Lending · JST · $6.4B TVL. Screen grades as of November 12, 2026: Solvency A, Legitimacy BB, Growth BBB. Tron ecosystem; Justin Sun key-person and governance concentration.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $3.5B | $6.4B |
| 12-month TVL change | -10% | +61% |
| Worst 90-day drawdown | 20% | 12% |
| Drawdown scored | 20% (90-day only, v1.0) | 12% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | A · 78.3 | A · 78.3 |
| Growth | B · 41.8 | BBB · 61 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates. Since then, some of those inputs have been checked against public data (November 13, 2026); see Input Sources. Where that changed a scored value, the grades in the right-hand column include it.
Solvency screens at A (78.3 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 12% and 12-month TVL change is +61%. TVL stability is scored on the 90-day drawdown, which is the worse of the two. Sustainability ratio (2x) and risk quality (6 / 10) are carried over from July 27, 2026. Unlock pressure (0%) was taken from public data on November 13, 2026 (see Input Sources).
Legitimacy screens at BB (53 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026. All four inputs are analyst judgment; the evidence behind each is linked under Input Sources.
Growth screens at BBB (61 / 100), previously B in the July 27, 2026 screen. TVL is $6.4B, +61% over twelve months (it was -10% at the previous screen). Momentum (4 / 10) is carried over from July 27, 2026. Category share (7%) was taken from public data on November 13, 2026 (see Input Sources).
Of the 11 scored inputs, 4 are taken from public data, 6 are analyst estimates with the evidence linked, and 1 is under review because the public data disagrees with the estimate or the definition is not settled. An input under review keeps its previous scored value until the review is published.
| Input | Scored Value | Status | Source Or Evidence |
|---|---|---|---|
| Sustainability ratio Solvency | 2x | Under review | DefiLlama: protocol revenue $0.72M over 12m; total fees $15.0M. The JST unlock schedule shows every allocation fully unlocked and no emissions in the last 12 months, so the ratio cannot be computed from it. The methodology does not yet say whether "revenue" means what the protocol keeps or all fees paid by users, so the July estimate is still the scored value. |
| TVL stability Solvency | 12% / +61% | Sourced | Worst 90-day drawdown and 12-month TVL change, from DefiLlama, parent-level listing, as of November 12, 2026. |
| Unlock pressure (next 12 months) Solvency | 0% | Sourced | Every JST allocation in DefiLlama's schedule is fully unlocked: 0% over the next 12 months. The July estimate was 1%; same scoring band. |
| Risk quality Solvency | 6 / 10 | Estimate | Analyst judgment. DefiLlama's hacks database lists no incident for JustLend. |
| Audit coverage Legitimacy | 6 / 10 | Estimate | Analyst judgment. One audit report is linked by the protocol. |
| Team & transparency Legitimacy | 6 / 10 | Estimate | Analyst judgment. |
| Delivery vs stated roadmap Legitimacy | 7 / 10 | Estimate | Analyst judgment. |
| Governance & decentralization Legitimacy | 3 / 10 | Estimate | Analyst judgment. DefiLlama lists no governance space for this protocol; no forum or voting record has been linked yet. |
| TVL 12-month trend Growth | +61% | Sourced | 12-month TVL change, from DefiLlama, parent-level listing, as of November 12, 2026. |
| Category market share Growth | 7% | Sourced | Lending TVL of $3.23B is 7% of the $46.90B in DefiLlama's Lending category. A further $3.09B sits in the sTRX staking product, which DefiLlama counts as liquid staking. The July estimate was 14%; same scoring band. |
| Momentum & users Growth | 4 / 10 | Estimate | Analyst judgment. Evidence: fees in the last 30 days were $2.1M, an annual run rate about 72% above the 12m total of $15.0M. |
"12m" is the twelve months to November 13, 2026. Token amounts are valued at DefiLlama prices on that date. Found an error? Tell us; corrections are published with a date.
The credit grade is Solvency A. Legitimacy is BB and the Growth outlook is BBB; the weakest axis is Legitimacy. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can JustLend survive stress and pay its users back. Legitimacy (BB) and the Growth outlook (BBB) are published beside it and are never averaged into it. Weakest axis: Legitimacy.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| JustLend (this page) | A | BB | BBB |
| Aave | A | AA | BB |
| Morpho | A | AA | A |
| Spark | A | A | BB |
| Kamino | BBB | BBB | B |
| Compound | BBB | A | B |
| Venus | A | BB | CCC |
| Suilend | BB | BB | CCC |
| Euler | BB | A | B |
| Benqi | BB | BBB | CCC |
| NAVI | B | BB | CCC |
| Moonwell | BB | BBB | CCC |
JustLend is the dominant money market of the Tron ecosystem, quietly holding $3.5B in TVL with some of the steadiest deposit behavior in the screen. It is also the clearest key-person concentration in the universe: the protocol, its chain, and much of its collateral orbit Justin Sun.
Solvency screens at A on the numbers alone: the shallowest drawdown among large lenders (~20%), negligible unlock pressure, and fee coverage of emissions around 2x. The risk score (6/10) tempers this — collateral quality is dominated by TRX and Tron-native stablecoin flows, so the protocol's solvency is inseparable from the health of a single ecosystem.
Legitimacy screens at BB, the binding constraint. Audit coverage is thinner than TVL of this size warrants, team identity blurs into the broader Tron organization, and governance scores 3/10 — voting power concentration makes token governance largely ceremonial. None of this is hidden; it is simply the structure.
Growth screens at B. TVL has been resilient (down only ~10%), but category share is modest at 14% and momentum is low — the protocol serves its captive ecosystem rather than competing for new markets.
Composite B. The screen's read: operationally stable, structurally concentrated. A full rating would hinge on governance and key-person risk far more than on the lending book itself.
