JustLend DAO's leap growth in 2025: TVL and yield steadily rising, JST deflation and globalization process accelerating

In the context of overall volatility in the DeFi market, the core DeFi protocol of the TRON ecosystem, JustLend DAO, has achieved leapfrog development in the first three quarters of 2025. It has made comprehensive breakthroughs in total locked value (TVL) growth, product functionality expansion and innovation, and global influence. Moreover, it has continuously released value through the recently launched large-scale JST buyback and burn mechanism, showcasing strong ecological vitality and development potential.

According to the third-quarter revenue report released by Messari, JustLend DAO's total locked value (TVL) increased by 46.1% quarter-on-quarter, jumping from $3.4 billion to $5 billion, consistently ranking among the top four in the lending industry and firmly establishing itself in the global DeFi forefront.

What has garnered more market attention is the recent launch of a large-scale JST buyback and burn mechanism worth approximately $59 million, with the first round destroying about 560 million JST, accounting for 5.66% of the total supply. Currently, there is still over $41 million in funds awaiting subsequent destruction.

In the current weak overall crypto market, the significant buyback action of JST demonstrates JustLend DAO's platform strength and ecological confidence, directly driving market feedback. According to CoinGeck data on November 11, JST has risen over 20% in the past 30 days, with its price climbing from $0.030 to $0.037, and the consensus on its deflationary value is continuously strengthening.

JustLend DAO Product Power Continues to Upgrade: Expanding Diverse Services Based on Lending

As a 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 the initial single lending service to a comprehensive "DeFi all-in-one platform" that integrates lending, staking, energy rental, smart wallets, and more, becoming an indispensable financial infrastructure in the TRON ecosystem.

In terms of product functionality, JustLend DAO has completed deep integration of multiple core DeFi modules, covering the lending market (SBM), liquid staking sTRX (Staked TRX), energy rental, and smart wallets (GasFree), serving as a one-stop DeFi service entry point 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, engaging in leveraged operations or diversified investments, unlocking more use cases for their assets.

In terms of asset coverage, the SBM lending market offers a rich array of choices. It includes not only global mainstream currencies like 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 crypto assets in total, creating a diverse and comprehensive investment selection pool for users. Additionally, SBM continues to introduce emerging assets: in August this year, the SBM market added compliant stablecoin USD1 for supply and lending services.

Liquid Staking (sTRX) is the preferred entry point for TRX liquid staking in the TRON ecosystem, allowing users to stake TRX to obtain liquid staking certificates sTRX. Holding sTRX not only allows users to earn basic staking rewards from the TRON network but also enables flexible participation in various on-chain DeFi activities to accumulate additional returns, allowing TRX to continuously create extra value during the staking period.

In terms of yield scenarios for sTRX, JustLend DAO operates in synergy with DeFi applications in the TRON ecosystem, 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, leveraging the "bandwidth + energy" dual-resource Gas fee mechanism to help users save approximately 70% on transaction Gas costs, optimizing the on-chain operation cost experience in the TRON ecosystem.

Compared to the traditional requirement of long-term staking TRX or directly burning TRX to obtain energy, JustLend DAO allows users to rent energy on demand and per use, significantly reducing the on-chain operation threshold and cost for small and medium users, enabling ordinary users to easily enjoy low-cost on-chain interactions.

To continuously optimize user experience, JustLend DAO has iterated on energy rental parameters multiple times this year, releasing benefits: on September 19, it reduced the energy rental prepayment (deposit) 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 (a 60% reduction in smart contract operation costs), 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, it adjusted the annualized yield (APY) for rentals, comprehensively lowering the total cost of energy rentals.

As of November 13, the daily price for energy rental on JustLend DAO is 48 SUN, allowing users to rent 100,000 units of energy for just 4.8 TRX (equivalent to the energy obtained from staking 10,450 TRX), sufficient to cover two contract transactions, with the total number of participating users exceeding 70,000, making it one of the core services with high-frequency demand in the ecosystem.

Overall, JustLend DAO has built a closed-loop ecological system with lending, liquid staking, and energy rental as its core product matrix, where the three modules deeply collaborate and efficiently interact, providing users with a full-chain service from asset lending, storage, staking to low-threshold on-chain operations, truly achieving one-stop on-chain asset management.

Beyond core products, JustLend DAO also focuses on user experience, innovatively launching the GasFree smart wallet, which allows users to deduct transaction fees directly from transferred tokens, completely breaking the industry limitation of "must hold native tokens to trade." After its launch in March this year, JustLend DAO also 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 incentives, 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 assist in the development of JustLend DAO and the JUST ecosystem, while also strengthening the ecological security through meticulous market risk management. As of now, Grants DAO has allocated approximately $189 million through user incentives, ecological buybacks and burns, market stability maintenance, and developer support across multiple dimensions.

