justlend is not one lending design. At the protocol level, the name covers two different systems on TRON: V1, a pooled Compound V2-style money market, and V2, an isolated-market system with ERC-4626 vaults. The justlend app is the interface through which a user may encounter either route. The distinction holds only when the user checks the market model before supplying collateral, borrowing, or approving a token.
JustLend V1 groups users into shared asset pools. A supplier deposits TRX or a TRC20 token and receives a corresponding jToken, such as jTRX or jUSDT. A borrower posts supported collateral and borrows from the same pooled market. The protocol calculates floating supply and borrowing rates from supply, demand, and utilization.
This is the familiar Compound V2 model: one market per asset, a Comptroller overseeing account risk, a price oracle valuing collateral, and jTokens representing supplied balances. Because collateral and borrowing capacity are assessed across the connected V1 markets, a position is not isolated to one collateral-loan pair. JustLend’s overview of pooled markets describes the supplier, borrower, interest-rate, and liquidation flow.
V2 changes the unit of risk. Each market pairs one collateral token with one loan token and has its own oracle, interest-rate model, and liquidation loan-to-value, or LLTV. A problem in one isolated market is therefore contained to that market rather than automatically spreading across unrelated pairs.
“JustLend V2 is an isolated-market lending protocol on TRON, paired with ERC4626 vaults for passive supply-side yield.” —
The practical difference is simple: V1 gives a jToken for a pooled market; V2 gives a position in an isolated market or shares in an ERC-4626 vault. V1 and V2 are not interchangeable screens for the same contract.
V2’s technical contracts use names such as MoolahProxy and marketId. That terminology is a useful warning: a market ID is not a jToken address, and a V2 vault share is not a V1 receipt token.
| Question | V1 | V2 |
|---|---|---|
| How is risk grouped? | Across connected pooled markets | Inside one isolated market |
| What represents supply? | jToken | Vault shares or market accounting shares |
| What identifies the position? | jToken and Comptroller data | marketId and market parameters |
| How does liquidation work? | Comptroller close factor and liquidation incentive | LLTV-triggered liquidation through the V2 liquidator |
| Best fit | Established pooled markets and familiar lending flows | Specific collateral-loan pairs with contained risk |
ERC-4626 is a standard interface for a tokenized vault: the depositor supplies one underlying token and receives shares representing a proportional claim on the vault’s holdings. The ERC-4626 specification defines deposits, withdrawals, share conversion, fees, and preview functions. It standardizes the interface, not the safety or profitability of the strategy inside the vault.