JUST has cumulatively destroyed 1.711 billion JST, with the deflation rate approaching 20%. JustLend DAO's earnings continue to drive deeper deflation

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

As of now, the total amount of JST destroyed in the four rounds has reached 1.711 billion, accounting for 17.29% of the initial total supply. Nearly 20% of JST has permanently exited the circulation market, with a total investment exceeding $94.6 million.

This substantial achievement stands in stark contrast to the current environment of the cryptocurrency industry. The industry is currently undergoing a deep downward reshuffling cycle, with many DeFi projects facing the triple impacts of shrinking revenue, cash flow exhaustion, and user loss, leading to budget cuts, and some leading established protocols choosing to cease operations. However, the JUST ecosystem has continuously invested tens of millions of dollars in such a counter-cyclical environment, pushing forward each round of large-scale on-chain JST repurchase and destruction as scheduled and in full. Even as the cryptocurrency market remains under pressure and overall industry confidence is low, JUST has never reduced the scale of any round of destruction, nor has it interrupted its established deflationary execution plan.

JST's ability to emerge from this independent growth curve of counter-cyclical deflation during the industry's downturn is fundamentally rooted in JustLend DAO's long-term stable ecological profitability. As the core financial pillar of JST repurchase and destruction, JustLend DAO continuously generates positive returns from its real business, with quarterly profits stabilizing at the tens of millions of dollars level for multiple consecutive quarters, providing a sufficient and stable source of funds for JST's regular large-scale repurchases.

More importantly, the JUST ecosystem is continuously exploring new incremental funding channels: the fourth round of destruction included the historical stability fee of USDJ for the first time, and the cumulative profit scale of the USDD ecosystem is about to exceed $10 million. These new sources of funds, combined with the core business income of JustLend DAO, lay a solid foundation for subsequent long-term and sustainable large-scale destruction. With the continuous growth of ecological profitability, the intensity and sustainability of future destructions are expected to further increase, accelerating the token deflation process.

Acceleration of JST Deflationary Value Release: A total of over 1.711 billion JST destroyed in four rounds, with a deflation rate of 17.29%, and total investment exceeding $94.6 million

Since the implementation of the repurchase and destruction mechanism in October 2025, JST has successfully completed four rounds of large-scale repurchase and destruction in just nine months, with a total of 1.711 billion JST destroyed, accounting for approximately 17.29% of the total token supply, and the total investment scale exceeding $94.62 million. If calculated at the recent market price of around $0.1 for JST, the total market value of the permanently destroyed JST tokens from the four batches is nearly $170 million.

Such high-frequency, large-scale, and continuous real destruction actions are quite rare in the entire Web3 and DeFi industry, fully demonstrating the firm strategic determination of the JUST ecosystem to empower JST's value and adhere to genuine deflation.

A review of the complete execution data of the four rounds of repurchase and destruction clearly shows that the funding scale for each round of JST destruction has maintained a steady upward trend, and has repeatedly exceeded expectations by broadening revenue sources, with the deflationary intensity continuously upgraded:

• First Round (October 22, 2025): Approximately 559 million JST destroyed, accounting for 5.66% of the total supply, with corresponding funds of $17.72 million, all sourced from JustLend DAO's historical stock revenue, marking the official start of JST's regular deflationary cycle;

• Second Round (January 15, 2026): Approximately 525 million JST destroyed, accounting for 5.30% of the total supply, with corresponding funds of $21 million, composed of JustLend DAO's stock revenue plus the net profit for Q4 2025, with the destruction scale exceeding market expectations;

• Third Round (April 15, 2026): Approximately 271 million JST destroyed, accounting for 2.74% of the total supply, with corresponding funds of $21.3 million, supported by DAO stock revenue and new profits added in Q1 2026, with the funding scale slightly increasing;

• Fourth Round (July 17, 2026): A total of approximately 355 million JST destroyed, accounting for 3.59% of the total supply, with regular destruction funds sourced from DAO stock revenue and net profit for Q2 2026, plus the additional historical stability fee of USDJ for special destruction, significantly increasing the overall investment scale to $34.59 million, setting a new historical high for single-round destruction funding.