From core product collaboration to experience optimization tools, and to ecological incentive systems, JustLend DAO has formed a complete ecosystem supported by comprehensive layouts in product innovation, user experience, and ecological construction.

TVL Consistently Ranks Among the Top Four in Global Lending, Accumulated Net Revenue Approaches $62 Million, JustLend DAO Strengthens Growth Foundation with Diverse Revenue Models

While continuously expanding the boundaries of product functionality, JustLend DAO's core operational data also shows steady growth—its total locked value (TVL) has long remained among the top four in the lending industry, with the platform's accumulated net revenue approaching $62 million.

Recent reports from Messari and CoinDesk on TRON's third quarter have emphasized that JustLend DAO's TVL achieved significant growth in Q3, soaring by 46.1% quarter-on-quarter, rapidly rising from $3.4 billion to $5 billion, continuously solidifying its ranking among the top four in the global lending sector.

Whether in terms of liquidity or lending demand, JustLend DAO's core indicators are steadily climbing. As of November 12, the platform's total TVL has risen to approximately $6.9 billion, with the number of ecological users approaching 480,000. The SBM lending market has performed impressively, with assets under management reaching $4.4 billion (including $4.28 billion in supplied assets and $140 million in borrowed assets), visually reflecting the thickness and activity level of the lending ecosystem.

In terms of platform revenue, financial transparency has been upgraded. JustLend DAO officially launched the "Financial Transparency Operating Indicators" on its website on November 1, fully disclosing core financial dimensions— including accumulated net revenue (mainly covering SBM lending market and Staked TRX earnings), withdrawn net revenue, remaining net revenue, and the progress of JST buyback and burn.

According to the disclosed financial data, JustLend DAO's platform has accumulated net revenue approaching $62 million, of which the accumulated withdrawn revenue is $59.5 million, and the remaining revenue is approximately $2.44 million, indicating a stable and controllable overall financial situation.

In JustLend DAO's revenue landscape, sTRX is undoubtedly a core revenue pillar. Among the withdrawn $59.5 million in revenue, the net revenue extracted from sTRX amounts to $59.08 million, while the net revenue extracted from the SBM lending market is approximately $1.79 million.

With the steady increase in sTRX staking volume, the revenue generated is also expected to see significant growth. Official data shows that the number of TRX staked behind sTRX has exceeded 9 billion, with the number of addresses participating in staking close to 13,000, and the current annualized yield is 7.26%. In June this year, there were only about 4,200 addresses participating in staking, indicating a rapid growth trend.

The SBM lending market has also performed impressively, with its captured fees steadily increasing. According to DeFiLlama data, as of November 12, the platform has captured approximately $5.68 million in fees in 2025 (this data only accounts for the interest paid by borrowers), which has increased by over $1.5 million compared to the $4.06 million captured throughout 2024. This growth intuitively confirms the continuous expansion of JustLend DAO's lending market scale.

In addition to the two core business highlights mentioned above, JustLend DAO also offers a high-frequency essential energy rental service. In the future, this business is expected to be included in the revenue statistics, becoming a new growth pole for platform income and continuously injecting momentum into overall revenue growth.

With the layout of "liquid staking + lending + energy rental" diversified business, JustLend DAO has successfully constructed a diversified revenue model. This model effectively avoids the risks associated with dependence on a single business, enhancing the robustness and sustainable growth potential of the overall financial structure, showcasing strong competitiveness and vitality in the fierce market competition.

$59 Million JST Large-Scale Buyback and Burn Has Been Launched, Ecological Revenue Continues to Drive JST Deflationary Value Growth

As the governance token of JustLend DAO and the entire JUST ecosystem, JST has always been a focal asset in the crypto market. Since 2025, JST has continuously made breakthroughs in ecological expansion and value enhancement, and the recent large-scale JST buyback and burn plan worth approximately $59 million has been 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 buyback and burn plan, marking the completion of the first round of large-scale destruction, signifying that JST has officially entered a new phase of value growth.

Specific data shows that JustLend DAO extracted approximately $59 million USDT from its existing revenue for this round of buyback and burn. The first round has executed 30% of this (approximately $17.72 million), destroying about 560 million JST, which accounts for 5.66% of its total supply; the remaining 70% (approximately $41.42 million) is 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 pending destruction fund data in real-time through the Grants DAO or Transparency page on JustLend DAO's official website.

