JustLend has announced the buyback and burning of LP tokens to increase the value of JST and TRX and strengthen the whole JustLend ecosystem. To do this, the stUSDT JustLend platform will allocate a portion of its earnings to the pooling and buyback of JST and TRX tokens into the JST/TRX liquidity pool on SunSwap V2.
The LP tokens received from this will be deposited into a pre-burning contract. The deposited tokens will eventually be burned, and every JST/TRX token holder will benefit from the increased value of the tokens caused by the burning.
The first LP token burning was set for February 14, 2024, and the total number of LP tokens burned and bought back after the first burning was 1.764062, valued at approximately $262,279.73. Tokens destroyed and bought back were put in a blackhole address.
JustLend is a decentralized lending platform that provides a safe and distributed market where users can earn interest and receive loans at minimal trade costs. It promises to create capital pools and set interest rates using a TRX supply and demand algorithm. It allows users to earn yields on their supplied assets, borrow virtual assets against collateral, participate in TRX staking, and rent energy.
JustLend just announced the Buyback and Burn program, which aims to boost the ecosystem by buying back TRX and JST tokens, providing liquidity on SunSwap, and burning LP tokens. A total of $262,279 was burned, and the entire process was conducted through governance.
Source: https://www.cryptonewsz.com/justlend-announces-the-buyback-and-burning-of-lp-jst-trx-tokens/