JustLend从众多借贷协议中脱颖而出，6年0安全事故 晚上看了一圈主流借贷协议，Aave在做多链规模，Morpho走模块化和隔离市场，Compound继续做基础借贷，Venus则深耕BNB Chain。 JustLend 它没有追求覆盖多少条链，而是围绕TRON生态，把借贷、稳定币、质押和Energy需求慢慢串了起来。 目前 JustLend TVL约 38.4亿美元。今年一季度约33亿美元，阶段增长约16%。对于一个主要聚焦单一公链的借贷协议来说，这个资金体量已经相当可观。 1、和主流借贷协议相比，JustLend的特点是什么？ 简单看一下目前几家头部协议数据上，Aave和Morpho的整体规模更大，这是多链模式带来的结果。 但JustLend比较特别的一点是：38亿美元左右的TVL，主要集中在TRON这一条链上。 这意味着它的增长逻辑并不是不断去新的公链抢流动性，而是继续吃深TRON本身的稳定币和链上资金需求。 2、JST比较值得看的，其实是价值回流 价格目前约 0.113美元，季度以来上涨约31%，而且目前已经完成三轮销毁累计约 13.56亿JST，回购资金主要来自协议净收入。 此前累积收入的30%用于首轮执行，其余70%计划在2026年按季度释放，后续新增净收入也会进入下一季度回购池。 还有一个细节比较有意思，暂未使用的资金会进入JustLend的USDT市场获取收益，再用于后续回购。 协议产生收入 → 回购JST → JST进入销毁 → 流通供应减少。 这也是JustLend和单纯依靠治理预期的DeFi代币比较明显的区别。 3、JustLend现在已经不只是借贷 目前除了传统借贷，还包括 sTRX流动性质押、Energy租赁、清算工具和DAO治理。 V2则进一步引入了隔离市场、ERC-4626金库以及自适应利率模型，把不同市场的风险进行隔离。 目前协议包含18个活跃市场以及6个历史市场。 1 / TRON上有大量USDT转账需求，就会产生Energy需求 2 / 有稳定币流动性，就会产生借贷需求 3 / 有TRX质押需求，又会产生sTRX等产品。 所以JustLend并不是单独做一个借贷协议，而是在围绕TRON本身的链上需求搭产品。 4、收益率不是重点，资金和场景才是 目前JustLend的USDT基础供应年化大约2%，USDD市场综合收益最高约6.5%。 Aave、Morpho等协议部分稳定币市场的收益也能达到类似水平，而且APY会随着资金利用率和激励不断变化。 TRON上的稳定币规模、USDT转账需求，以及Energy市场，本身就是天然的使用场景。 5、最终还是看能不能形成闭环 Aave的优势是多链和成熟的流动性市场，Morpho更强调模块化和市场自由度，Compound走的是相对简洁的基础借贷路线。 JustLend则是稳定币资金 → 借贷市场 → 协议收入 → JST回购销毁 → 再反哺生态。 再叠加sTRX和Energy租赁，借贷只是其中一个入口。 所以我认为判断JustLend不能只盯着它和Aave差多少TVL。更值得看的，是它能不能继续把TRON上的真实链上需求转化成协议收入，再进一步形成JST的价值回流。 这可能才是JustLend这几年真正想走出来的一条路。 @justinsuntron @DeFi_JUST #TRONEcostar#

WIN三个月涨幅超100%，再叠加100%收入回购 以涨服人，过去一个月WIN涨了20.5%，三个月涨幅已经到108.1%，翻倍。 还有单日交易额相比一个月前增加了85.6%，盘面上的交易也明显比之前活跃。 再看WINkLink本身，今年其实也有一些变化。 WINkLink本质上就是TRON上的预言机，给链上的DeFi、金融类应用提供价格等链下数据。上半年它一直在扩充价格数据覆盖，也做了价格服务页面的升级。 从Q3开始，WINkLink预言机业务产生的收入，100%拿出来回购WIN，之后按照计划进行销毁，而且相关数据会在链上披露。 业务有收入 → 回购WIN → 销毁供应。 所以现在再看WIN，除了价格本身，我觉得还可以观察它的预言机业务到底能产生多少收入，以及后面的回购和销毁规模。 @justinsuntron @WinkLink_Oracle #TRONEcoStar#

