# Table of Contents - [Manifesto | 3Jane](#manifesto-3jane) - [Introduction | 3Jane](#introduction-3jane) - [Scaling | 3Jane](#scaling-3jane) - [Core Money Market | 3Jane](#core-money-market-3jane) - [Merchants | 3Jane](#merchants-3jane) - [Pool Interest Rates | 3Jane](#pool-interest-rates-3jane) - [Suppliers | 3Jane](#suppliers-3jane) - [Pool Backing | 3Jane](#pool-backing-3jane) - [Credit Underwriter | 3Jane](#credit-underwriter-3jane) - [Payments | 3Jane](#payments-3jane) - [3CA Algorithm | 3Jane](#3ca-algorithm-3jane) - [Jane Score | 3Jane](#jane-score-3jane) - [Assets | 3Jane](#assets-3jane) - [Credit Slasher | 3Jane](#credit-slasher-3jane) - [Legal Recourse | 3Jane](#legal-recourse-3jane) - [Debt Write-Off | 3Jane](#debt-write-off-3jane) - [Liquidity Mining | 3Jane](#liquidity-mining-3jane) - [Protocol Global Config | 3Jane](#protocol-global-config-3jane) - [Proofs | 3Jane](#proofs-3jane) - [Risks | 3Jane](#risks-3jane) - [Privacy & Storage | 3Jane](#privacy-storage-3jane) - [Pull Example - Farmer 1 | 3Jane](#pull-example-farmer-1-3jane) - [Underwriting Example | 3Jane](#underwriting-example-3jane) - [Pull Example - Trader 1 | 3Jane](#pull-example-trader-1-3jane) - [Pull Credit Line | 3Jane](#pull-credit-line-3jane) - [Supply USDC | 3Jane](#supply-usdc-3jane) - [Addresses | 3Jane](#addresses-3jane) - [Links | 3Jane](#links-3jane) - [Audits | 3Jane](#audits-3jane) - [FAQ | 3Jane](#faq-3jane) - [Integrations | 3Jane](#integrations-3jane) - [Default Game Theory | 3Jane](#default-game-theory-3jane) - [Core Money Market | 3Jane](#core-money-market-3jane) - [Liquidity Mining | 3Jane](#liquidity-mining-3jane) - [Proofs | 3Jane](#proofs-3jane) - [Addresses | 3Jane](#addresses-3jane) - [Pull Credit Line | 3Jane](#pull-credit-line-3jane) - [Pull Example - Farmer 1 | 3Jane](#pull-example-farmer-1-3jane) - [FAQ | 3Jane](#faq-3jane) --- # Manifesto | 3Jane ![Page cover](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2F1227041587-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fv9UjcBMDpKGLDqrTs6IF%252Fuploads%252FUgzAdVFHnoAzl3P7u2aD%252FScreenshot%25202025-06-01%2520at%25203.11.50%2520PM.png%3Falt%3Dmedia%26token%3Db4d00a79-4a00-44be-8c6a-5b12278b9a77&width=1248&dpr=3&quality=100&sign=de385499&sv=2) ### [hashtag](https://docs.3jane.xyz/#the-cryptoeconomy-needs-credit-expansion) The cryptoeconomy needs credit expansion. The modern capitalist financial system is built on two fundamental pillars: a medium of exchange & the creation of credit — specifically, the ability to borrow against creditworthiness and future cash flows rather than existing assets. The global unsecured credit market across consumer and commercial segments is estimated at $5.3 trillion. More specifically, cash flow based financing in the USA represents a $1.3 trillion market through credit lines, revenue-based loans, merchant cash advances, and trade credit. While stablecoins have convincingly delivered on the first pillar over the past decade, DeFi growth remains constricted by the absence of a scalable and capital efficient mechanism for credit creation. DeFi lending is still currently split into two extremes: (1) overcollateralized loans backed by a limited set of DeFi assets, or (2) uncollateralized loans to offchain private credit firms , institutional market makers, and reputation-based social circles. And despite traditional banks and banking-as-a-service fintech lenders having lower costs of capital under a fractional reserve system, they remain unable, unwilling, or restricted from underwriting cryptonative assets and cash flows due to regulatory and risk constraints. Crypto financial markets need a scalable and permissionless credit primitive that can extend uncollateralized credit to cryptonative entities (ie. farmers, traders, businesses, and/or AI agents), underwritten against the entire universe of DeFi assets, offchain assets, and future assets (ie. cash flows). This not only unlocks significant capital efficiency and credit limits for existing