What is JUST (JST)?

Deep Dive

1. Core Functionality

JUST operates as a DeFi lending platform where users deposit TRON (TRX) as collateral to mint USDJ, a decentralized stablecoin pegged to the US dollar. This system, called JustStable, allows users to borrow USDJ while maintaining a minimum collateral ratio to avoid liquidation (CoinMarketCap). The platform emphasizes accessibility, targeting TRON users seeking decentralized financial tools without intermediaries.

2. Dual-Token Mechanism

• USDJ: A multi-collateral stablecoin generated through smart contracts. Users lock TRX (converted to PTRX) in CDPs to mint USDJ, which must be repaid to reclaim collateral.
• JST: The governance token used to pay stability fees, participate in voting, and adjust protocol parameters (e.g., interest rates). JST’s supply is capped at 9.9 billion, with 23% circulating as of 2021.

3. Evolution & Ecosystem

While USDJ was central to JUST’s initial design, the protocol is sunsetting USDJ by August 31, 2025, to prioritize newer stablecoins like USDD (crypto.news). This shift reflects broader TRON ecosystem upgrades, with JST remaining critical for governance in successor projects like JustLend DAO, which manages over $7 billion in total value locked (TVL).

Conclusion

JUST is fundamentally a TRON-native DeFi protocol designed to democratize access to stablecoin liquidity through decentralized governance. As it transitions from USDJ to newer models, a key question emerges: How will JST’s role evolve as TRON’s DeFi landscape prioritizes sustainable yield and cross-chain interoperability?