JustLend DAO's impressive report card: cumulative net income of approximately $62 million, TVL long-term firmly among the top four in global lending, $59 million ecological income supports JST repurchase and destruction, offline activity footprints spread globally.
Against the backdrop of overall volatility in the DeFi market, JustLend DAO, a core DeFi protocol in the TRON ecosystem, has achieved leapfrog development in the first three quarters of 2025, not only achieving comprehensive breakthroughs in total locked value (TVL) growth, product function expansion and innovation, and global influence but also continuously releasing value through the recently implemented large-scale JST repurchase and destruction mechanism, demonstrating strong ecological vitality and development potential.
According to the third quarter income report of the TRON network released by @MessariCrypto, JustLend DAO's Total Value Locked (TVL) increased by 46.1% compared to the previous quarter, jumping from $3.4 billion to $5 billion, remaining firmly among the top four in the lending industry and solidifying its position in the global DeFi forefront.
More attention from the market is on the approximately $59 million large-scale JST repurchase and destruction mechanism recently initiated by JustLend DAO, which has been implemented. The first round destroyed about 560 million JST, accounting for 5.66% of the total supply, and currently, there are still over $41 million in funds waiting to be投入后续销毁.
In the current overall weak fluctuation of the cryptocurrency market, the significant repurchase actions undertaken by JST fully demonstrate the strength and ecological confidence of the JustLend DAO platform, also directly driving market feedback. According to @coingecko data on November 11, JST has risen over 20% in the last 30 days, with the price climbing from $0.030 to $0.037, and the consensus on deflationary value is continuously strengthening.
JustLend DAO's product capability continues to upgrade: taking lending as the cornerstone, expanding diverse services such as staking and energy rental.
As the core DeFi platform in the TRON ecosystem, JustLend DAO was launched by JUST, which focuses on DeFi system solutions for the TRON ecosystem. Since its launch in 2020, it has been deeply engaged in the DeFi lending field for five years. With continuously upgraded product capabilities, it has expanded its service boundaries from initially providing a single lending service to now transforming into an all-encompassing 'DeFi omnipotent platform' that integrates various functions such as lending, staking, energy services, and smart wallets, becoming an indispensable financial infrastructure within the TRON ecosystem.
In terms of product functionality, JustLend DAO has completed deep integration of multiple core DeFi modules, covering lending markets (SBM), liquid staking sTRX (Staked TRX), energy rental, and smart wallets (GasFree), serving as a one-stop DeFi service entry for the TRON ecosystem, providing users with a comprehensive financial service experience.
Lending market (SBM): As the core foundational business of JustLend DAO, the SBM lending market is an efficient and balanced asset allocation center. On one hand, users can deposit idle crypto assets to earn stable interest, achieving steady asset appreciation; on the other hand, they can also borrow other currencies by collateralizing existing assets, engage in leveraged operations or diversified investments, unlocking more usage scenarios for the assets.
In terms of asset coverage, the SBM lending market showcases a rich variety of choices. It includes not only global mainstream currencies such as ETH, BTC, and USDT but also comprehensively encompasses TRX, USDD, JST, NFT, SUN, sTRX, BTT, and other native assets of the TRON ecosystem, covering dozens of cryptocurrencies in total, creating a diverse and comprehensive investment choice pool for users. Additionally, SBM is continuously introducing emerging assets: In August this year, the SBM market added the supply and lending services of the compliant stablecoin USD1.
Liquid staking (sTRX) is the preferred entry point for liquid staking TRX in the TRON ecosystem, allowing users to stake TRX to obtain liquid staking certificates sTRX. Holding sTRX allows users not only to earn basic staking rewards from the TRON network but also to flexibly participate in various on-chain DeFi activities to accumulate more returns, continually generating additional value during the staking period.
In terms of the yield application scenarios of sTRX, JustLend DAO and the TRON ecosystem's DeFi applications operate in coordination, further broadening the yield boundaries. For example, in April this year, the stablecoin USDD launched the sTRX Vault minting function, allowing users to directly mint USDD by using sTRX as collateral, easily activating their assets.
