JUST (JST) is the native governance token of JustLend DAO, a lending protocol on the TRON blockchain, deployed on-chain on 2020-04-03 as a TRC-20 token.
JustLend DAO lets users supply and borrow crypto assets and is built on Compound V2-derived architecture. It maintains a formal partnership with the TRON DAO Reserve, which issues the USDD stablecoin used to pay supply-mining rewards on the platform.
JustLend DAO is the largest lending protocol on the TRON blockchain, with total value locked reported above $6.71 billion and more than 480,000 active users as of February 2026.
Unlike a purely governance-only token, JST captures protocol revenue through an ongoing buyback-and-burn program: sequential rounds have pushed cumulative JST deflation past 17% of total supply, shifting the token's value proposition from pure governance toward a deflationary, revenue-linked asset.
JST is the governance token of JustLend DAO: holders lock JST to gain voting power over the protocol.
JST has a maximum supply cap of 9,900,000,000 tokens, per official JustLend DAO tokenomics documentation.
Net emission is deflationary: an ongoing protocol-revenue-funded buyback-and-burn program has permanently removed tokens, with cumulative burns reported past 17% of total supply through sequential rounds from 2025 into 2026, pulling circulating supply below the original 9.9 billion cap.
JST launched publicly on May 5, 2020 through the Poloniex LaunchBase sale, ahead of the wider JUST ecosystem's August 2020 launch. Its TRC-20 contract had been deployed on-chain slightly earlier, on 2020-04-03.
JST is deployed on the TRON blockchain as a TRC-20 token, with its contract on-chain since 2020-04-03.
JustLend DAO, the protocol JST governs, operates solely on TRON; JST does not run on a separate native chain or an independent validator set.
JustLend DAO operates within the broader TRON ecosystem founded by Justin Sun.
Sun has publicly commented on JST.
JustLend DAO is issued and maintained by the JUST Foundation and governed as a decentralized autonomous organization within the TRON ecosystem.
JustLend DAO holds a formal partnership with the TRON DAO Reserve, a reserve system that also issues the USDD stablecoin, which is distributed to JustLend users as supply-mining rewards.
JST holders govern JustLend DAO by locking tokens for voting power and by submitting, discussing, and voting on JustLend Improvement Proposals (JIPs).
Passed proposals execute on-chain through a GovernorBravo plus Timelock architecture, giving votes binding, time-delayed control over protocol parameters and upgrades. A 2022 CertiK audit flagged centralization and privileged-role concerns in admin controls, several of which remained acknowledged rather than fully resolved.
JustLend DAO's most recent development priority is its ongoing buyback-and-burn program, which pushed cumulative JST deflation past 17% of total supply through sequential rounds extending into 2026.
The protocol has also launched "U-Market Lending," a new lending initiative reported in 2026. Buyback rounds reported in roughly March 2025, January 2026, and mid-2026 have separately channeled protocol revenue into that deflationary program.
CertiK completed a JustLend DAO audit on April 8, 2022, finding 16 issues: 0 critical, 6 major, 1 medium, 2 minor, and 7 informational.
The audit produced a Skynet security score of 85.32-85.43/100 (Grade A, partial rating), and several major centralization findings were acknowledged rather than fully resolved. Immunefi runs an active bug-bounty program with a maximum payout of $50,000, paid in USDD. Structural risk factors include medium liquidity risk (on-chain liquidity near 1% of market cap) and a reported case of a large corporate TRX treasury routing over 90% of its holdings into JustLend-staked TRX without token insurance.