JUSTLEND
TRON's largest lending protocol, combining money markets, sTRX liquid staking, and energy rental.
JustLend DAO is a Compound V2-derived money market deployed on TRON, run by JST governance holders. Beyond standard supply-and-borrow, it offers sTRX liquid staking under TRON's Stake 2.0 and an Energy Rental market that lets users rent TRON network energy at 50–80% below the cost of burning TRX. In June 2026 the protocol shipped SBM V2, adding isolated Vault-and-Market architecture and an adaptive interest-rate curve to reduce cross-collateral contagion.
- TVL consistently above $6B in 2026 (over $6.7B in one January weekly report), making JustLend among the top-five global lending protocols by TVL.
- Only on TRON mainnet, with 17 active plus 6 legacy jToken markets per official documentation.
- SBM V2, launched June 17, 2026, replaces shared pools with isolated Vaults + Markets and adds an Adaptive Curve interest-rate model.
- sTRX liquid staking passes through TRON Stake 2.0 voting rewards and energy-rental yield to holders.
- JST is used for governance and captures value through recurring buyback-and-burn programs; cumulative burns had passed 1.35B JST (~13.7% of supply) by Q1 2026.
Frequently asked questions
What is SBM V2 and why did JustLend ship it?
Supply and Borrow Market V2 is JustLend's June 2026 upgrade that splits lending into a Vault layer (where depositors supply single assets like USDT) and isolated Markets (where borrowers post collateral). It directly addresses the risk contagion problem of shared-pool lenders and aligns JustLend's design with newer protocols like Morpho and Euler V2. It also introduced an adaptive-curve interest rate model that shifts the whole curve based on utilization rather than only reacting near the kink.
What is Energy Rental and why is it useful?
TRON transactions are paid for in Energy and Bandwidth, which can be obtained by staking TRX or by burning TRX at higher cost. JustLend's Energy Rental market lets users rent Energy directly from stakers at 50–80% less than burning, which is particularly valuable for high-throughput USDT transfers on TRON. It's one of the reasons TRON dominates stablecoin payment flows.
Is JustLend really decentralized?
The contracts run without admin custody of user funds and use the Compound V2 governance pattern with JST-token proposals and voting through GovernorBravo plus a Timelock. In practice, TRON ecosystem participants and JustLend Labs propose most upgrades, and TRON's validator set is more concentrated than Ethereum's, so the practical decentralization sits below Aave or Compound on Ethereum despite the on-chain governance stack.