Energy Rental is a unique innovative service within the TRON ecosystem, relying on the 'bandwidth + energy' dual resource gas fee mechanism, helping users directly save about 70% of transaction gas costs, optimizing the new experience of operational costs on the TRON chain.
Compared to the traditional need for long-term staking of TRX or directly burning TRX to obtain energy, JustLend DAO supports users to rent energy on demand and per use, without long-term staking, significantly reducing the on-chain operational threshold and cost for small and medium-sized users, allowing ordinary users to easily enjoy low-cost on-chain interactions.
To continuously optimize the user experience, JustLend DAO has iterated energy rental parameters multiple times this year, releasing benefits: On September 19, the energy rental prepayment (deposit) was reduced from 40 TRX to 20 TRX, further lowering the entry threshold; on August 29, the TRON network reduced the basic energy unit price from 0.00021 TRX to 0.0001 TRX (smart contract operation costs dropped by 60%), and JustLend DAO promptly responded on September 1 by lowering the basic rental tax rate from 15% to 8%, allowing users to enjoy the dual benefits of 'basic unit price reduction + rental tax rate reduction'; on July 13, the annualized rental yield (APY) was adjusted to comprehensively lower the total cost of energy rental.
As of November 15, JustLend DAO's energy rental daily price is 53 SUN, requiring only 5.352 TRX to rent 100,000 units of energy (equivalent to the energy obtained by staking 10,450 TRX), sufficient to cover two contract transactions. The cumulative number of participating users has exceeded 70,000, becoming a core service of high-frequency demand within the ecosystem.
Overall, JustLend DAO focuses on lending, liquid staking, and energy rental as its core product matrix, with the three modules deeply collaborating and efficiently linking to build a closed-loop ecological system, providing users with a full-chain service from asset borrowing, storage, staking to low-threshold on-chain operations, truly achieving one-stop on-chain asset management.
Beyond core products, JustLend DAO focuses on user experience, innovatively launching the GasFree smart wallet, which allows users to directly deduct fees from transferred tokens, completely breaking the industry restriction of 'must hold native tokens to trade'. After its launch in March this year, JustLend DAO also simultaneously introduced a 90% transfer fee subsidy activity, allowing users to pay only about 1 USDT in fees for each GasFree transfer of USDT (regardless of the amount).
In terms of ecological construction and token incentive, JustLend DAO is empowered by the community-led incentive organization Grants DAO. It focuses on diversified support, providing resource support and special incentives for projects and builders that contribute to the development of JustLend DAO and the JUST ecosystem, while also building a solid defense for ecological safety through precise market risk control. So far, Grants DAO has allocated approximately $189 million through user incentives, ecological repurchase and destruction, market stability maintenance, and developer support.
From core product collaboration to experience optimization tools, and ecological incentive systems, JustLend DAO has formed a complete ecosystem through comprehensive layouts in product innovation, user experience, and ecological construction, creating a supportive and collaborative development environment.
TVL remains among the top four in global lending, with cumulative net income nearing $62 million, JustLend DAO has established a solid growth foundation with a diversified income model.
While continuously expanding product functionality, JustLend DAO's core operational data also shows steady growth. The total value locked (TVL) has long remained among the top four in the lending industry, with the platform's cumulative net income approaching $62 million.
Reports from Messari and CoinDesk recently highlighted that JustLend DAO achieved significant growth in TVL in Q3, increasing sharply by 46.1%, rapidly rising from $3.4 billion to $5 billion, maintaining its top four ranking in the global lending track.
Whether in terms of capital liquidity or lending demand, JustLend DAO's core indicators have steadily climbed. As of November 12, the platform's total TVL has risen to approximately $6.9 billion, with ecological users nearing 480,000. Among them, the SBM lending market has performed impressively, with asset management scale reaching $4.4 billion (including $4.28 billion in supplied assets and $140 million in borrowed assets), intuitively presenting the depth and activity level of the lending ecosystem.
