In-Depth Analysis of JST Q2 Quarterly Report: JST Cumulative Burn Reaches 17.29%, Diverse Ecosystem Revenue Strongly Drives Deflationary Flywheel

On July 21, JustLend DAO officially released its Q2 2026 Review Report. Amidst a complex market environment, the protocol not only maintained strong operational fundamentals but also reached a key historical node of "financial infrastructure expansion and token value reshaping" this quarter.

The most notable breakthrough this quarter lies in the unprecedented acceleration of the JST deflationary flywheel. With the successful completion of the third and fourth large-scale buyback and burns, the cumulative burn volume of JST has strongly reached 17.29% of the initial maximum supply, with the fourth buyback and burn amount reaching as high as $34.59 million, breaking a historical high.

Supporting this historical deflationary scale is the strong explosion of the protocol's core revenue-generating businesses and the diversified expansion of ecosystem funds. This quarter, JustLend DAO's energy leasing revenue continued to climb, contributing nearly 70% of the funds for the fourth burn, becoming the core pillar of risk-free real yield. More importantly, USDJ historical stability fees were included in the buyback fund pool on a large scale for the first time, marking that JST's value capture map has officially crossed the boundaries of a single protocol. This dual capital pump of "core business revenue + ecosystem historical accumulation" provides a continuous and abundant fuel supply for the deflationary engine.

Through this impressive quarterly report card, a vast ecosystem with tightly interlocking gears is unfolding before us. Whether in the refinement of cutting-edge products or the decisive execution of deflationary policies, JustLend DAO is building an impregnable long-term value barrier for the vast community and holders with real on-chain data and governance actions.

JST Price Hits New High Again, Diversified Ecosystem Revenue Fortifies JST Long-Term Uptrend Channel

In Q2 2026, JustLend DAO's most notable strategic move was undoubtedly the unprecedented strength and structural breakthrough demonstrated in its JST buyback and burn mechanism. During the reporting period, the protocol successfully completed the third JST buyback and burn, burning 271,337,579 JST tokens at once, corresponding to a fund scale of up to $21.3 million.

And this strong deflationary pace did not stop. On July 17, just after the quarter ended, the fourth and most significant buyback and burn to date was officially executed. This time, a total of 355,021,530.97 JST tokens were burned, costing up to $34.59 million.Thus, after four rounds of intensive and large-scale burn actions, the cumulative total burn volume of JST has reached an astonishing 1,711,249,863 tokens, with the proportion of its initial maximum supply jumping to 17.29%.

Delving into the fund composition of the fourth buyback and burn reveals a structural change with profound implications for JST's long-term value. Previously, JST's buyback funds mainly relied on the protocol's own operating income, such as profits generated from the energy leasing business.

However, in the fourth action, USDJ's historical stability fees were formally and on a large scale invested into the buyback and burn fund pool for the first time. Specific data shows that funds from JustLend DAO energy leasing revenue corresponded to 248,357,799 JST tokens in this burn, accounting for about 69.96%; while funds from USDJ historical stability fees corresponded to 106,663,731.97 JST tokens, reaching a proportion of 30.04%. This leapfrog expansion of funding sources has extremely high strategic significance, marking that JST is no longer just the governance token of the single JustLend DAO lending protocol, but has substantially evolved into the ultimate capturer of value for the entire vast JUST ecosystem. As various realized historical revenues within the ecosystem begin to flow continuously into the deflationary engine, JST's value support base has become unprecedentedly broad and solid.

This systematic improvement in fundamentals received extremely sensitive and positive feedback in the secondary market. According to on-chain and circulation data statistics, in Q2 2026, JST's market trading price showed a significant upward trend. Its price running range remained between 0.05790 and 0.09742 USDT, especially during the period from April to May, it walked out an independent and strong upward trend.Its quarterly highest price achieved a significant leap of about 50.7% compared to the phased high of 0.06466 USDT in the first quarter. From Q2 2026 to early July, JST market performance was strong.On July 10, JST price successfully broke through the $0.1 threshold,creating a phased new high since the launch of the buyback and burn plan. The continuous rise in coin price intuitively verifies the high recognition of the global secondary market for JST's positive cycle logic of "real protocol revenue driving buyback and burn, buyback and burn accelerating deflation to lift value".

At the same time, liquidity and trading activity also ushered in an explosion,with cumulative quarterly trading volume reaching as high as $3.27 billion, daily average trading volume maintained at a high level of nearly $36 million, and the single-day peak even broke through three times the daily average trading volume. This market performance of rising volume and price fully proves that the injection of diversified buyback funds and high-intensity deflationary expectations have successfully transformed into substantial bullish consensus on the funding side.