Looking at the funding scale of the four rounds of repurchase and destruction, there is a steady upward trend, with each round expanding: the first round completed $17.72 million in destruction solely based on JustLend DAO's historical stock revenue; the second round, with the addition of new net profits for Q4 2025, increased the funding scale to $21 million; the third round, combined with the profits for Q1 2026, saw a slight increase to $21.3 million; the fourth round, based on quarterly regular revenue, added USDJ's historical stability fee as dedicated incremental funds, with the single-round destruction volume exceeding $34.5 million. Multiple rounds of data clearly confirm that the JST repurchase and destruction funding pool continues to widen, and the destruction intensity consistently exceeds market expectations, bringing unexpected value returns to the community.

It is worth mentioning that all JST repurchase and destruction operations are independently executed on-chain by the decentralized governance organization Grants DAO, without any centralized institutional intervention. Users can check the number of destroyed tokens, funding amounts, on-chain transaction hashes, and other complete evidence for each round through the financial transparency section of the JustLend DAO official website and the Grants DAO official page. All destruction records are permanently stored on-chain, with data being publicly transparent and fully verifiable.

In just nine months, the JUST ecosystem has orderly implemented four rounds of large-scale on-chain repurchase and destruction according to governance plans, permanently destroying nearly 20% of the original total supply of JST and completely exiting the circulation market. Under the basic rules of constant total token supply and no new issuance, each repurchase and destruction is a permanent reduction of the circulating supply. As rounds of destruction progress on schedule, the market's circulating tokens continue to shrink, reinforcing the scarcity attribute of JST and steadily increasing its intrinsic value.

CoinGecko data visually confirms the effectiveness of this value logic: since the official repurchase and destruction mechanism was launched in October 2025, JST has embarked on an independent counter-trend market completely detached from the overall market trend: the token price has steadily risen from a low of about $0.03 to the current $0.1; the circulating market value has surged from less than $300 million to $830 million, with a cumulative increase of over 333%, successfully ranking JST among the top 70 cryptocurrencies globally.

In contrast, during the same period, the overall cryptocurrency market trend saw Bitcoin decline from around $100,000 historical highs to about $65,000, with a cumulative drop of 40%. In an environment where mainstream crypto assets are generally under pressure and most token prices have significantly retreated, JST has instead shown an upward trend, strongly validating that a deflationary mechanism supported by real business income can build a solid value moat for the token.

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

JustLend DAO Drives JST Deflation with Real Earnings, Multi-Product Matrix Continues to Strengthen Long-Term Deflation

Looking back at the results of the four rounds of large-scale JST repurchase and destruction, the total scale of the invested destruction funds has exceeded $94.62 million, of which over $94 million comes entirely from the net income generated by JustLend DAO's real business—this includes both the stock revenue accumulated in the early stages of the ecosystem and the new operating profits released each quarter. As of now, JustLend DAO still has $10.34 million in stock revenue reserves to be invested in the next round of regular repurchase and destruction.

According to the previous repurchase and destruction mechanism, the funding for JST repurchase mainly comes from two core channels: one is the historical stock revenue and new quarterly net income of JustLend DAO; the other is the excess profits generated after USDD's multi-chain ecosystem revenue exceeds the $10 million threshold. As of now, USDD's cumulative revenue has not yet reached the standard for inclusion in the funding pool, so all four rounds of regular repurchase and destruction funds, except for the special destruction of USDJ's historical stability fee added in the fourth round, have come entirely from JustLend DAO's real business operating income, with funding sources being real and transparent, without external fundraising subsidies.

Specifically, at the beginning of the JST repurchase and destruction mechanism in October 2025, the ecosystem extracted $59.08 million USDT from JustLend DAO's stock revenue as the initial funding pool: 30% (about $17.72 million) was directly invested in the first round of destruction, while the remaining 70% was sequentially invested over four quarters, with a fixed quarterly investment scale of about $10.34 million. Starting from the second round of repurchase and destruction, the funding composition upgraded from "single stock release" to a dual-drive model of "stock revenue + quarterly new net income," with the funding scale for each round of repurchase and destruction directly jumping to over $20 million: $21 million for the second round, about $21.3 million for the third round, and about $20.6 million for the fourth round's regular portion. After adding the special destruction of USDJ's historical stability fee, the total investment for the fourth round exceeded $34 million, setting a new historical scale for JST repurchase and destruction.