In terms of platform income, financial transparency has been upgraded. JustLend DAO officially launched the 'Financial Transparency Operating Indicators' on its official website on November 1, fully disclosing core financial dimensions, including cumulative net income (mainly covering SBM lending market and Staked TRX income), extracted net income, remaining net income, and the JST repurchase and destruction process.
According to disclosed financial data, the cumulative net income of the JustLend DAO platform has approached $62 million, of which the cumulative extracted income is $59.5 million, with remaining income of approximately $2.44 million, indicating a stable and controllable overall financial situation.
In the income landscape of the JustLend DAO platform, sTRX is undoubtedly the core income pillar. Of the extracted $59.5 million income, the net income from sTRX extraction is as high as $59.08 million, while the net income extracted from the SBM lending market is about $1.79 million.
With the steady rise in sTRX staking volume, the revenue brought by it is also expected to increase significantly. Official data shows that the number of TRX staked behind sTRX exceeds 9 billion, with nearly 13,000 addresses participating in staking. The current annualized yield is 7.26%, while there were only about 4,200 addresses participating in staking in June this year, indicating a rapid growth trend.
The SBM lending market also performed impressively, with its captured fees continuing to grow steadily. According to DeFiLlama data, as of November 12, the platform has cumulatively captured approximately $5.68 million in fees (this data only accounts for the interest paid by borrowers), which represents an increase of over $1.5 million compared to the total of $4.06 million for the entire year of 2024. This growth intuitively verifies the continuous expansion of JustLend DAO's lending market scale.
In addition to the above two core business highlights, JustLend DAO also offers a high-frequency energy rental service. In the future, this business is expected to be included in the income statistics system, becoming a new growth pole for platform income and continuously injecting momentum for overall income growth.
By leveraging the diversified business of 'liquid staking + lending + energy rental', JustLend DAO has successfully constructed a diversified income model. This model effectively avoids the risks associated with reliance on a single business, enhancing the robustness of the overall financial structure and the potential for sustainable growth, demonstrating strong competitiveness and vitality in intense market competition.
The large-scale repurchase and destruction of $59 million JST has been implemented, continuously driving the deflationary value growth of JST.
As the governance token of JustLend DAO and the entire JUST ecosystem, JST has always been the focal asset in the cryptocurrency market. Since 2025, JST has continued to break through in ecological expansion and value enhancement, with the recent large-scale JST repurchase and destruction plan of about $59 million fully launched, laying a solid foundation for its long-term deflationary value.
On October 21, JustLend DAO, in collaboration with the USDD multi-chain ecosystem, launched the JST long-term repurchase and destruction plan, marking the official entry of JST into a new phase of value growth.
The specific data shows that JustLend DAO has extracted approximately $59 million USDT from the stock yield for this round of repurchase and destruction. The first round has executed 30% (about $17.72 million), destroying approximately 560 million JST, accounting for 5.66% of its total supply; the remaining 70% (about $41.42 million) will be deposited into the SBM USDT lending market and will be gradually advanced for destruction over four quarters. Currently, users can track the destruction progress and the funds to be destroyed in real-time through the Grants DAO or Transparency page on the JustLend DAO official website.
The repurchase and destruction of JST is the starting point for JustLend DAO's long-term deflation model based on real ecological income. This deflation model is based on JustLend DAO's stock yield of approximately $59 million and will continue to inject the platform's net income and incremental income exceeding $10 million from the USDD multi-chain ecosystem in the future. This design of 'stock foundation, incremental continuation' deeply binds the value of JST to the development of JustLend DAO and the USDD ecosystem, forming a virtuous cycle of 'the more prosperous the ecology, the higher the profit, the stronger the deflationary force', thus establishing a clear and sustainable long-term deflation path for JST.
