JST buyback and burn mechanism has been completely upgraded: new GasFree income added and $20.34 million of existing funds injected, the three major businesses of JUST jointly build a new value foundation for JST

Recently, the TRON ecosystem's DeFi infrastructure JUST has been continuously rolling out favorable actions. First, on October 16, it completed the fifth repurchase and destruction of its native token JST as scheduled, marking the successful conclusion of the first phase of the JST repurchase and destruction; then, on October 23, the JUST brand underwent a comprehensive upgrade, becoming a unified entry point for the ecosystem, fully integrating the three major business lines of JustLend, USDD, and GasFree, with JUST DAO as the unified entity responsible for the governance of various businesses within the JUST ecosystem. At the same time, JUST also launched a brand new JST repurchase and destruction mechanism, officially ushering the JST value return system into a new phase.

As the native governance token of the entire JUST ecosystem, the value support and empowerment of JST have always been the focus of community attention. This upgrade of the JST repurchase and destruction mechanism not only diversifies the sources of funds but also ensures the continuous extension of existing funds: the funding sources have been expanded to include revenues from the newly added GasFree business, in addition to the original JustLend and USDD; at the same time, approximately 20.34 million USD of existing funds have been extracted for subsequent phased repurchases, providing a more stable and predictable financial support for the repurchase and destruction.

Overall, under the new mechanism, the funding sources for the JST repurchase and destruction have officially expanded from JustLend and USDD to include the three core businesses of JUST: JustLend, USDD, and GasFree, along with the continuous input of existing funds, making the financial foundation more diverse and robust. This not only expands the sources of funds for repurchase and destruction but also means that the development achievements of various business lines within JUST can more directly benefit the value of JST itself—reflecting JUST's long-term investment in the JST value return mechanism and demonstrating its determination to deeply bind the interests of JST holders and the community.

With the upgrade of the JUST brand, the unification of governance, and the simultaneous implementation of the repurchase and destruction mechanism, the value support logic of JST is shifting from "single business-driven" to "overall value capture of the entire JUST ecosystem." For JST holders and ecosystem builders, a more diversified source of funds, more transparent execution, and a more predictable rhythm of the deflationary mechanism are providing a more solid support for the long-term value of JST.

New Mechanism for JST Repurchase and Destruction Launched: 50 Million USD Reserve Support, New GasFree Revenue, Injection of 20.34 Million USD Existing Funds

With the completion of the fifth repurchase and destruction of JST on October 16, the first phase of the JST repurchase and destruction has successfully concluded. Now, the new mechanism for JST repurchase and destruction has been implemented: based on JustLend and USDD, new GasFree business revenue has been added, incorporating all three core business revenues of JUST into the repurchase and destruction system; at the same time, approximately 20.34 million USD of existing funds will be extracted for phased investment in subsequent repurchases; the repurchase and destruction will be uniformly executed by JUST DAO.

The new mechanism for JST repurchase and destruction is built on the successful practices of the first phase. Since its launch in October 2025, up until the completion of the fifth repurchase and destruction on October 16, JUST has successfully completed five rounds of large-scale JST repurchase and destruction as scheduled, destroying approximately 1.881 billion tokens, with a cumulative deflation rate exceeding 19%, and a total of over 118 million USD invested in actual repurchase funds. The smooth operation of the first phase not only validated the executability of the repurchase and destruction mechanism but also accumulated reliable practical experience for the mechanism upgrade in the new phase.

According to the "Announcement on the Adjustment of the JST Repurchase and Destruction Mechanism," the new mechanism has been upgraded and adjusted from five aspects: treasury fund reserves, sources of funds, existing funds, execution of repurchase and destruction, and executing entities, which not only delineates risk boundaries for ecosystem operations but also supplements a more stable and predictable source of funds for JST repurchase:

In terms of treasury fund reserves, a reserve of no less than 50 million USD will be maintained long-term for risk preparation, extreme case payouts, and liquidity assurance.

In terms of sources of funds, the new mechanism adds GasFree business revenue to the existing foundation, ensuring comprehensive coverage of repurchase fund sources from the three core businesses of JUST. Specifically, this includes revenue from sTRX staking and SBM income from JustLend, GasFree business revenue, and the portion of USDD net income exceeding 10 million USD. In the future, sustainable new income from each business line of JUST will serve as the main source of repurchase funds.

In terms of existing funds, funds outside the reserve line will be used for JST repurchase. Approximately 20.34 million USD has been extracted, mainly from historical cumulative earnings of the GasFree business and the portion exceeding the reserve line in the treasury address. This fund will begin to be phased into subsequent repurchases starting in Q4 2026.

In terms of execution of repurchase and destruction, a strategy of "long-term repurchase, periodic destruction" will be adopted: 100% of the income from each business line of JUST will continuously be used for repurchasing JST, with the specific amount for each repurchase dynamically determined based on current market conditions, and the repurchased JST will be periodically destroyed.