This clear funding evolution trajectory fully confirms that since Q4 2025, JustLend DAO's quarterly net income has consistently stabilized above $10 million, forming a predictable and sustainable stable cash flow, laying a solid foundation for the long-term operation of the JST deflationary mechanism.

According to the latest data disclosed on the official financial page, JustLend DAO's cumulative net income has exceeded $94.2 million, with $91.04 million withdrawn, leaving a remaining balance of $3.17 million. Among them, the investment in the JST repurchase and destruction funding pool has reached nearly $105 million; after deducting the historical stability fee of USDJ of $10.39 million, nearly $94 million of the funding comes from JustLend DAO. Currently, JustLend DAO still has about $10.34 million in stock reserve income, which will be invested in the next regular destruction process as planned.

As the core financial pillar of JST repurchase and destruction, JustLend DAO has not stopped at the current income scale but continues to inject more substantial real earnings support for future repurchases through the iterative improvement of its product matrix and healthy growth of operational data.

Currently, JustLend DAO has built a complete DeFi business matrix covering various scenarios, including SBM lending, sTRX liquid staking, Energy Rental, and GasFree smart wallets. Under the collaborative drive of the entire ecological business, it maintains a stable and continuous ability to output earnings, continuously supplying "ammunition" for JST repurchase and destruction. As of July 21, the total value of locked crypto assets (TVL) on the JustLend DAO platform has reached $6.664 billion, providing safe and efficient one-stop DeFi services to nearly 486,000 users worldwide.

From the perspective of individual products, whether it is the core SBM lending market, TRX liquid staking, energy rental, or innovative tools like GasFree smart wallets, JustLend DAO's various business lines possess strong market competitiveness, consistently ranking among the top tier in their respective segments.

According to publicly available data from DeFiLlama, JustLend DAO's SBM lending market TVL is $3.29 billion, consistently ranking among the top four in the global lending sector; within the SBM lending market, the supply asset scale exceeds $3.492 billion, and the borrowed asset scale reaches $200 million, with funding activity and overall scale consistently maintaining industry leadership.

Notably, in June 2026, JustLend DAO officially launched SBM V2, innovatively introducing an isolation pool mechanism, expanding the lending business from a single market structure to a dual-track model where SBM V1 and SBM V2 run in parallel: SBM V1 continues to accommodate mainstream asset lending needs; SBM V2 adopts an isolated lending market structure, covering more new asset types, further enhancing the platform's overall security and risk resistance.

sTRX liquid staking has long been the preferred platform for TRON ecosystem users to stake TRX. According to the latest operational data, sTRX has staked over 9.73 billion TRX, with the number of independent addresses participating in staking exceeding 17,000, and both the total staking volume and the number of participating users have consistently shown a steady upward trend. Meanwhile, the Energy Rental business derived from liquid staking, with its "on-demand rental, pay as you go" flexible model, completely resolves the pain point for ordinary users who have to stake large amounts of TRX long-term to reduce Gas costs, allowing all on-chain users to enjoy the low-cost trading advantages on the TRON chain without barriers. Currently, the total number of users participating in energy rental has exceeded 80,000.

At the same time, the GasFree smart wallet, as an innovative tool focused on Gas optimization, allows users to directly deduct on-chain transaction fees through the target token without holding the native network token TRX, effectively removing the native token usage restrictions for on-chain transactions. Its user base and transaction volume are rapidly growing. As of July 21, the GasFree smart wallet has processed a cumulative transaction volume exceeding $114.3 billion, serving over 6.6 million accounts and saving users a total of $7.78 million in fees, rapidly becoming a new growth engine for the JustLend DAO ecosystem.

From SBM lending, sTRX liquid staking, Energy Rental to GasFree smart wallets, JustLend DAO has built a comprehensive DeFi platform with complete functionality and diverse income sources, with multiple business lines simultaneously creating stable revenue, forming a blooming profit pattern.

Currently, the funding for JST repurchase and destruction mainly comes from JustLend DAO's sTRX staking, Energy Rental, and other mature business operations. In the future, the revenues from innovative businesses like GasFree will also gradually be included in the overall revenue statistics of the JustLend DAO platform, continuously broadening the funding sources for JST repurchase and destruction.

