What is the JUST (JST) inflation rate?

−5.08% a year, and −1.27% in the next 90 days. That is new JST minus what is burned or bought back, checked Oct 25 2026.

Is JST inflationary or deflationary?

Deflationary: JST's supply is shrinking, about −5.08% a year.

Where does new JST supply come from?

No new JST: nothing minted since 2020, and vesting ended in 2023.

MrNasDog Pressure Framework · Inflation Analysis

JST Inflation Analysis · October 2026 · Supply shrinking · projected to keep shrinking

JST is deflationary: no new JST is made, and the quarterly buyback and burn run by JUST DAO destroyed 170,723,144 JST on Oct 16 2026, so the circulating supply of JUST fell 2.13% in 90 days. Sell pressure was 0 JST, buy pressure 170.72M JST, and the monitor reads −2.09%, only 0.04 points away. The next 90 days project −1.27% from one smaller burn of about 101.88M JST in mid-January 2027, because the old reserve money that paid for the bigger rounds is now spent.

The verdict, in one paragraph

Over the 90 days from Jul 27 to Oct 25 2026, JST supply moved by −2.13% net: nothing was added, and 170.72M JST left the market for good in the fifth JST buyback and burn. The monitor reads −2.09% for the same window, a gap of 0.04 percentage points, so the two readings agree and the coin page carries no warning note. For the next 90 days, to Jan 23 2027, the JST ledger projects −1.27%, still shrinking but at a slower pace. JST is a coin that is deflationary by quarterly buyback and burn, with no emission of any kind on the sell side.

Sell pressure: where new JST comes from

Protocol inflation is 0 JST. JUST pays no block reward, staking reward or lending reward in new JST. All 9.9B JSTwere minted in a single mint in April 2020, and the token's event log shows no other mint since. The JST contract still has an owner key that could mint, so JST supply is not fixed by code, and we read the mint log again at every check.

Vesting unlocks are 0 JST. The team, strategic partner, seed, airdrop and ecosystem shares of JST finished unlocking in 2023, and every JST that has not been burned already counts as circulating. There is no cliff left on the JST calendar.

Foundation and unscheduled unlocks are 0 JST. The JUST treasury and the JST held by JUST's own contracts are all already inside the circulating count, so a move out of those wallets would not add new JST to the market count. The next section lists each of them.

Long-term locked or bankruptcy supply is 0 JST. No bankruptcy estate, court-held pile or long lock of JST is waiting to be released.

Buy pressure: where new JST goes

The programmatic buyback removed 170.72M JST. On Oct 16 2026 the JUST treasury sent 170,723,144 JST to the dead address in one public transfer. The coins were bought with $19.62M: $9.28M of third-quarter net income and $10.34M from the last slice of the old historical revenue reserve. This was the fifth quarterly round since October 2025, and across the five rounds the JST buyback and burn has destroyed about 1.88B JST, about 19% of the 9.9B JST ever minted.

For the next 90 days the JST buyback is projected at about 101.88M JST. On Oct 23 2026 JUST changed the JST buyback and burn: JUST DAO now runs it instead of JustLend DAO, the money comes from the quarterly income of JustLend, GasFree and USDD (USDD only above $10M), and a $20.34M surplus will be added in four parts from the fourth quarter of 2026, while at least $50M stays in reserve. Quarterly income at the third-quarter level plus one part of the surplus comes to about $14.37M, which buys about 101.88M JST at today's price. If GasFree adds more income, the January burn could be larger.

The protocol fee burn is 0 JST in this window. On Jul 17 2026, before the window started, 106.66M JST collected as fees on the old USDJ stablecoin were destroyed in one go. JUST has published no plan to repeat that burn, so nothing is booked for the next 90 days.

The Foundation buy is 0 JST, because every JST the project buys back is burned and already counted in the buyback row. New long-term lock is 0 JST: JST locked for voting or lent out on JustLend still counts as circulating, so it takes nothing out of the count.

Foundation and overhang

The JUST treasury wallet holds 500.00M JST. It sent 200M JST out on Aug 16 2026 and got the same 200M back on Aug 24 2026, and on Oct 16 2026 it received about 169M JST and passed 170.72M JST on to the dead address. The JST voting contract holds 700.02M JST that holders have locked to vote, and the JST market on JustLend holds 95.45M JST. The owner key of the JST contract is a fourth item to watch: it holds no coins that count, but it could mint new JST. The $50M reserve floor is held in dollars, not in JST.

We read every one of these JST balances on-chain at each check. If the JUST treasury's balance falls between checks, or a new mint appears, the outflow enters the Foundation and unscheduled unlocks row at the next check.

How JST compares to other DeFi buyback tokens

JST belongs to the group of DeFi tokens that turn protocol income into buybacks, but JUST burns what it buys, while several large peers keep it. Aave's buyback program, for example, buys AAVE and holds it in the treasury. Coins that are held can come back to the market; JST sent to the dead address cannot. That is why the JST buyback shows up as a fall in supply, not just as a move between wallets.

The closest match in shape is BNB, which also burns on a quarterly calendar. The difference is that the BNB burn size follows a fixed published rule, while the JST burn size follows JUST's income in dollars, so a higher JST price means fewer JST burned for the same money. JST also has no new emission to cancel out, unlike exchange tokens such as CAKE, whose burns have to beat new farming rewards before supply can fall.

The weak point of the JST model is the money behind it. The first five rounds were partly paid from a one-off reserve of past revenue, and that reserve is now used up, so from January 2027 the JST burn depends on what JustLend, GasFree and USDD earn each quarter, topped up by the $20.34M surplus for four rounds.

What to watch in the next 90 days

The sixth JST buyback and burn is expected around Jan 14 to Jan 19 2027, judged by the five past rounds, which all landed 14 to 19 days after a quarter ended; no date has been announced, and a round after Jan 23 2027 would move the burn out of this window.

The size of that January 2027 round, and how much of it is the first part of the $20.34M surplus, will show whether the JST burn shrinks to about 101.88M JST or stays near the October size.

JUST DAO's fourth-quarter income report, due in January 2027, will show for the first time how much GasFree and USDD add to the JST buyback pool.

Any move out of the 500.00M JST in the JUST treasury wallet, or any new mint from the JST contract's owner key, would add sell pressure at the next check.

Summary

JST is deflationary: no new JUST tokens are created, and the quarterly buyback and burn destroyed 170.72M JST on Oct 16 2026, cutting circulating supply by 2.13% in 90 days, in line with the monitor at −2.09%. The JST mechanism is simple: JUST DAO spends the income of JustLend, GasFree and USDD on JST and sends it to the dead address, about 1.88B JST so far. The key risk is that the old reserve money is spent, so the next burn, about 101.88M JST in mid-January 2027, is projected to be smaller and the 90-day pace slows to about −1.27%. The ceiling is the 9.9B JST minted in 2020, but an owner key that can still mint means JST supply is watched, not fixed.

MrNasDog Pressure Framework analysis of JST, Metric 1 — Inflation. Data + explanation only. Not financial advice. Checked Oct 25 2026.