In terms of executing entities, the repurchase and destruction of JST will be uniformly executed by JUST DAO, with relevant financial data regularly disclosed to the community, and all transactions will be publicly transparent on-chain.

Compared to the first phase repurchase and destruction plan, the upgrade of the JST repurchase and destruction mechanism brings five core changes:

First, the fund reserves are clearer: The new mechanism separately lists a treasury fund reserve line of 50 million USD outside of repurchase, providing a foundational safety net for ecosystem operations and delineating the boundaries of funds available for repurchase;

Second, existing funds are connected: The 20.34 million USD of existing funds extracted by the new mechanism will be phased into subsequent repurchases, providing a relatively fixed source for repurchase beyond business income; the phased input arrangement allows for a smoother repurchase rhythm and a more natural transition between existing funds and subsequent business income.

Third, the sources of funds are more diverse: Previously, repurchase and destruction funds mainly came from JustLend and USDD business income; the new mechanism adds GasFree business revenue, thus fully covering the funding sources across all business lines of the JUST ecosystem, tightening the connection between JST value and the overall business development of the ecosystem.

Fourth, the execution rhythm is clearer: The strategy of "long-term repurchase, periodic destruction" establishes a fixed rhythm for repurchase and destruction, making it easier for the community to track and verify.

Fifth, the executing entity is more unified: The JUST DAO, upgraded from the original JustLend DAO, serves as the unified governance organization of the JUST ecosystem, overseeing the execution of repurchase and destruction, aligning decision-making and execution under the same entity, and maintaining consistency with the previous brand upgrade and governance integration of JUST.

In summary, the new mechanism for JST repurchase and destruction follows the approach of "first ensuring the bottom line, then releasing, and finally sustaining": first ensuring ecosystem safety with a reserve line of assets valued at no less than 50 million USD, delineating the boundaries of repurchase funds; then phasing in existing funds above the reserve line to provide stable foundational funding for repurchase; subsequently, new income from the three core businesses will continuously support this, forming a sustainable source of funds. This arrangement balances risk preparation and liquidity while transitioning JST repurchase and destruction from a phase-based input to a long-term mechanism synchronized with business development.

GasFree Expected to Become the Second Growth Point for JST Repurchase and Destruction Funds

With the implementation of the new mechanism, GasFree business revenue has been officially included in the repurchase and destruction fund pool, and will officially participate in the JST repurchase plan starting in Q4 2026. This initiative not only expands the sources of funds for repurchase and destruction but also allows the development achievements of various business lines within JUST to more directly benefit the value support of JST. Notably, the performance of the GasFree business has been particularly impressive, showing significant potential for growth, and is expected to become the second growth point for JST repurchase and destruction funds.

From the perspective of funding structure, the inclusion of GasFree has directly changed the previous situation where JST repurchase funds heavily relied on a single business. Previously, the funds for JST repurchase and destruction mainly came from JustLend business revenue and the portion of USDD net income exceeding 10 million USD; since USDD has not yet reached the activation standard, the actual repurchase funds primarily relied on the JustLend single business. With the inclusion of GasFree revenue, the sources of repurchase funds have expanded to JustLend, GasFree, and future incremental earnings from USDD once it meets the standards, significantly enhancing the risk resistance capability of the funding structure.

GasFree, as a "no Gas" on-chain transfer solution launched by the TRON ecosystem, allows users to pay Gas fees directly with transfer tokens: without needing to hold native tokens like TRX in advance, users can complete fee payments and on-chain transfers using the assets to be transferred, effectively resolving the industry limitation of "transfers requiring prior holding of specific native tokens," significantly optimizing the stablecoin transfer experience. Currently, GasFree supports gas-free transfers for the two major stablecoins USDT and USDD, and will continue to expand the types of assets supported in the future.

From the perspective of business foundation, the user base and transaction scale of GasFree are still in a rapid expansion phase. As of October 23, the cumulative stablecoin transfer volume of GasFree has exceeded 157.1 billion USD, with over 9.14 million transactions, saving users nearly 9.4 million USD in fees, and the total number of users served has surpassed 500,000. This rapidly expanding business foundation is the core strength that enables GasFree to continuously provide repurchase funds and grow into the second growth pole for JST repurchase.

In terms of revenue performance, the profitability of GasFree has been validated by data. According to the announcement, since its launch in March 2025, GasFree's revenue has been continuously growing, with a cumulative historical stock revenue of approximately 12.027 million USD as of the third quarter of 2026; the approximately 20.34 million USD of existing funds extracted in this upgrade mainly comes from the historical cumulative earnings of the GasFree business and the portion of funds in the treasury address exceeding the reserve line.

Overall, the addition of GasFree opens up a new revenue channel for JST's buyback and destruction, improving the previously relatively singular funding source. On the other hand, the continuously growing user base and transaction volume lay the foundation for the long-term stability and sustainable supply of buyback funds. As GasFree's revenue contribution continues to rise, JST's buyback and destruction will gradually free itself from the sole reliance on JustLend, entering a new stage supported by multiple business collaborations, promoting a deep binding and synchronized interaction between JST's value return mechanism and the overall development of the JUST ecosystem.