The JUST Ecosystem Continues to Collaborate and Fully Promote JST Value Enhancement

More fundamentally, the growth of JST's value has never relied on short-term market boosts created by single large-scale destructions; instead, it is supported by the deep backing of the entire JUST ecosystem—built on a complete business closed-loop value support network, fundamentally based on solid ecological fundamentals, continuously solidifying the long-term value foundation of the JST token through multi-track business collaboration and complementary revenue channels.

From the overall scale of the JUST ecosystem, its total locked value (TVL) has reached $11 billion, directly accounting for 41% of the total locked value of the TRON network (which currently has a TVL of $26.7 billion). This means that over 40% of the crypto assets on the TRON chain actively choose to settle within the JUST ecosystem. This overwhelming market share, close to half of the total, is the most direct recognition from global users of the ecosystem's security and sustainable profitability.

As the core decentralized financial infrastructure of the TRON ecosystem, JUST has long established a complete DeFi product matrix covering multiple tracks: based on the core lending protocol JustLend DAO, it has created a comprehensive DeFi service system integrating "SBM lending market + sTRX liquid staking + Energy Rental + GasFree smart wallet"; simultaneously paired with decentralized stablecoin USDD and cross-chain infrastructure JustCrypto, forming an integrated DeFi ecological pattern of complementary business and traffic interconnection, fully covering the entire chain's needs for asset appreciation, stablecoin circulation, cross-chain fund transfer, and on-chain experience optimization.

As the native value-bearing token of the JUST ecosystem, JST's application scenarios span the core aspects of the entire ecosystem: from governance voting in JustLend DAO's ecological business to rights empowerment in the USDD ecosystem, JST is always the core link connecting all businesses. The current JST repurchase and destruction mechanism further deeply binds the value flow of JST with the two core protocols of the JUST ecosystem, JustLend DAO and USDD, allowing every real business income in the ecosystem to directly transform into the core driving force for JST's value growth.

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

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

It is worth mentioning that the JUST ecosystem's layout in the JST repurchase and destruction mechanism goes far beyond the four rounds of large-scale destruction that have already been implemented. According to the "JST Q1 2026 Financial Report" released in April this year, after the completion of the first phase 1.0 version of the stock revenue destruction plan, the ecosystem will officially upgrade to the new phase of JST deflation 2.0. At that time, JUST will complete a systematic upgrade based on the existing repurchase and destruction mechanism, fully broadening the boundaries of funding sources, adding diverse funding channels such as GasFree smart wallet business revenue and USDJ historical stability fee surplus, injecting stronger and more dimensional funding power into JST repurchase.

Currently, the historical stability fee surplus of USDJ has completed its first special destruction, which means that with the first inclusion of USDJ's historical stability fee into the repurchase funding sources, JST repurchase funds have gradually expanded from primarily relying on JustLend DAO protocol income to a diversified structure, opening up new funding paths for the long-term sustainable operation of the repurchase mechanism. Meanwhile, related work for the GasFree business is also progressing steadily as planned.

In the latest "JST Q2 2026 Financial Report," the official disclosed that according to the historical stock income repurchase rules, combined with the business income forecasts of JustLend DAO and USDD, approximately $21.55 million is expected to be invested in JST repurchase in the next quarter, with the actual investment amount dynamically adjusted based on the project's real revenue situation after the quarter ends.

Looking at a longer cycle, supported by the stable quarterly profit foundation built on JustLend DAO's mature business, combined with the continuous revenue contributions from innovative businesses like GasFree, and the formal unlocking of subsequent USDD ecosystem revenue incremental channels, JST's repurchase and destruction actions will continue to intensify.

From the perspective of the entire DeFi industry, the value of the JUST ecosystem is not only realized through multiple rounds of full on-chain destruction to fulfill long-term deflation commitments; more critically, during the industry's downturn, the ecosystem has built a replicable and sustainable real value paradigm based on complete verifiable operational and destruction data—entirely relying on the real business income of the protocol to drive token value enhancement, forming a positive flywheel of "business profitability → repurchase and destruction → increased scarcity → ecological expansion." With substantial and continuous investments in real business fundamentals, it proves that only a deflationary model rooted in solid business fundamentals can support the long-term value growth of tokens; this also provides a clear and feasible model for the DeFi industry to return to real value development.