JUST (JST): an overview of the leading DeFi ecosystem on the Tron blockchain

One such project is JUST, which plays a key role in the Tron blockchain ecosystem and provides a pool of decentralized products that are highly demanded by users.

What is JUST?

JUST is a DeFi ecosystem that emerged in 2020 based on the Tron blockchain platform. It aims to provide users with a wide range of decentralized services, such as trading, liquid staking, lending, tokenization of digital assets, and issuance of stablecoins.

The JUST Foundation, which includes representatives from well-known companies such as Alibaba, Tencent, and IBM, is behind the creation of the JUST ecosystem.

JUST ecosystem

One of the first and leading platforms in the JUST ecosystem is the JustLend DAO lending platform. It is the leader in terms of the value of locked-in assets (TVL) among DeFi protocols on the Tron blockchain and ranks 11th overall, just behind Uniswap and Pendle. According to DeFi Llama data for February 2025, the TVL of the JustLend protocol is $4.67 billion.

The JustLend DAO platform provides liquid TRX staking services in addition to lending. JustLend DAO users can stack native Tron cryptocurrency to generate income and, in return, receive sTRX tokens for trading and lending.

The second important ecosystem product is the JustStable platform for issuing and lending stablecoins. As of February 2025, its TVL was $34 million, placing JustStable among the top four DeFi protocols in the Tron ecosystem.

The third key product of the JUST ecosystem is JustCrypto, which provides a cross-chain platform for transferring cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Dogecoin (DOGE) between different blockchain networks thanks to the Bittorrent Chain bridge.

The JUST ecosystem also includes JustSwap, a decentralized exchange (DEX), and the first oracle protocol on the Tron blockchain. Its role is to provide accurate market data to smart contracts.

JUST token

The core asset of the JUST DeFi ecosystem is the native JST token, issued on the Tron network in TRC-20 format. The JST token was initially issued in an initial exchange offer (IEO) on the Poloniex LaunchBase platform in early 2020, and the altcoin was listed on exchanges a few months later, in May. As of early 2025, Tron is the only blockchain-backed cryptocurrency JUST.

JST is a governance token designed to manage DeFi applications and other protocols of the JUST ecosystem. It can be obtained by buying it on the market, mining it for lending or providing liquidity on a decentralized exchange, and participating in various campaigns of the JUST ecosystem, such as voting.

The JST token also serves other functions:

• Providing returns to the liquidity providers of the JUST ecosystem;
• Paying JustLend DAO's DeFi protocol fees and providing collateral (including protection against liquidations of open credit positions);
• Managing parameters on the JustLend DAO, such as funding rates and minimum collateral ratios.

The JST token is among the top four assets in the Tron ecosystem after Tron (TRX), BitTorrent (BTT), and APENFT (NFT) in terms of market capitalization — this figure reached $333 million as of February 2025.

9.9 billion JUST tokens are circulating on the market, but the altcoin has no issuance limit. JST is an inflationary cryptocurrency whose issuance will increase over time, which could put additional pressure on the asset's price.

The JST token's value is $0.034, which has increased by more than 16% over the past year. Its absolute price high (ATH) was recorded in April 2021 at $0.2, an 83% increase from its current value.

In addition to JST, the JUST ecosystem includes two other key tokens:

• USDJ is a decentralized stablecoin pegged to the U.S. dollar exchange rate at a 1:1 ratio. The USDJ stablecoin is backed by collateral, the TRX cryptocurrency, and TRC-20 tokens. Users can issue USDJ tokens through a smart contract by depositing collateral;
• sTRX is a liquidity token (LP) received for 1:1 staking of TRX on the JustLend DAO platform. The sTRX token allows for double returns from voting in the DAO and energy rentals on the Tron blockchain.

JUST perspectives

JUST is the only Tron blockchain ecosystem that provides a wide range of decentralized financial products. This, in turn, supports the continued demand for the JST native token.

Over the past 2 years, the TVL of the JustLend protocol alone has grown by more than a quarter from $3.7 billion to $4.67 billion, and if the positive trend continues, the positive trend could affect the JST token itself.