What is the JUST (JST) inflation rate?

−4.63% a year, and −1.88% in the next 90 days. That is new JST minus what is burned or bought back, checked Oct 4 2026.

Is JST inflationary or deflationary?

Deflationary: JST's supply is shrinking, about −4.63% a year.

Where does new JST supply come from?

Nothing is minted: all 9.9B JST were created in 2020, the release plan ended in 2023, and every large wallet already counts as circulating.

MrNasdog Pressure Framework · Inflation Analysis

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

JST, the governance token of JUST and JustLend DAO on TRON, is shrinking. No new JST was created in the last 90 days, while JustLend DAO destroyed 355.0M JST on Jul 17 2026, so the float fell by 4.34%. The next quarterly buyback and burn, due in mid-October 2026, should remove about 154.2M JST more, or 1.88%. The only thing that could reverse this is the token owner's mint key, which has not been used since 2020.

The verdict, in one paragraph

Over the 90 days to Oct 4 2026, JST supply moved by −4.34%: zero JST was added and 355,021,531 JST was burned, against 8,188.7M JST in circulation. Our supply monitor, which reads the circulating count each day, shows −4.13% over its own 90-day window. The gap is 0.21 percentage points, inside our 0.5-point limit, so no warning chip is needed: both readings see the same July burn. For the next 90 days we expect about −1.88%, from one more quarterly round. In one line: JST is a fixed-supply DeFi token that a lending protocol's income steadily burns down.

Sell pressure: where new JST comes from

Protocol inflation is zero. JST has no block reward, no staking reward and no emission schedule. All 9.9B JST were created in a single mint in April 2020, and the token's on-chain log shows no other mint since. The total supply on chain reads 9,793.3M JST today, which is exactly 9.9B minus the one direct burn of July 17 2026, so the books close to the coin. The contract does still have a mint function that only its owner can call; it has not been used in six years, but it is the one way new JST could appear.

Vesting unlocks are zero. The JST launch release plan ran out in 2023. Unlock trackers list JST as 100% unlocked, and the circulating count equals the total supply, so there is no locked team or investor pile waiting to open.

Foundation and unscheduled unlocks are zero. Large wallets exist, and we list them below, but every one of them is already counted as circulating. When coins move between wallets that are all inside the float, nothing new reaches the market.

Long-term locks and bankruptcy releases are zero. No estate, trustee or court case is holding JST for a later payout.

Buy pressure: where new JST goes

The programmatic buyback removed 248.4M JST. In October 2025 the JustLend DAO community approved a plan that sends all of JustLend DAO's net income, plus any USDD stablecoin revenue above $10M, into buying JST and burning it every quarter. A one-time reserve of $59.09M was split up as well: 30% was spent in the first round and the other 70% in four equal slices of about $10.34M. On Jul 17 2026 the DAO bought 248,357,799 JST with $20.6M (second-quarter income of $10.28M plus one reserve slice) and sent all of it to the TRON burn address, where coins can never move again. The burn address now holds 1,604.6M JST from four rounds.

For the next 90 days, the DAO's own second-quarter report put the next round at about $21.55M. At today's price of about $0.14 that buys roughly 154.2M JST. Rounds have landed every 87 to 93 days (Oct 19 2025, Jan 14 2026, Apr 15 2026, Jul 17 2026), so the next one should arrive around mid-October 2026. Because the budget is set in dollars, a higher JST price means fewer coins burned, and a lower price means more.

The protocol fee burn removed 106.7M JST. On the same day the DAO also destroyed the stability fees that the old USDJ stablecoin had collected in JST over the years: 106,663,732 JST, burned directly so that total supply fell by exactly that amount. This was a one-time clear-out. The fee pot is now empty, so we expect nothing from this source in the next 90 days.

Foundation buying is zero beyond the DAO buyback, which is already counted once. New long-term locks are zero: JST placed in the voting wrapper or deposited for reward campaigns still counts as circulating, so it removes nothing from the float.

Foundation and overhang

We track the large JST wallets because they could sell. The wallet JustLend DAO uses to send coins to the burn address holds 500.0M JST; during this window it sent out and took back lots of 200M JST twice, which left its balance unchanged. The JST voting wrapper holds 700.0M JST, and the JST lending market holds 93.8M JST. Three large unnamed wallets hold 660.9M, 400.0M and 386.1M JST. The burn address itself holds 1,604.6M JST that can never come back.

None of these balances is outside the circulating count, so a sale from any of them would not add new supply; it would only change who holds the coins. The bigger watch item is the owner key with mint power. We re-read these wallets and the token's mint log at every rebuild. If any of these balances falls between refreshes, or a new mint appears, the outflow enters Sell #3 at the next refresh.

How JST compares to other DeFi governance tokens

Most DeFi governance tokens grow their supply: they mint new tokens to pay liquidity rewards, or they release team and investor allocations on a monthly schedule. JST does neither. Its supply was fixed at 9.9B in 2020, its release plan is finished, and the only regular flow is the one going out through the burn. That puts JST in the small group of DeFi tokens whose supply goes down every quarter rather than up.

Among tokens with a buyback, the key difference is where the bought coins end up. Many projects buy their token and keep it in a treasury wallet, which still counts as circulating and can be sold again later. JustLend DAO sends every bought JST to the burn address, so each round is a permanent cut. The trade-off is size: the budget follows lending income, so a slow quarter for JustLend DAO means a smaller burn, and the reserve slices that topped up each round run out after the October 2026 round.

Compared with a fee-burn chain token, where a slice of every transaction is destroyed day by day, the JST burn comes in four large steps a year. Between rounds the supply is flat; on burn day it drops by several percent at once.

What to watch in the next 90 days

Mid-October 2026: the next JST buyback and burn, planned at about $21.55M, or about 154.2M JST at today's price. It should carry the last of the four reserve slices.

Late October 2026: the JustLend DAO third-quarter report, which should give the budget for the January 2027 round. Without a reserve slice, that round may be closer to the quarterly income alone, which has run between $10.19M and $10.97M.

Oct 4 to early December 2026: the 60-day TRON DeFi Summer campaign pays a $300K JST reward pool to depositors. Those coins come from existing holdings, so they add no new supply.

Any time: a mint by the token owner, or a large outflow from the 500.0M JST burn wallet, would change this reading at the next rebuild.

Summary

JST supply is shrinking: no JST was minted in the last 90 days, while JustLend DAO burned 355.0M JST on Jul 17 2026, a 4.34% cut to the 8,188.7M circulating supply. The mechanism is a quarterly buyback and burn funded by JustLend DAO's net income, with about 154.2M JST more due in mid-October 2026, or 1.88%. The key risks are a smaller burn as the reserve top-ups end and lending income or a rising price shrink the coin count, and the owner's unused mint key. With no emission and no unlocks left, the burn is the only regular supply flow JST has.

MrNasdog Pressure Framework analysis of JST, Metric 1 — Inflation. Data + explanation only. Not financial advice. Checked Oct 4 2026.