Interpretation of the "JST Q4 2025 Report": Real ecological benefits drive long-term deflation, and the value of JST tokens is strongly released

Recently, the overall cryptocurrency market has entered an adjustment cycle, but the core DeFi project of the TRON ecosystem, JUST, has managed to break through against the trend with a large-scale buyback and burn of JST tokens, becoming the focus of the crypto market.

On January 28, the "JST Q4 2025 Report" was officially released, disclosing key information about the operational progress of the JST governance token, ecological value empowerment strategies, and the quarterly performance of the core protocol JustLend DAO, providing market participants with a clear picture of ecological development and releasing a clear long-term value signal.

In Q4 2025, the development of the JST token reached an important milestone. The team successfully promoted the buyback and burn mechanism of JST, completing the entire process from proposal voting to execution, and successfully carried out two rounds of buyback and burn, officially announcing that JST has entered a new stage of normalized deflation, opening a new journey for its value growth.

As of January 28, JST has completed two rounds of large-scale on-chain buybacks and burns, with a cumulative burn amount exceeding 1 billion tokens, accounting for 10.89% of the total token supply. Behind this steady and orderly burn action is JustLend DAO, which drives the ecological real revenue to directly empower token value, constructing a positive feedback loop driven by revenue and deflation; on this basis, the value effect of the JST deflation model is fully released, and the continuously implemented deflation dividends have solidified the development foundation of JST's value.

JustLend DAO, as the core supplier of funds for the current JST buyback and burn, plays a key role in the implementation of the deflation mechanism. Relying on a diverse product matrix including lending, staking, and energy leasing, JustLend DAO achieves continuous and stable profitability, with the real protocol revenue fully invested in JST buybacks and burns, which not only lays a solid foundation for JST's long-term value growth but also directly verifies the stability and sustainability of the protocol's profitability. This series of actions not only demonstrates JustLend DAO's strong cash flow generation ability to the market but also releases the core signal that the value growth of JST is not based on conceptual speculation but has solid underlying economic support, with its long-term development potential receiving hard-core endorsement from ecological real revenue.

Cumulative burn amount exceeds 1.08 billion tokens, JST token deflation effect fully strengthened

According to the "JST Q4 2025" report, this quarter has consistently focused on building JST's long-term value and sustainable ecological growth, deeply cultivating core business and refining ecological layout, with a focus on promoting the implementation of the JST buyback and burn mechanism and building an on-chain transparency disclosure system, achieving significant phased results.

Currently, the JST buyback and burn mechanism has achieved quarterly, orderly, and normalized execution, driven by the real revenue of the core protocol JustLend DAO and the stablecoin USDD, promoting the smooth implementation and operation of a long-term deflation mechanism, continuously releasing the long-term value potential of JST tokens, and laying a solid ecological foundation for its steady value rise.

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 the existing revenue of the JustLend DAO protocol, future net income, and the portion exceeding $10 million from the multi-chain USDD ecosystem would be fully used for JST buyback and burn.

After the proposal was passed, the decentralized community organization Grants DAO quickly took action, extracting over 59.08 million USDT from the protocol's existing revenue and formulating a tiered execution strategy of "30% immediate burn + 70% burn after quarterly interest accrual," simultaneously completing the first round of burning approximately 560 million JST tokens, accounting for 5.66% of the total token supply, with an investment of about $17.72 million. This series of actions marks a substantial landing stage for the income of the JUST ecological protocol and the value return mechanism of the JST token, laying a solid foundation for subsequent quarterly and normalized buyback and burn efforts.

On January 15 of this year, JST welcomed the second round of large-scale buyback and burn. This round burned a total of 525 million tokens, accounting for 5.3% of the total token supply, corresponding to a token value of about $21 million. This burn not only effectively continues the stable and orderly buyback and burn rhythm of JST but also shows strong momentum in capital investment—compared to the first round, the actual investment increased by nearly $4 million, pressing the "accelerate" button for the release of deflation dividends, fully demonstrating the project's firm determination and strong financial backing in executing deflation.

As of January 27, JST has successfully completed two rounds of large-scale on-chain buybacks and burns, with a cumulative burn amount exceeding 1.08 billion tokens (specifically 1,084,890,753 tokens), accounting for 10.96% of the total token supply, with over $38.72 million invested in buybacks. Such a large-scale on-chain deflation operation is extremely rare in the history of cryptocurrency development.

