📊 JST’s First Year of Burns: 19% of the Supply Went into a Black Hole; Next Round Can Burn Only a Third
On October 17, JustLend DAO announced that the fifth round of buybacks and burns was completed on October 16. A total of 170,723,144 JST was sent to a burn address, accounting for 1.72% of the total supply and worth $23.53 million at the price on the burn date.
Five rounds in one year, burning a cumulative 1.882 billion tokens. The total supply fell from 9.9 billion to 8.018 billion. CoinGecko currently lists the total supply as 8,018,019,892 tokens, matching the announcement.
I added up the cash amounts for all five rounds using the figures in the announcements: $17.72 million in the first round, $21 million in the second, $21.3 million in the third, $34.59 million in the fourth, and $19.62 million this time. That’s $114.2 million in total.
The fourth round’s $34.59 million included a one-time $10.39 million in historical USDJ stability fees. Excluding that, the regular quarterly amount is just over $20 million.
Breaking down this round’s $19.62 million: the announcement says the funds came from two sources—$10.34 million in the remaining JustLend yield and $9.28 million in new net earnings for Q3. Dividing $19.62 million by 170.7 million tokens gives an average price of $0.115. The same announcement values the tokens at $23.53 million based on the price on the burn date. The book value was nearly 20% higher than the actual cash spent.
The structure is what matters. At launch, $59 million in accumulated JustLend yield was set aside: 30% was burned in the first round, and the remaining 70% was burned in stages. The entire amount was used up in this round. The reserves are depleted.
From here on, only recurring revenue remains. Q3 net earnings were $9.28 million. The average for the first five rounds was $22.85 million per quarter—nearly 60% more. The team says the mechanism needs to be upgraded and new businesses such as GasFree need to be incorporated, but no plan has been announced.
The real question is how long the burns can continue. At $9.28 million per quarter, that’s $37.12 million a year. Against a market cap of $1.08 billion, the buyback yield is 3.4%. The 10-year U.S. Treasury yield closed at 5.098% on October 16. Buying this deflationary token offers a lower return than simply holding government bonds.
The price has risen, though. JST was at $0.031 on October 17, 2025, and hit $0.1433 intraday on October 9—more than three times higher. As I write this, it’s at $0.1348. It’s down 1.3% over 24 hours, with a market cap of $1.08 billion. It’s still 30% below its April 2021 high of $0.1933.
Deflation isn’t a money printer. The burns are funded by operating cash flow, and cash flow has a ceiling. In the first year, the $59 million in accumulated reserves sustained quarterly burns in the tens of millions. In the second year, it depends on when initiatives like GasFree actually start contributing to the buyback pool.
$JST $TRX
#中本聪国际社区Baoluo币商资本 #JST #TRON
On October 17, JustLend DAO announced that the fifth round of buybacks and burns was completed on October 16. A total of 170,723,144 JST was sent to a burn address, accounting for 1.72% of the total supply and worth $23.53 million at the price on the burn date.
Five rounds in one year, burning a cumulative 1.882 billion tokens. The total supply fell from 9.9 billion to 8.018 billion. CoinGecko currently lists the total supply as 8,018,019,892 tokens, matching the announcement.
I added up the cash amounts for all five rounds using the figures in the announcements: $17.72 million in the first round, $21 million in the second, $21.3 million in the third, $34.59 million in the fourth, and $19.62 million this time. That’s $114.2 million in total.
The fourth round’s $34.59 million included a one-time $10.39 million in historical USDJ stability fees. Excluding that, the regular quarterly amount is just over $20 million.
Breaking down this round’s $19.62 million: the announcement says the funds came from two sources—$10.34 million in the remaining JustLend yield and $9.28 million in new net earnings for Q3. Dividing $19.62 million by 170.7 million tokens gives an average price of $0.115. The same announcement values the tokens at $23.53 million based on the price on the burn date. The book value was nearly 20% higher than the actual cash spent.
The structure is what matters. At launch, $59 million in accumulated JustLend yield was set aside: 30% was burned in the first round, and the remaining 70% was burned in stages. The entire amount was used up in this round. The reserves are depleted.
From here on, only recurring revenue remains. Q3 net earnings were $9.28 million. The average for the first five rounds was $22.85 million per quarter—nearly 60% more. The team says the mechanism needs to be upgraded and new businesses such as GasFree need to be incorporated, but no plan has been announced.
The real question is how long the burns can continue. At $9.28 million per quarter, that’s $37.12 million a year. Against a market cap of $1.08 billion, the buyback yield is 3.4%. The 10-year U.S. Treasury yield closed at 5.098% on October 16. Buying this deflationary token offers a lower return than simply holding government bonds.
The price has risen, though. JST was at $0.031 on October 17, 2025, and hit $0.1433 intraday on October 9—more than three times higher. As I write this, it’s at $0.1348. It’s down 1.3% over 24 hours, with a market cap of $1.08 billion. It’s still 30% below its April 2021 high of $0.1933.
Deflation isn’t a money printer. The burns are funded by operating cash flow, and cash flow has a ceiling. In the first year, the $59 million in accumulated reserves sustained quarterly burns in the tens of millions. In the second year, it depends on when initiatives like GasFree actually start contributing to the buyback pool.
$JST $TRX
#中本聪国际社区Baoluo币商资本 #JST #TRON