Tron Inc. (NASDAQ: TRON) acquired 148,820 TRX tokens today at an average price of $0.3360 further increasing its TRX treasury holdings to more than 713.3 million TRX in total. The company aims to further grow its Tron DAT holdings to enhance long term shareholder value. For live update on the designated on-chain TRX treasury wallet for Tron Inc., please refer to:

Tron Inc. (NASDAQ: TRON) acquired 153,246 TRX tokens today at an average price of $0.3263, further increasing its TRX treasury holdings to more than 712.7 million TRX in total. The company aims to further grow its Tron DAT holdings to enhance long term shareholder value. For live update on the designated on-chain TRX treasury wallet for Tron Inc., please refer to:

Tron Inc. (NASDAQ: TRON) acquired 145,199 TRX tokens today at an average price of $0.3444, further increasing its TRX treasury holdings to more than 711.5 million TRX in total. The company aims to further grow its Tron DAT holdings to enhance long term shareholder value. For live update on the designated on-chain TRX treasury wallet for Tron Inc., please refer to:

Tron Inc. (NASDAQ: TRON) acquired 144,606 TRX tokens today at an average price of $0.3458, further increasing its TRX treasury holdings to more than 711.3 million TRX in total. The company aims to further grow its Tron DAT holdings to enhance long term shareholder value. For live update on the designated on-chain TRX treasury wallet for Tron Inc., please refer to:

Tron Inc. (NASDAQ: TRON) acquired 152,042 TRX tokens today at an average price of $0.3289, further increasing its TRX treasury holdings to more than 708.7 million TRX in total. The company aims to further grow its Tron DAT holdings to enhance long term shareholder value. For live update on the designated on-chain TRX treasury wallet for Tron Inc., please refer to:

Tron Inc. (NASDAQ: TRON) acquired 150,890 TRX tokens today at an average price of $0.3314, further increasing its TRX treasury holdings to more than 708.4 million TRX in total. The company aims to further grow its Tron DAT holdings to enhance long term shareholder value. For live update on the designated on-chain TRX treasury wallet for Tron Inc., please refer to:

Tron Inc. (NASDAQ: TRON) acquired 152,136 TRX tokens today at an average price of $0.3287, further increasing its TRX treasury holdings to more than 707.8 million TRX in total. The company aims to further grow its Tron DAT holdings to enhance long term shareholder value. For live update on the designated on-chain TRX treasury wallet for Tron Inc., please refer to:

Tron Inc. (NASDAQ: TRON) acquired 151,521 TRX tokens today at an average price of $0.3300 further increasing its TRX treasury holdings to more than 707.6 million TRX in total. The company aims to further grow its Tron DAT holdings to enhance long term shareholder value. For live update on the designated on-chain TRX treasury wallet for Tron Inc., please refer to:

🎤孙哥 @justinsuntron 在马来西亚区块链周 #MYBW2026# 发表线上主题演讲： 🔴波场 #TRON# 的目标是搭建人类与AI、本地市场与全球流动性之间的桥梁 🔴波场TRON的规模和效率天然适配AI代理支付场景，生态内的 吉隆坡，下次见！👋

Tron Inc. (NASDAQ: TRON) acquired 150,719 TRX tokens today at an average price of $0.3317 further increasing its TRX treasury holdings to more than 707.2 million TRX in total. The company aims to further grow its Tron DAT holdings to enhance long term shareholder value. For live update on the designated on-chain TRX treasury wallet for Tron Inc., please refer to:

Tron Inc. (NASDAQ: TRON) acquired 153,813 TRX tokens today at an average price of $0.3251 further increasing its TRX treasury holdings to more than 705.8 million TRX in total. The company aims to further grow its Tron DAT holdings to enhance long term shareholder value. For live update on the designated on-chain TRX treasury wallet for Tron Inc., please refer to: