JST’s buyback-and-burn program has reached its fifth round, officially wrapping up Phase One. In this round, carried out on October 16, 170 million $JST were burned, worth approximately $23.53 million and equivalent to about 1.72% of the total supply.
Buyback size
The entire fifth-round allocation came from JustLend DAO’s net operating income: $10.34 million in remaining treasury funds, plus $9.28 million from the quarter-over-quarter increase in net income in Q3. The investment per round remained around the $20 million mark, in line with the pace of previous rounds.
Five rounds in a year
Since October 2025, approximately 1.881 billion JST have been burned across five rounds, bringing cumulative deflation to over 19%. The total supply has fallen from 9.9 billion to approximately 8.02 billion, with more than $100 million invested—all from the protocol’s actual revenue. CoinGecko data shows that JST rose from a low of around $0.03 last October to approximately $0.142 on October 10, its highest level since 2022. It is currently trading at around $0.136 (Binance data, October 19).
What to watch next
The $59 million in treasury reserves allocated to Phase One has been fully used. The team has disclosed that an upgraded buyback mechanism will incorporate revenue from new business lines such as GasFree. The buyback has taken place every round over the past year; its sustainability in the next phase will depend on the actual contribution from these new revenue streams.
The deflation narrative has now been borne out in the numbers. Whether it can continue in the next phase depends on how much buyback funding the new revenue streams can actually contribute.
$JST
#JUST #回购销毁 #DeFi
These are solely my personal views and do not constitute investment advice.
Buyback size
The entire fifth-round allocation came from JustLend DAO’s net operating income: $10.34 million in remaining treasury funds, plus $9.28 million from the quarter-over-quarter increase in net income in Q3. The investment per round remained around the $20 million mark, in line with the pace of previous rounds.
Five rounds in a year
Since October 2025, approximately 1.881 billion JST have been burned across five rounds, bringing cumulative deflation to over 19%. The total supply has fallen from 9.9 billion to approximately 8.02 billion, with more than $100 million invested—all from the protocol’s actual revenue. CoinGecko data shows that JST rose from a low of around $0.03 last October to approximately $0.142 on October 10, its highest level since 2022. It is currently trading at around $0.136 (Binance data, October 19).
What to watch next
The $59 million in treasury reserves allocated to Phase One has been fully used. The team has disclosed that an upgraded buyback mechanism will incorporate revenue from new business lines such as GasFree. The buyback has taken place every round over the past year; its sustainability in the next phase will depend on the actual contribution from these new revenue streams.
The deflation narrative has now been borne out in the numbers. Whether it can continue in the next phase depends on how much buyback funding the new revenue streams can actually contribute.
$JST
#JUST #回购销毁 #DeFi
These are solely my personal views and do not constitute investment advice.