The buyback and burn of JST is the starting point for JustLend DAO's long-term deflationary model based on real ecological revenue. This deflationary model is built on JustLend DAO's approximately $59 million existing revenue and will continue to inject the platform's net revenue and incremental revenue exceeding $10 million from the USDD multi-chain ecosystem in the future. This design of "existing revenue as the foundation, incremental revenue as the continuation" deeply binds the value of JST with the development of JustLend DAO and the USDD ecosystem, forming a virtuous closed loop of "the more prosperous the ecosystem → the higher the profits → the stronger the deflationary force," thereby establishing a clear and sustainable long-term deflationary path for JST.

As the destruction plan is gradually implemented, 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% at once. With the continued advancement of quarterly buybacks, relying solely on the extracted existing revenue from JustLend DAO, the cumulative deflation ratio of JST may exceed 18% (calculated at JST's current market price), making JST one of the tokens with the largest amount destroyed in the current DeFi market.

With the total supply of JST fixed at 9.9 billion, each JST destroyed means a reduction in circulation. The continuous deflation of circulation will significantly enhance its scarcity, providing strong support for JST's price and driving its value into a long-term upward channel.

Focusing on real ecological revenue, combined with the compliance process and high liquidity advantages, the long-term value logic of JST is continuously strengthening, and its growth potential is becoming increasingly clear.

Globalization Process Accelerates: Offline Activities Spread Across Dozens of Countries, Ecological Influence Continues to Expand

This year, JustLend DAO has continued to strengthen its global layout, expanding circulation boundaries, funding channels, and brand influence through exchange collaborations, connections with mainstream financial institutions, and high-frequency offline activities.

In terms of deepening exchange collaborations, the global circulation layout of JST assets has achieved significant results, with intensive listings on multiple top trading platforms in the first half of the year, enhancing compliance recognition and market liquidity. In April, JST/USD and JST/EUR spot trading pairs were launched on the globally compliant crypto exchange Kraken, not only opening up channels to the European and American markets but also significantly enhancing the global exposure and liquidity of the assets, marking a key step in the compliance process of the TRON ecosystem; subsequently, the leading global exchange Binance launched JST/USDT perpetual contracts, providing investors with diverse trading strategy options; platforms like Lbank followed suit, further improving the global trading matrix.

As of November 12, JST has successfully landed on dozens of mainstream CEXs, including Binance, Upbit, and Kraken, establishing a solid position in the global crypto market.

In connecting with mainstream financial resources, JustLend DAO has successfully built a bridge between traditional capital and ecological traffic: at the end of June, the TRON US-listed company Tron staked 365 million TRX through JustLend DAO, marking the platform as an important channel for traditional capital to enter the TRON chain, with the potential to attract more institutional funds in the future; in July, JustLend DAO completed full integration with Binance Wallet, allowing Binance users to seamlessly engage in lending and staking operations, further expanding the user base and ecological influence with Binance's global traffic.

Additionally, this year JustLend DAO has frequently appeared at top global blockchain industry summits in collaboration with core projects of the TRON ecosystem, participating in nearly ten high-profile international events, covering over a dozen countries and regions in Asia, Europe, and the Middle East: from the Hong Kong Web3 Summit, Japan's WebX 2025, and Dubai's TOKEN 2049 in the first half of the year, to the Singapore TOKEN 2049, Thailand Blockchain Week, Korea Blockchain Week, Vietnam GM Vietnam 2025, and Istanbul Blockchain Week in the second half of the year, JustLend DAO and ecological partners have showcased collaborative development and technological accumulation under a unified brand matrix.

At each summit, JustLend DAO, in conjunction with core projects of the TRON ecosystem, not only set up professional booths to present the latest ecological achievements and data but also enhanced brand recognition and community cohesion through customized themed peripheral gifts. Through various forms and regional brand exposure and technology demonstrations, it not only comprehensively showcases the comprehensive strength of ecological collaborative development but also pushes cutting-edge Web3 technology and innovative concepts onto a broader global stage, further accelerating the global dissemination of blockchain technology and continuously strengthening the influence of the TRON ecosystem in the global industry.

Currently, JustLend DAO's business footprint has covered approximately dozens of countries and regions worldwide, showing strong momentum for global development and ecological collaboration, becoming a core force driving the globalization process of the TRON ecosystem.

From continuous iteration of product functionality, ongoing optimization of user experience, to the leapfrog growth of TVL and steady enhancement of global influence, JustLend DAO is firmly positioned among the top DeFi applications globally, further solidifying TRON's ecological position as a core hub for decentralized finance.