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JustLend DAO is the dominant pooled money market on Tron, especially for USDT lending, and part of the broader JUST ecosystem.
The largest lending market on Tron.
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JustLend DAO is the dominant pooled money market on Tron and part of Justin Sun's broader JUST ecosystem. It follows the classic supply-and-borrow model, with USDT lending accounting for much of its multi-billion-dollar TVL, alongside TRX staking and energy-rental products specific to Tron. Because it runs on the TVM rather than the EVM, its on-chain metrics come from Tron indexers (TronGrid/TronScan) rather than Ethereum tooling. It competes by dominating its home ecosystem rather than contesting Ethereum lending share.
Big by lending TVL on Tron (notably USDT); not an Ethereum/L2 competitor, since its data pipeline is Tron/TVM rather than EVM.
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.
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.
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, 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.
December 7, 2020 (TRON's first official lending platform)
JUST Foundation launch announcement (Medium)CertiK security assessment dated April 8, 2022; SlowMist audit of the sTRX contracts
CertiK security assessment (JustLend PDF)Oct 26, 2025: 59M USDT reserves allocated; 560M JST (~5.66% of supply) burned in round one
CryptoSlate: JustLend completes first JST buyback and burnHow JustLend maps onto established TradFi structures, and where it diverges.
Money-market fund / secured margin lending
JustLend
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.
TradFi analogue
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.
JustLend DAO
Decentralized governance / protocol operator The DAO that governs the protocol. JST holders propose, vote and execute changes on-chain through GovernorBravo and a Timelock contract; reserve and vote-operator permissions were transferred to governance-controlled contracts per the CertiK audit response.
JUST ecosystem (JUST Foundation)
Parent DeFi ecosystem on TRON JustLend is one of the core products of the JUST ecosystem on TRON (alongside USDD and other JUST products), broadly associated with TRON founder Justin Sun. The JUST Foundation published JustLend's launch and ecosystem announcements.
Key milestones: launches, upgrades, exploits and governance events.
Protocol launch (v1)
ExecutedCompound V2-based money market goes live on TRON as TRON's first official lending platform.
SourcesTRX liquid staking + Energy Rental
ExecutedStake 2.0 liquid-staking (sTRX) and automated TRON Energy rental added as a major protocol feature.
SourceJST deflation / buyback-and-burn mechanism
ExecutedGovernance-approved revenue-driven buyback-and-burn program activated, making JST deflationary with quarterly phased burns.
SourceSBM V2: isolated collateral markets
ExecutedMoney Market Protocol Version 2.0: isolated Vaults/Markets architecture with Adaptive Curve interest-rate model.
SourceJustLend DAO is the largest lending / money-market protocol on the TRON blockchain and was TRON's first official lending platform, launched December 7, 2020. It is built on the Compound V2 architecture and is part of the JUST ecosystem associated with TRON founder Justin Sun. Users lend and borrow TRON-based assets such as TRX, USDT and USDD.
You supply TRX or TRC-20 tokens into a market and receive jTokens, which accrue interest algorithmically based on pool supply and demand. To borrow, you must over-collateralize with supplied assets. If your collateral value falls below the required threshold relative to your debt, your position can be liquidated. Interest rates float automatically with .
JST is the TRC-20 governance token of the JUST / JustLend DAO ecosystem, with a maximum supply of 9.9 billion. Holders vote on protocol parameters and proposals via GovernorBravo + Timelock. Since October 2025 the DAO runs a revenue-funded JST buyback-and-burn program, making JST deflationary; the first round burned 560 million JST (about 5.66% of supply).
sTRX is JustLend DAO's one-click TRX liquid-staking product launched in April 2023 under TRON Stake 2.0. You stake TRX, receive the sTRX token, and JustLend automatically handles Super Representative voting and rents out the resulting TRON Energy to earn yield. The Energy Rental market lets users rent Energy for transactions at roughly 50-80% below the cost of burning TRX.
In June 2026 JustLend DAO launched Supply and Borrow Market V2, moving from a single shared pool to an isolated-collateral model with a dual-layer structure of Vaults (where depositors supply) and Markets (where borrowers pledge collateral), plus an Adaptive Curve interest-rate model. Each market has its own loan-to-value settings so a price crash or liquidation in one market stays contained instead of threatening the whole protocol.
Yes. CertiK published a security assessment dated April 8, 2022, and SlowMist audited the sTRX / Staked TRX contracts. JustLend DAO also runs a bug-bounty program on Immunefi with rewards up to $50,000 for critical smart-contract vulnerabilities. Audits reduce but do not eliminate smart-contract risk.