The perfect execution of the two rounds of large-scale buybacks and burns has achieved a rigid contraction of JST's circulating supply, with significant deflation effects. The burn of over 1.08 billion tokens has reduced JST's total supply from 9.9 billion to approximately 8.815 billion tokens. Importantly, JST has already achieved 100% full circulation, with no unlocked tokens. This means that every token burned is a real deflation of the actual circulating supply, making the deflation effect solid and effective, continuously optimizing the supply-demand structure, strengthening token scarcity, and thus driving JST's value into a long-term upward trajectory.

This series of buyback and burn operations not only significantly reduces the circulating supply of JST in the short term but also conveys a clear signal from the project party to firmly promote value return. With the normalization of the deflation model, the deflation effect of JST can be fully released, and the long-term value support is further solidified.

At the same time, JST's market performance fully verifies the positive effects of ecological construction and the deflation mechanism, with the implementation of deflation receiving positive feedback from the market. Since the proposal for the buyback and burn was passed on October 21, 2025, the price of JST has risen from 0.032 USDT, entering a continuous upward trend, and soared to a peak of 0.045 USDT on December 3 of the same year, with a cumulative increase of about 40%. This trend intuitively reflects the market's high recognition of JustLend DAO's stable operational capabilities and the long-term value growth logic of JST. As of January 27, the total supply of JST tokens is approximately 8.815 billion, with the latest quote at $0.044, corresponding to a total market value of about $387 million.

In addition, in terms of ecological transparency construction, not only has the asset details of the reserve fund been disclosed, continuously improving the on-chain disclosure system, allowing community users to clearly grasp the overall situation of the fund; at the same time, JustLend DAO and the official USDD platform have officially launched a dedicated disclosure page for "Financial Operating Indicators (Transparency)," concentrating on displaying core data such as protocol treasury reserves, JST buyback and burn fund pool balance, and executed buyback amounts, achieving one-stop visualization of core operational data, helping community members track the entire process of protocol revenue accumulation, fund allocation, and buyback and burn execution dynamics in real-time.

JustLend DAO cash flow engine operates steadily, laying a solid foundation for JST's long-term value

As the "cash flow engine" at the core of the JUST ecosystem, JustLend DAO continuously expands revenue channels and enriches user application scenarios through a series of structured product matrices. Currently, the JustLend DAO product matrix includes lending SBM, liquid staking sTRX, energy leasing (Energy Rental), and GasFree smart wallets. With these products, JustLend DAO has achieved steady growth in cash flow, providing continuous financial support for JST buybacks and burns, thus laying a solid foundation for the long-term value of JST tokens.

The value foundation 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 the core lending protocol JustLend DAO, decentralized stablecoin USDD, staking product sTRX, energy leasing Energy Rental, and cross-chain product JustCrypto, capable of meeting users' full-scenario needs from asset appreciation to flexible allocation. According to the latest official data on January 28, the total locked value (TVL) across the TRON network has reached $25.1 billion, with the JUST ecosystem's TVL at $11.1 billion, accounting for 44%, firmly maintaining its core position in the TRON ecosystem.

Within the JUST ecosystem, JustLend DAO is the core hub for cash flow creation and value capture. By integrating diverse product matrices such as lending SBM, liquid staking sTRX, energy leasing (Energy Rental), and GasFree smart wallets, it continuously provides core driving force for the diversified growth of ecological revenue.

According to the JST buyback and burn mechanism, its funding mainly comes from two core sectors: first, the existing revenue and future net income of JustLend DAO; second, the excess income exceeding $10 million from the USDD multi-chain ecosystem. Currently, the related income from the USDD multi-chain ecosystem has not reached the established standard, so the JST buyback and burn funds are mainly fully supported by the JustLend DAO protocol.

In terms of buyback and burn execution, the JustLend DAO project demonstrates strong execution strength and financial security, with the first round of buyback and burn investing $17.72 million, while the second round directly invested about $21 million, with funds sourced from JustLend DAO's net income in Q4 2025 and historical carryover income, showing a significant acceleration compared to the established pace. According to the plan, the remaining 70% of the first round of burn's existing revenue will be executed in buybacks over four quarters, with an expected quarterly investment of $10.34 million, while the second round's investment amount far exceeds this expectation. This indicates that JustLend DAO's net income in Q4 also exceeded $10 million, demonstrating its strong profitability.