With the gradual implementation of the destruction plan, the long-term value logic of JST is becoming increasingly clear. The first round of destruction of approximately 560 million JST has already reduced the total supply by about 5.66% in one go. With the continued advancement of subsequent quarterly repurchases, relying solely on the extracted stock yield from JustLend DAO, the cumulative deflation ratio of JST may exceed 18% (based on the current market price of JST), making JST the token with the largest quantity destroyed in the current DeFi market.
With the total supply of JST fixed at 9.9 billion pieces, every JST destroyed means a reduction in circulation. The continuous deflation of circulation will significantly enhance its scarcity, thereby providing strong support for JST's price and driving its value into a long-term upward channel.
With real ecological income as the core, combined with the advantages of the compliance process and high liquidity, the long-term value logic of JST is continuously strengthening, and the growth potential is becoming increasingly clear.
The globalization process is accelerating comprehensively: offline activities have footprints in dozens of countries worldwide, and ecological influence continues to expand.
This year, JustLend DAO has continued to increase its global layout, fully expanding circulation boundaries, funding channels, and brand influence through multiple paths such as exchange cooperation, connections with mainstream financial institutions, and high-frequency offline activities.
In terms of deepening exchange cooperation, the global circulation layout of JST assets has achieved significant results, with intensive listings on many top trading platforms in the first half of the year, and compliance recognition and market liquidity have improved simultaneously. In April, the global compliant cryptocurrency exchange Kraken launched JST/USD and JST/EUR spot trading pairs, not only opening up channels to the European and American markets but significantly enhancing global exposure and liquidity for the assets, marking a key step in the compliance process of the TRON ecosystem; subsequently, the leading exchange Binance launched JST/USDT perpetual contracts, providing investors with diverse trading strategy options; platforms such as Lbank have followed suit, further improving the global trading matrix.
As of November 12, JST has successfully landed on dozens of mainstream CEX platforms such as Binance, Upbit, and Kraken, establishing a solid position in the global cryptocurrency market.
In terms of connecting mainstream financial resources, JustLend DAO has successfully built a bridge between traditional funds and ecological traffic: At the end of June, the TRON-listed company Tron pledged 365 million TRX through JustLend DAO, marking the platform as an important channel for traditional funds to enter the TRON chain, with the potential to attract more institutional funds in the future; in July, JustLend DAO completed full integration with the Binance wallet, allowing Binance users to seamlessly conduct lending and staking operations, leveraging Binance's global traffic to further expand the user base and ecological influence.
In addition, this year JustLend DAO has frequently collaborated with core projects of the TRON Eco ecosystem such as @SunPumpmeme, @officialAINFT, and @Bittorent, appearing multiple times at top global blockchain industry summits, participating in nearly ten high-profile international events, covering regions such as Asia, Europe, and the Middle East: from the Hong Kong Web3 summit, Japan WebX 2025, Dubai TOKEN 2049 in the first half of the year to the Singapore TOKEN 2049, Thailand Blockchain Week, South Korea Blockchain Week, Vietnam GM Vietnam 2025, Istanbul Blockchain Week, etc. in the second half of the year, JustLend DAO and its ecological partners have fully showcased collaborative development and technological accumulation with a unified brand matrix.
At each summit venue, JustLend DAO, in collaboration with TRON Eco's core projects, not only set up professional booths to showcase the latest ecological achievements and data but also enhanced brand recognition and community cohesion through customized themed peripheral gifts. Through various forms and regions of brand exposure and technology display, it not only comprehensively presents the comprehensive strength of ecological collaborative development but also pushes Web3 frontier technology and innovative concepts to a broader global stage, further accelerating the global spread of blockchain technology and continuously strengthening the influence of TRON Eco in the global industry.
Currently, JustLend DAO's business footprint has covered approximately dozens of countries and regions worldwide, showing a strong trend of globalization and ecological synergy, becoming the core force driving the globalization process of the TRON ecosystem.
From the continuous iteration of product functions and optimization of user experience to the leap in TVL growth and steady improvement of global influence, JustLend DAO is firmly positioned among the top DeFi applications globally, further consolidating the ecological position of TRON as a core hub of decentralized finance.
🔗 justlend.org
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