TL;DR
- JustLend DAO completed its third and fourth JST buyback and burn events of 2026, removing 1.711 billion tokens from circulation.
- The fourth burn event incorporated USDJ stability fees for the first time, diversifying the protocol’s funding base.
- USDD generated $7.66M in revenue during Q2 2026, posting a quarterly surplus of $7.63M and a cumulative treasury balance of $21.54M.
JustLend DAO published its quarterly letter to JST holders for Q2 2026, detailing progress on the buyback and burn program, the protocol’s operational growth, and the outlook for the next period.
During the quarter, the third burn of the year was executed, and shortly after its close, on July 17, a fourth operation was completed that permanently removed 355,021,530.97 JST, equivalent to $34.59M. In total, the four accumulated burns have eliminated 1,711,249,863 JST from circulation, representing 17.29% of the initial maximum supply.
JustLend DAO Expands its Funding Sources
The most notable feature of the fourth event was a structural change in its funding. For the first time, the operation did not rely exclusively on protocol revenues: 69.96% of the funds came from JustLend DAO, driven primarily by Energy Rental yields, while the remaining 30.04% was covered by accumulated USDJ stability fees. This diversification broadens the capital base available for executing future buybacks and captures historical flows from the JUST ecosystem in a more comprehensive way.
On the operational side, JustLend closed Q2 with a TVL of $6.700M and a total user base of 485,669 users, an increase of 0.71% compared to the previous quarter. The launch of SBM V2 introduced isolated lending markets that operate in parallel with the original system, with the goal of containing per-asset risk and preventing contagion effects from spreading to the rest of the protocol. SBM V1 recorded $3,532.04M in total supply against $190.51M in active loans.
The JUST Ecosystem Moves Beyond Lending
Complementary segments also expanded. sTRX reached a TVL equivalent to 9,689,533,913 TRX, with 16,940 active users and quarterly growth of 18.48%. Energy Rental reached 81,013 users, while GasFree, the TRX-free transfer solution on the TRON network, surpassed 359,000 users and 6.2 million transactions since its launch. A portion of its revenues was transferred to treasury reserves for the first time.
Looking ahead to Q3, JustLend projects allocating approximately $21.55M to the next buyback and burn cycle, a figure subject to adjustment based on revenues actually realized. Final details will be announced following the corresponding governance processes.
