JustLend and APENFT: Lending, Borrowing and Energy on TRON

APENFT Asia editorial team · Fact-checked against official sources

What is JustLend DAO?

JustLend DAO is a decentralized lending platform on TRON. It works like a pool-based money market: people who supply an asset earn interest, people who borrow pay interest, and the rate for each asset moves automatically with how much of the pool is being used. Everything runs through smart contracts, and you interact with it from your own wallet.

For APENFT holders, the interesting part is that JustLend runs a dedicated market for the NFT token. That makes JustLend APENFT lending one of the few on-chain ways to put idle NFT to work. JustLend also provides two tools that matter to anyone who transacts on TRON: Energy rental and sTRX. We cover all three below. If you want to see where JustLend sits among SunSwap, BTTC and the rest, our TRON ecosystem map has the overview.

Type

Pool-based lending and borrowing

Network

TRON

Official site

justlend.org

NFT market

jNFT

jNFT contract

TFpPyDCKvNFgos3g3WVsAqMrdqhB81JXHE

Underlying asset

NFT, contract TFczxzPhnThNSqr5by8tvxsdCFRRz6cPNq

Collateral factor

60%

Reserve factor

20%

Extra services

Energy rental, sTRX liquid staking

These parameters come from JustLend’s public market API. They can be changed through governance, so treat them as accurate at the time of writing and check the live app before you act.

How the jNFT market works

When you supply NFT to JustLend, you receive jNFT in return. jNFT is a receipt token: it represents your share of the NFT pool, and its exchange rate against NFT rises slowly as interest accrues. When you withdraw, you return jNFT and get back your NFT plus earned interest.

Two parameters shape everything else.

• Collateral factor (60%). If you enable your supplied NFT as collateral, it counts for 60% of its market value toward how much you can borrow. Supply NFT worth US$1,000 and you can borrow up to about US$600 of other assets, before any other collateral is considered.
• Reserve factor (20%). One fifth of the interest paid by borrowers goes into the market’s reserves rather than to suppliers. That is one reason supply rates are always lower than borrow rates.

The other reason is utilization. Suppliers only earn on the part of the pool that is actually borrowed. If very little NFT is borrowed, the borrow interest is spread across a large pool, and the supply rate ends up close to zero.

Those rate snapshots are exactly that: one day’s reading. They can move a lot with demand. The useful lesson is the gap. Even with a borrow rate of a couple of percent, a lightly used market can pay suppliers almost nothing. Our APENFT staking and earning guide compares this with other options and explains how to check a real yield before you commit.

How to supply NFT on JustLend

Every one of these steps is a contract call that consumes Energy. If you do not have staked or rented Energy, TRX is burned at 100 sun per unit. With supply rates as low as they have been, transaction costs can easily exceed a year of interest on a small deposit. Run your numbers through our TRON fee calculator before you start.

Borrowing against APENFT, and liquidation risk

Borrowing is where JustLend gets riskier. When you use NFT as collateral, your borrowing limit equals 60% of its current value. If NFT’s price falls, or the value of what you borrowed rises, your position can cross that limit. At that point it can be liquidated: other users repay part of your debt and receive part of your collateral at a discount.

A simple illustration, using round numbers rather than real prices:

NFT is a volatile, low-priced token with a long history of large drawdowns; CoinGecko recorded its all-time low years after its 2021 peak. A 35% fall is not an extreme event for it. If you borrow, keep usage well below the limit, watch your health indicator, and have a plan to add collateral or repay quickly. Check the live NFT price on our APENFT price page before opening a position.

Energy rental: cheaper TRON transactions

Every TRC-20 transfer on TRON needs Energy. An NFT transfer measured about 14,309 Energy to an existing holder and about 29,309 to a new one, which costs roughly 1.43 or 2.93 TRX if you burn TRX for it. You have three ways to cover that cost:

• Burn TRX each time. Simple, but it adds up.
• Stake TRX under Stake 2.0 for your own Energy. Cheapest over time, but it locks TRX and has a 14-day unstaking wait. See our TRX staking guide.
• Rent Energy, for example through JustLend DAO’s Energy rental. Someone else’s staked TRX provides the Energy, and you pay a fee for the period.