In addition, the treasury reserve system behind the protocol, as solid as a rock, cannot be ignored. As of the report release date,core assets worth about $119 million were deposited in the treasury address, including over 104 million sTRX, nearly 1.3 billion jUSDT, 500 million JST, and about 13.08 million USDT. At the same time,JustLend DAO's cumulative net reserves also reached $94.21 million, with asset operations extremely healthy.

The hidden "catalyst" worth looking forward to lies in the booming development of the USDD ecosystem. In Q2, USDD achieved a quarterly revenue of $76,600, a significant month-on-month increase of 21.50%, and the quarterly surplus also soared month-on-month by 24.27% to $76,300,with the cumulative treasury balance climbing to $21.54 million. According to current governance arrangements, this continuously expanding USDD ecosystem revenue will also be included in JST's buyback map in the future after meeting relevant conditions. This means that, in addition to existing lending revenue, energy leasing, and USDJ stability fees, USDD is becoming the next huge potential "ammunition depot" for the JST deflationary flywheel, laying a deep financial foundation for value climbing over a longer cycle in the future.

Business Map Expansion, Protocol Upgrade and Ecosystem Traffic Inflow Dual-Core Drive

Behind the brilliant financial data and tokenomics is JustLend DAO's continuous deep cultivation in underlying protocol architecture innovation and ecosystem business expansion. In Q2 2026, despite fluctuations in the global macro funding landscape, JustLend DAO still maintained a highly dominant market share, with the protocol's Total Value Locked (TVL) stabilizing at a huge scale of $6.7 billion.

Such a huge capital volume cannot be separated from the continuous iteration of the protocol's underlying architecture.This quarter, JustLend DAO officially launched SBM V2, marking the comprehensive evolution of lending business from a single market architecture to parallel dual-track operation of SBM V1 and SBM V2. At this stage, SBM V1 is still the absolute "stabilizing anchor" of the protocol, bearing the deposit and borrowing needs of mainstream core assets with extremely advantageous liquidity depth, with its deposit scale reaching $3.532 billion and borrowing scale reaching $191 million. Meanwhile, the isolated lending market architecture introduced by SBM V2 can strictly limit the risks of different long-tail or new assets within their respective independent lending pools, reducing the possibility of single asset extreme volatility transmitting to the global network. This lays a solid foundation for safely and large-scale absorbing more diversified assets into the TRON DeFi ecosystem in the future.

In addition to consolidating the foundation of traditional lending business, characteristic derivative businesses revolving around the underlying TRON mechanism also showed strong growth momentum this quarter, especially the representative sector of energy leasing which exploded with excellent revenue-generating ability.In Q2. The total network energy volume climbed to 47.458 billion, actual lent energy reached 13.621 billion, and the number of users renting energy increased month-on-month by 3.45%, breaking through 81,000. The energy leasing market not only effectively reduced the on-chain interaction costs for TRON developers and active users but also contributed extremely considerable real revenue for JustLend DAO.

At the same time, the sTRX staking business also delivered an impressive report card this quarter.Its TVL steadily climbed to 9.689 billion TRX, and the scale of users participating in staking welcomed a significant leap of 18.48%, approaching the 17,000 user threshold. This rapid widening of the audience group deeply reflects the market's high consensus on the TRX safe interest-earning model. While revitalizing users' idle assets, this business also further consolidated the basic liquidity of the entire TRON underlying network.

While continuously deepening cultivation in the stock market, JustLend DAO is also accelerating outward expansion. This quarter, the GasFree business emerged as a powerful new force. Relying on the core function of exempting native token transfer fees, GasFree directly hit the biggest pain point of on-chain interaction and rapidly ushered in explosive growth after launch.

As of the end of Q2,the total number of users for this business irresistibly broke through 359,000, and the cumulative number of transactions processed even crossed the threshold of 6.2 million. Relying on a nearly Web2-like smooth seamless payment experience, GasFree has become a huge traffic funnel in the JUST ecosystem, continuously introducing massive real active users into the map of TRON DeFi.

Looking to the future, what JustLend DAO demonstrated in Q2 is not prosperity in a single dimension, but the comprehensive operation of a highly self-consistent ecosystem with tightly interlocking gears. The fourth buyback and burn broke the limitations of a single funding source, letting the market see the infinite elasticity of JST as a value capture carrier. With about $21.55 million of expected buyback funds ready for the next quarter, and the successive access of future USDD surplus and GasFree scaled revenue, the fuel supply of the buyback engine will be more abundant and diversified. Under the premise of adhering to established governance frameworks and transparency principles, JST is continuously writing its own long-termism value paradigm with an unstoppable posture.