What Is JustLend DAO? TRON Lending, sTRX Staking and Energy Rental

JustLend's Supply & Borrow Market follows the Compound model ¹:

1. Supply. When you deposit an asset, you receive a jToken (for example, jUSDT). Its exchange rate rises as borrowers pay interest.
2. Collateralize and borrow. Supplied assets can serve as collateral for borrowing a different asset. Every loan must be over-collateralized.
3. Interest. Rates move with utilization, meaning how much of a pool is lent out. Most TRC-20 markets use a "kinked" curve, where rates climb sharply once utilization passes a set point ¹.
4. Repay and withdraw. Repaying debt frees collateral for withdrawal. A pool that is heavily borrowed can temporarily limit withdrawals.

There are 24 markets in total, but only 18 are active. The other six are legacy markets closed to new supply and borrowing ¹. Per-market collateral factors are shown in the app rather than in the documentation snapshot reviewed.

Part of the interest borrowers pay goes to protocol reserves, which are split as follows ¹:

JustLend shows each borrower a Risk Value. Above 100, a position can be liquidated ¹. A liquidator may repay up to 50% of one borrowed asset in a single transaction and receives collateral worth an 8% bonus on what they repay ¹. In practice, a borrower who falls below the threshold can lose a meaningful slice of collateral in one step.

Prices come from Chainlink feeds ¹. Earlier versions of the oracle had admin and "poster" roles that could set prices. CertiK flagged these privileges in 2022, and the team acknowledged them ². Stablecoin markets add depeg risk, which matters especially for USDD. During USDD's June 2022 wobble, critics questioned reserves that were held as USDT inside JustLend ⁸.

sTRX is the token you receive for staking TRX through JustLend. 1 sTRX is always worth at least 1 TRX, and its value rises as rewards accrue ¹. The yield comes from two sources: TRON Super Representative voting rewards, and income from Energy Rental ¹. Background: liquid staking.

• Unstaking takes 14 days before the TRX can be claimed ¹. Selling sTRX on a DEX is faster but trades at market price.
• Admin powers. SlowMist's 2023 audit rated the sTRX code "Medium Risk" because of broad admin powers. These included setting rental fee parameters without bounds and letting a reserve admin claim reserves ³. The team said these roles would move under governance and a timelock ³.

On TRON, transactions consume "Energy." If you don't have Energy, you burn TRX instead. JustLend's Energy Rental lets you rent Energy by the hour or day, for up to 30 days, delegated to a regular wallet address. It cannot be delegated to a contract ¹.

JustLend estimates savings of roughly 50–80% compared with burning TRX ¹. The docs give an example: a single USDT transfer uses about 64,000 Energy if the recipient already holds USDT, and about 130,000 if not ¹. The rental fee is the greater of a minimum fee and a percentage of the delegated amount. JustLend warns against assuming a fixed fee, so check the live quote ¹.

JustLend is run as a DAO through on-chain voting with JST, where one JST equals one vote ¹.

Protocol income is used to buy JST and burn the resulting liquidity tokens ¹. See what is a DAO.

The documentation does not name a legal operating company. The risk warning refers only to "the platform" and does not list restricted countries ⁴.

JustLend V2, also called "Moolah," uses isolated markets. Each market is defined by one loan token, one collateral token, an oracle, a rate model and a liquidation threshold ¹. A bad asset in one V2 market therefore does not directly affect another. V2 is still small, with about $2 million in value locked on October 23, 2026 ⁶.