement and ecosystem development of JST.
With the continued deepening of JUST's ecosystem collaboration, JST's value growth potential is promising.
Today, JustLend DAO is directly returning the benefits of ecosystem development to JST holders through a transparent and sustainable buyback and burn mechanism, leveraging the deflationary effect. With the core support of real yield and the empowerment of a clear value logic, JST has transcended its status as a single-function token, becoming the core carrier of the JUST ecosystem's growth value, and its future growth potential is worthy of long-term market anticipation.
According to JST's Q4 2025 report, based on JustLend DAO's revenue, approximately $21 million is expected to be invested in JST's buyback and burn program in Q1 2026, with the sTRX business expected to contribute $10 million in revenue. The specific burn scale will be dynamically adjusted based on the actual operating situation in each quarter.
As a significant source of incremental funds for future JST buybacks and burns, the decentralized stablecoin USDD ecosystem is experiencing rapid growth. Its total supply has now exceeded $1.1 billion, and its platform TVL has surpassed $1.3 billion, providing ample momentum for the continued strengthening of JST's deflationary mechanism. As of January 27th, USDD's cumulative treasury revenue reached $7.4678 million. With the continued expansion of its ecosystem, the excess returns generated by USDD in the future will become another important source of incremental funds for JST buybacks and burns, further strengthening the JST deflationary effect and continuously empowering the token's value enhancement.
At this point, JST has formed a deeply integrated value loop with the JUST ecosystem protocol's revenue. Within this loop, the robust development of JustLend DAO and USDD provides strong support for the appreciation of the JST token, while the growth in JST's value further attracts global users to participate in ecosystem building, thus fueling the business expansion and revenue growth of both. This virtuous cycle within the ecosystem not only injects strong endogenous momentum into the continued development of the JUST ecosystem but also lays a solid foundation for the long-term prosperity of the TRON ecosystem, contributing to the ecological development of the cryptocurrency industry.
In the future, as the JUST ecosystem continues to grow and internal collaboration deepens, the pool of funds injected into the JST deflation mechanism is expected to expand continuously, ultimately building a positive reinforcing loop of ecosystem expansion → increased returns → accelerated deflation → value enhancement, continuously raising the long-term value ceiling of JST.