asset-rich entities, but more importantly it lays the foundation for enabling high productivity asset-light entities to access credit against their cash flows, creating a self-sustaining cycle of economic expansion native to the Ethereum network. To truly become the internet-native financial system — free from bank liquidity — a cryptonative credit primitive must emerge to enable economic expansion backed by future growth. [NextIntroductionchevron-right](https://docs.3jane.xyz/introduction) Last updated 4 months ago --- # Introduction | 3Jane ![](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2F1227041587-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fv9UjcBMDpKGLDqrTs6IF%252Fuploads%252FSheL1URnX1ITsMU4AcYN%252FScreenshot%25202025-10-21%2520at%25201.17.24%2520PM.png%3Falt%3Dmedia%26token%3Df100b5c7-31de-4451-a96d-6c3bbd3c2acb&width=768&dpr=3&quality=100&sign=91c663a5&sv=2) 3Jane is a peer-to-pool credit-based money market on Ethereum enabling unsecured lines of credit underwritten against verifiable proofs of crypto & bank assets, future cash flows, and credit scores. This unlocks a three-dimensional collateral space within crypto financial markets by introducing future-backed credit alongside existing asset-backed loans. 3Jane integrates onchain address credit scoring models via Cred Protocol and Blockchain Bureau with offchain VantageScore 3.0 credit scores via zkTLS, enabling risk-adjusted underwriting at scale. To maintain protocol solvency, 3Jane operates onchain auctions where U.S. collections agencies can bid on non-performing debt. By expanding access to unsecured credit, 3Jane unlocks a new era of capital efficiency, empowering a new class of high-productivity economic actors - including cryptonative sole proprietors, businesses, and AI agents - to access credit against future productivity. 3Jane introduces a scalable and permissionless credit system that extends capital to merchants based on verifiable financial proofs of crypto assets and credit data, rather than posting onchain collateral alone. 3Jane expands instant capital access across two key user segments: 1. greater capital-efficiency for asset-rich yield farmers and traders by leveraging their entire financial profile across all DeFi assets, centralized exchanges, brokerage, and bank assets. 2. enables capital access to high-productivity asset-light businesses and AI agents for working capital and growth financing across financial markets, service markets, and resource markets, underwritten against their future cash-flows. The protocol has three primary functionalities: 1. [**Core money market**arrow-up-right](https://docs.3jane.xyz/architecture/core-money-market) **:** two-sided market where suppliers deposit USDC into the pool to mint USD3, and optionally stake for sUSD3, and get exposure to a diverse pool of credit lines to crypto creditors. On the other side, merchants permissionlessly connect their ETH address and bank account via Plaid and instantly generate a 0% collateral open-term variable-rate USDC credit facility 2. [**Credit underwriter**arrow-up-right](https://docs.3jane.xyz/architecture/credit-underwriter) **:** 3Jane-operated offchain credit underwriting algorithm 3CA that underwrites credit lines against all of a user’s verifiable (1) DeFi assets, offchain assets, and future assets (ie. cash flows) and (2) onchain/offchain credit scores. It derives the credit line amount, default credit risk premium interest rate on top of the base money market interest rate, and the repayment rate 3. [**Credit slasher**arrow-up-right](https://docs.3jane.xyz/architecture/credit-slasher) **:** 3Jane maintains protocol solvency by implementing three mechanisms for incentivizing repayment: (1) slashing the 3Jane score which decreases future credit line sizes and increases future interest rates (2) pooled upside model where late interest repayments from defaulters is distributed pro-rata across all existing merchants (3) initiating a non-performing (NPL) auction