JUST Three Major Business Collaborations Empower JST Buyback and Destruction, Value Support System Enters a New Stage of Multi-Point Collaboration

With the implementation of the new mechanism, GasFree is officially included as a source of buyback funds, and the net income from USDD that meets the standards is also included. Thus, JST's buyback and destruction has evolved from early reliance on JustLend's single business supply to a diversified support pattern backed by multiple business lines. Under this new framework, the growth results of the three core businesses—JustLend, USDD, and GasFree—will continue to transform into JST's long-term deflationary momentum and value return capability. The diversified funding base not only enhances the stability and sustainability of the buyback fund supply but also significantly strengthens JST's resilience against market fluctuations, solidifying the foundation for the long-term operation of the deflation mechanism.

The diversification of buyback fund sources also resonates with the brand upgrade of JUST. The upgraded JUST integrates the three core products of JustLend, USDD, and GasFree under a unified brand and entry point, with JUST DAO coordinating governance decisions, product collaboration, and JST value empowerment across various business lines.

As the native governance token of the entire JUST ecosystem, JST's value support will run through the core product scenarios of the JUST ecosystem with the unification of the brand and the advancement of JUST DAO governance: JustLend covers lending and resource markets, USDD provides stablecoin services, and GasFree handles on-chain transfer payment scenarios. The value foundation of JST is no longer tied to a single product but is associated with the business development of the entire ecosystem.

As the core financial infrastructure of the TRON ecosystem, the scale of crypto assets managed by the JUST platform has long remained above ten billion dollars, with a current TVL exceeding 12.2 billion dollars, carrying over half of the funds in the TRON network. Meanwhile, the three core businesses under its umbrella have established competitive barriers in their respective segments, with solid fundamentals, providing a strong foundation for the continuous return of ecosystem profits to JST.

JustLend is not only the core source of buyback funds in the first phase but also an important revenue base under the new mechanism, with SBM lending and sTRX liquid staking operations running steadily. As of October 23, the value of crypto assets locked on the JustLend platform (TVL) is nearly 7.135 billion dollars. Among them, the TVL of the JustLend SBM lending market is about 3.71 billion dollars, ranking among the top five in the global lending sector; in its Staked TRX liquid staking market, the total amount of TRX staked by users exceeds 9.83 billion, and the staking scale continues to grow, providing strong support for JustLend's stable revenue generation. In addition, relying on the energy services derived from sTRX, JustLend is growing into the primary energy supply entry point for the TRON network, with energy direct purchase and energy leasing businesses steadily expanding.

GasFree, as a new source of funds under the new mechanism, is accelerating its ecological expansion. At the end of September, GasFree reached a partnership with Binance's Web3 wallet to jointly launch a new feature for TRC-20 USDT gas payment: users can transfer USDT or TRC-20 assets on the TRON network through the Binance Web3 wallet without holding TRX, directly offsetting gas fees with USDT. This integration has dual significance: on one hand, it extends GasFree's gas-free transfer experience to the mainstream user base of the world's top centralized exchanges, completing the leap from an ecological tool to an industry-level payment entry; on the other hand, the proactive integration by a leading platform is a strong validation of the value of the GasFree model, which is expected to further accelerate its user scale and business revenue growth.

USDD is a potential source of funds for buyback and destruction, and its revenue is also continuously growing. Currently, USDD has completed multi-chain deployments on Ethereum and BNB Chain. As of October 23, the TVL of the USDD platform has exceeded 2.48 billion dollars, with a total supply of nearly 1.8 billion dollars, and its market value has entered the top ten stablecoins globally. In terms of revenue, USDD's income for the third quarter of 2026 is approximately 9.7 million dollars, exceeding 7.65 million dollars in the second quarter, with a month-on-month growth of over 27%. According to previous rules, the portion of USDD's net income exceeding 10 million dollars will be included in the JST buyback and destruction reserve. With the current growth rate, the breakthrough of this threshold is approaching, at which point USDD will officially become another normalized source of funds for the buyback mechanism.

With the value empowerment driven by multi-business collaboration, JUST has successfully broken through the limitations of a single business supporting token value. Relying on the continuous real revenue from JustLend, GasFree, and USDD, along with the unified and transparent governance execution of JUST DAO, the growth dividends of ecosystem business will continue to flow back to JST, promoting the collaborative growth of the ecosystem, tokens, and community builders.

Looking ahead, as JustLend's SBM lending and sTRX liquid staking continue to generate stable revenue, GasFree continuously releases new revenue, and USDD's multi-chain ecological value gradually materializes, larger and more diversified real business cash flows will continue to flow into the JST buyback fund pool. This endogenous cycle based on real business is not only the core engine driving the long-term operation of JST's deflation mechanism but also significantly enhances the resilience of the token value system against risks, ensuring that it can release continuous and stable value returns across different market cycles.