JustLend

JustLend DAO is the dominant pooled money market on Tron, especially for USDT lending, and part of the broader JUST ecosystem.

Big by lending TVL on Tron (notably USDT); not an Ethereum/L2 competitor — its data pipeline is Tron/TVM rather than EVM.

- Supply & Borrow Market (money market): The core Compound V2-style money market. Users supply TRX or TRC-20 assets (USDT, USDD, etc.) to receive interest-bearing jTokens, then over-collateralize to borrow other assets at algorithmic floating rates. As of the June 2026 upgrade the market moved to SBM V2, an isolated-collateral design with a dual-layer Vaults/Markets structure and an Adaptive Curve interest-rate model so that liquidations in one market no longer cascade across the whole protocol. - Staked TRX (sTRX) & Energy Rental: A one-click TRX liquid-staking feature launched April 2023 under TRON's Stake 2.0. Users stake TRX to receive the sTRX TRC-20 token; JustLend handles Super Representative voting and reward claiming and automatically rents out the resulting TRON Energy, letting stakers earn voting + energy-rental yield. The Energy Rental market lets counterparties rent Energy at roughly 50-80% below the cost of burning TRX for transaction fees. - Price Oracle: The protocol relies on a price oracle to value collateral and trigger liquidations. CertiK's audit flagged oracle design and centralization of oracle/admin controls as the primary risk areas, an important consideration given assets are valued via feeds the protocol admins configure. - JST governance (GovernorBravo + Timelock): JST, the TRC-20 governance token shared across the JUST/JustLend DAO ecosystem (max supply 9.9B), governs every protocol parameter. Holders propose, vote, and execute on-chain through GovernorBravo and a Timelock contract. A revenue-driven JST buyback-and-burn mechanism was activated in October 2025, converting protocol revenue (including USDD profits) into permanent JST burns.

- JUST (JST) — Token, Governance token

- Network: JustLend runs exclusively on TRON, a chain widely criticized for its high degree of centralization (a small, foundation-influenced set of Super Representatives). Chain-level halts, censorship or governance capture would directly impair the protocol, and the sTRX product is tightly coupled to TRON's Super Representative voting and Energy/Stake 2.0 mechanics. - Regulatory: The protocol sits inside the JUST ecosystem broadly associated with Justin Sun, who and whose entities (TRON, related token issuers) have faced SEC litigation and regulatory scrutiny. Adverse action against the founder/ecosystem, or against the USDD stablecoin heavily used as collateral/borrow asset, presents an outsized regulatory overhang versus jurisdiction-neutral peers. - Oracle: CertiK's audit specifically flagged oracle design as a risk area. Collateral valuation and liquidation depend on price feeds configured by protocol admins; a manipulated, stale or misconfigured feed could cause bad-debt-inducing under-liquidation or unfair liquidations, especially on thinner TRON-native markets. - Governance: The CertiK audit and SlowMist review highlighted centralization of admin/reserve controls: admins can set fee parameters (minFee, feeRatio) without hard min/max bounds, and permissions had to be migrated to governance/Timelock contracts. Concentrated JST holdings within the JUST ecosystem mean on-chain governance could in practice be steered by a small group. - Reserve / Depeg: A large share of activity is in USDT and especially USDD, an ecosystem stablecoin. USDD has previously traded below its $1 peg; a USDD depeg would impair collateral values, strand borrowers, and could generate protocol bad debt given USDD's prominence as both a supplied and borrowed asset. - Smart Contract: The protocol is a large Compound V2 fork extended with custom sTRX, Energy-rental and, since June 2026, isolated-market (SBM V2) contracts. Despite CertiK/SlowMist audits and a $50k Immunefi bounty, forked and newly rewritten lending code carries residual exploit risk, and the SBM V2 rewrite is comparatively new and less battle-tested.

- Money-market fund / secured margin lending: similar — Like a money-market fund, suppliers pool assets and earn a floating yield driven by borrowing demand; like secured (margin) lending, borrowers post over-collateral and face forced liquidation if the collateral value falls.; differs — Everything is non-custodial and executed by smart contracts with no intermediary, credit check or KYC. Rates reset every block algorithmically rather than being set by a desk, positions are liquidated automatically by on-chain keepers, and the whole book is transparent on-chain. There is no deposit insurance.