which engages licensed U.S. collections agencies who may bid on collecting the debt on a contingency basis and subsequently pursue legal recourse if necessary [PreviousManifestochevron-left](https://docs.3jane.xyz/) [NextScalingchevron-right](https://docs.3jane.xyz/scaling) Last updated 6 months ago --- # Scaling | 3Jane In order to bootstrap and scale 3Jane’s unsecured credit marketplace without sacrificing risk discipline, we’re running the protocol through a deliberately sequenced flywheel. Each loop tightens our underwriting, boosts creditor confidence, unlocks progressively larger credit capacity, and compresses credit spreads. ![](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2F1227041587-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fv9UjcBMDpKGLDqrTs6IF%252Fuploads%252FvEWHZFrbjRkjxVmHfWdL%252FScreenshot%25202025-06-01%2520at%25207.32.55%2520PM.png%3Falt%3Dmedia%26token%3Dcd8026b7-12c8-49f7-bf50-4a2eca7da2ff&width=768&dpr=3&quality=100&sign=67660b0e&sv=2) **Phase 1 – 3CA Data Tuning** Initially, we ingest granular Credit Karma data from early participants to refine the 3CA underwriting algorithm. This data allows us to recalibrate probability-of-default bands and credit limit LTV's, ensuring that 3CA integrates conventional bureau metrics with on-chain behavioral indicators. As a result, robust probability-of-default (PD) curves and loss-given-default (LGD) are established before any capital is deployed. **Phase 2 – Open USD3 / sUSD3 Deposits** Once the underwriting framework has been calibrated, the pool is opened to suppliers. Depositors receive USD3 (or sUSD3), and begin accruing yield immediately from Aave. Smart-contract safeguards, including per-asset LTV ceilings, automated circuit breakers, and real-time utilization throttles, constrains tail risk as the protocol demonstrates its net-interest-spread capture. **Phase 3 – Extend Credit Unsecured** As the protocol opens to new merchants, we extend an initial tranche of unsecured credit lines to a curated cohort of high-signal wallets. Performance data such as repayments, delinquencies, and defaults feeds directly into 3CA, where it is used to re-estimate probability-of-default curves, recalibrate loss-given-default assumptions, and fine-tune credit limit parameters on a rolling basis. **Phase 4 - Leveraged Scaling (Repeat Phase 1)** With each completed vintage, two reinforcing effects materialize. (1) Credit-data flywheel**.** Newly observed repayments, delinquencies, and defaults are ingested into 3CA, enabling the model to re-estimate probability-of-default curves, adjust loss-given-default assumptions, and tighten credit limit parameters. The richer the dataset, the smaller the model-error buffer required. (2) Rate-compression flywheel**.** As empirical default rates remain below the levels priced into earlier cohorts, 3CA can justify narrower risk spreads and modestly higher pull-to-value ceilings. Lower all-in cost of capital broaden the addressable merchant base, lifting utilization and generating yet more performance data. Simultaneously, the publication of low realized PDs and a growing first-loss reserve demonstrates asset quality to the market, attracting additional USD3 & sUSD3 deposits and deepening the liquidity cushion. Rinse, refine, repeat. The flywheel ensures 3Jane grows credit volume only as fast as our data proves we can underwrite it. [PreviousIntroductionchevron-left](https://docs.3jane.xyz/introduction) [NextCore Money Marketchevron-right](https://docs.3jane.xyz/architecture/core-money-market) Last updated 6 months ago --- # Core Money Market | 3Jane ![](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2F1227041587-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fv9UjcBMDpKGLDqrTs6IF%252Fuploads%252FywPVlDrD6s1zoe7JZSbk%252FScreenshot%25202025-10-21%2520at%25201.24.45%2520PM.png%3Falt%3Dmedia%26token%3D9ce2112d-b382-432d-8f37-8090944b5db6&width=768&dpr=3&quality=100&sign=f7c92c22&sv=2) Two-sided market where suppliers