According to data from the official website, in Q4, JustLend DAO's total locked value (TVL) reached $6.81 billion, ranking among the top three in the global lending sector, covering over 480,000 users, showcasing its strong competitiveness and broad influence in the market. At the same time, JustLend DAO's various business segments performed excellently:

• SBM market performance is outstanding, with a deposit scale of approximately $4.03 billion and a borrowing scale of about $205 million, with total borrowing volume increasing by over 35% quarter-on-quarter; according to DeFiLlama data, SBM captured interest fees of $2.2 million in Q4 2025, setting a historical high, reflecting the continuous expansion of the lending business scale. This growth trend not only reflects the high demand for SBM products in the market but also demonstrates JustLend DAO's strong operational capabilities and market expansion abilities in the lending business.
• sTRX liquid staking sees enthusiastic user participation, with the staked TRX amount reaching approximately 9.32 billion tokens, and over 13,600 participating users. The active participation of numerous users not only brings stable capital inflow to JustLend DAO but also further enhances the vitality and stability of the ecosystem.
• Energy leasing services continue to optimize, with multiple fee adjustments and lowered usage thresholds, with the minimum deposit 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.

From the revenue data perspective, according to the Transparency page, JustLend DAO's cumulative net income has reached $72.69 million. In Q4 2025, a total of $69.7 million was extracted from the protocol's reserve income, with the sTRX segment extracting over $68.81 million and the SBM segment extracting $2.25 million; currently, JustLend DAO's remaining income reserve is about $2.99 million, with $1.8 million available in sTRX.

From the revenue structure perspective, the liquid staking product sTRX has become the core segment for JustLend DAO to obtain stable income and distribute protocol revenue, and it is also a key source of funds for JST buybacks and burns. This revenue structure lays the foundation for the platform to achieve stable and sustainable revenue growth, continuously empowering the long-term development of the ecosystem.

According to the "JST Q4 2025 Report," the JustLend DAO treasury and JST buyback and burn reserve addresses hold a total of 130 million sTRX and approximately 2.1 billion jUSDT. These reserve assets not only provide sufficient financial support for JST buybacks and burns but also become a solid material foundation for the stable development of the JUST ecosystem.

The team will strictly fulfill its community governance commitments, prioritizing the execution of JST buybacks and burns with existing revenue as planned. Currently, based on the completion of two rounds of buybacks and burns, the relevant addresses still retain assets equivalent to $31.02 million, which will be executed in phases to continuously inject momentum into JST's value enhancement and ecological development.

The synergy within the JUST ecosystem continues to deepen, and JST's value growth potential is promising

Now, JustLend DAO is using a transparent and sustainable buyback and burn mechanism to directly return ecological development dividends to JST holders through deflation effects. With the hard-core support of real revenue and clear value logic empowerment, JST has transcended the attributes of a single functional token, becoming the core carrier of growth value in the JUST ecosystem, and its future growth potential is worth the market's long-term expectation.

According to the "JST Q4 2025 Report," based on JustLend DAO's revenue situation, it is expected that approximately $21 million will be invested in the buyback and burn of JST in Q1 2026, with the sTRX business expected to contribute $10 million in revenue. The specific scale of the burn will be dynamically adjusted based on the actual operating situation of the season.

As an important incremental funding source for future JST buybacks and burns, the decentralized stablecoin USDD ecosystem is growing rapidly, with its total supply now exceeding $1.1 billion, and the platform's TVL has also surpassed $1.3 billion, providing ample momentum for the continuous strengthening of JST's deflation mechanism. As of January 27, USDD's cumulative treasury revenue has reached $7.4678 million. With the continuous expansion of the ecological landscape, the excess revenue generated by USDD in the future will become another important incremental funding source for JST buybacks and burns, further strengthening the deflation effect of JST and continuously empowering the enhancement of token value.

Thus, JST has formed a deep binding value loop with the revenue of the JUST ecosystem protocol. In this value loop, the steady development of JustLend DAO and USDD provides hard-core support for the enhancement of JST token value, while the value growth of JST tokens further attracts global users to participate in ecological construction, feeding back into the business expansion and revenue growth of both. This positive cycle within the ecosystem not only injects strong endogenous momentum into the continuous development of the JUST ecosystem but also lays a solid foundation for the long-term prosperity of the TRON ecosystem, helping to promote the ecological development process of the cryptocurrency industry.

In the future, as the JUST ecosystem continues to grow and internal synergies deepen, the funding pool injected into the JST deflation mechanism is expected to achieve continuous expansion, ultimately constructing a positive feedback loop of ecological expansion → revenue increase → accelerated deflation → value enhancement, continuously unlocking the long-term value ceiling of JST.