JustLend launched Energy rental, together with sTRX, in April 2023. In September 2025 the rental rate was reported cut to 8% from 15%. The best choice depends on how often you transact: renting fits bursts of activity, staking fits steady use, and burning fits the occasional transfer. A rough example helps. Ten NFT transfers a month to existing holders burn about 14.3 TRX in total at 100 sun per Energy unit. Staking at the rate we measured, about 9.7 Energy per staked TRX per day, needs roughly 1,480 TRX locked to cover one such transfer every day for free. Renting sits between the two: no large lock-up, but a fee each time you need Energy.

sTRX: liquid staking on JustLend

sTRX is JustLend’s liquid staking token. You stake TRX through JustLend and receive sTRX, which represents your staked position and accrues staking rewards. The appeal is flexibility: your TRX keeps earning from staking, while sTRX itself can be held or used elsewhere in TRON DeFi.

The trade-offs are the usual ones for liquid staking. You add smart-contract risk on top of TRON’s own staking, sTRX can trade at a discount to the underlying TRX in a stressed market, and the redemption process and timing depend on JustLend’s rules, which you should read in the app before staking. If you simply want Energy for your own transactions, native Stake 2.0 in your wallet is the more direct route.

Checking the jNFT market yourself

You do not have to take any rate or parameter on trust, including ours. JustLend publishes its market data, and the contracts are public.

• In the app. The market page for NFT shows total supplied, total borrowed, the current supply and borrow rates, and the collateral factor. Divide total borrowed by total supplied to estimate utilization; low utilization explains a low supply rate.
• Through the public API. JustLend’s market endpoint at openapi.just.network/lend/jtoken lists every market, including jNFT, with its contract, collateral factor, reserve factor and rates. It is the source we used for the figures on this page.
• On Tronscan. Search the jNFT contract TFpPyDCKvNFgos3g3WVsAqMrdqhB81JXHE to see deposits and withdrawals, or paste your own address to confirm your jNFT balance.

If the numbers in the app, the API and Tronscan do not match, or if a site shows a jNFT contract different from the one above, stop and check that you are on the official domain.

Who JustLend suits, and who it does not

JustLend makes the most sense for people who are already active on TRON and comfortable with self-custody. A holder who moves NFT or USDT several times a week can save real money with Energy rental or sTRX. Someone who needs short-term liquidity but does not want to sell NFT can borrow against it, as long as they understand liquidation and keep a large safety margin.

It suits beginners much less. If you hold a small NFT balance in a wallet and simply want it to grow, the jNFT supply rate is unlikely to cover the Energy spent on approving, supplying and withdrawing. In that case, holding the tokens in a well-secured wallet is the simpler choice. Our TronLink wallet guide covers setting one up safely, including backing up the recovery phrase.

Risks to weigh before using JustLend

Some further points worth knowing:

• Concluded incentives. Earlier APENFT mining campaigns across JustLend, SunSwap and SUN.io have ended, according to the AINFT white paper. Old blog posts with high yields describe a period that is over.
• Ecosystem concentration. JustLend, SunSwap and the NFT token all sit in the same TRON ecosystem associated with Justin Sun. A shock to one can affect sentiment toward the others.
• Phishing. Lookalike DeFi domains exist on TRON. Our APENFT safety guide lists how to verify contracts and domains.

JustLend versus other ways to use NFT

If you want to sell or rebalance instead, our SunSwap guide shows how to swap NFT on chain. For most small holders, the honest summary is that JustLend is more useful for its Energy tools than for the jNFT yield. If you do supply NFT, treat it as an experiment with money you can afford to lose, not as a source of income.