The market discussion around JST often focuses on deflation, buybacks, and burns, but in reality, the governance rights of JST represent its "true underlying value".
Governance rights mean
Who can decide the buyback ratio?
Who can decide the distribution method of profits?
Who can decide which assets are added to the lending pool?
Who can adjust the interest rate model?
Who can decide the energy leasing rate?
These decisions affect the real economic flow of the entire TRON DeFi ecosystem.
In a fully DAO-ified system, governance rights are not symbolic but represent true "ecological control rights".
JST holders are not bystanders; they are essentially the system's "shareholders".
Governance rights represent long-term ecological dividends:
The more you use → The more profits you earn → The higher the buyback → The more important the governance rights.
When a protocol's profits, growth, and power are directly tied to the token, the governance value of that token will ultimately surpass market hype.
The current governance position of JST is far from being correctly priced by the market, but as DAO power continues to expand, this value will gradually become apparent.