deposit USDC into the pool to mint USD3, and optionally stake for sUSD3, and get exposure to a diverse pool of credit lines to crypto creditors. On the other side, merchants permissionlessly connect their ETH address, bank account via Plaid, and credit karma via zkTLS, and instantly generate a 0% collateral open-term variable-rate USDC credit facility. The core money market is an instantiation of the Morpho Blue contract with new credit underwriter, credit slashing, and interest rate modules to push credit lines, incentivize repayment, and provide address-specfic credit default risk premiums respectively. [PreviousScalingchevron-left](https://docs.3jane.xyz/scaling) [NextSupplierschevron-right](https://docs.3jane.xyz/architecture/core-money-market/suppliers) Last updated 6 months ago --- # Merchants | 3Jane All **U.S.-based** merchants can permissionlessly access 0% collateral USDC credit lines in real-time within two minutes. The connection flow is as follows: 1. **Wallet connection:** Merchant connects any EOA or smart account and signs a nonce, proving address control and anchoring subsequent data to a single on-chain identity. 2. **Bank account connection via Plaid:** OAuth-style login authorizes Plaid to supply real-time balances, 90-day cash-flow, and account history metrics. Data is fetched through a zkTLS relay (zkFetch) that provides a proof of provenance without disclosing raw PII on-chain. 3. **Credit Karma connection:** User logs into credit karma via zkTLS. 3Jane retrieves credit data from TransUnion and Equifax, including credit scores and other metadata. 4. **MCA agreement signature:** The merchant electronically signs the Merchant Cash Advance (MCA) clause, establishing legal recourse and payment terms under U.S. law. Agreement is visibile here: [https://drive.google.com/file/d/1oVYpnAI4L82\_tLI-TT92RsnLZHepZr8O/view?usp=sharingarrow-up-right](https://drive.google.com/file/d/1oVYpnAI4L82_tLI-TT92RsnLZHepZr8O/view?usp=sharing) . 5. **Instant drawdown:** The merchant selects any amount up to the approved credit limit and receives USDC in the wallet. Only pay for what you've drawn. Read the [credit underwriterarrow-up-right](https://docs.3jane.xyz/architecture/credit-underwriter) section for more details on how it impacts credit lines and interest rates. Read the [guidearrow-up-right](https://docs.3jane.xyz/guide/pull-credit-line) for how to connect offchain Credit Karma and Bank data. circle-info Note: All off-chain data are attested with zkTLS; raw PII remains off-chain. Implementation details are in the “Proofs & Privacy” section. ![](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2F1227041587-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fv9UjcBMDpKGLDqrTs6IF%252Fuploads%252FKzzJ238hKUxriGLPaFWZ%252FScreenshot%25202025-06-01%2520at%25205.00.12%2520PM.png%3Falt%3Dmedia%26token%3D1a9e4d3a-3428-4d12-97dc-f463e8f85680&width=768&dpr=3&quality=100&sign=85ced97e&sv=2) [PreviousSupplierschevron-left](https://docs.3jane.xyz/architecture/core-money-market/suppliers) [NextPool Interest Rateschevron-right](https://docs.3jane.xyz/architecture/core-money-market/pool-interest-rates) Last updated 5 months ago --- # Pool Interest Rates | 3Jane [hashtag](https://docs.3jane.xyz/architecture/core-money-market/pool-interest-rates#pool-level-apy-dynamics) Pool-Level APY Dynamics ----------------------------------------------------------------------------------------------------------------------------------------- The aggregate variable rate earned by the pool is: IRPool\=WAave  IRSOFR+∑n\=1NWn IRn\\text{IR}\_{\\text{Pool}} = W\_{\\text{Aave}}\\;\\text{IR}\_{\\text{SOFR}} + \\sum\_{n=1}^{N} W\_{n}\\,\\text{IR}\_{n}IRPool​\=WAave​IRSOFR​+n\=1∑N​Wn​IRn​ where WAave: idle liquidity in Aave (earns IRSOFR)Wn: weight of merchant n:(∑nWn\=1−WAave) \\begin{aligned} W\_{\\text{Aave}} &: \\text{ idle liquidity in Aave (earns }\\text{IR}\_{\\text{SOFR}}\\text{)} \\\\\[2pt\] W\_{n} &: \\text{ weight of merchant }n \\\\ &: \\bigl(\\sum\_{n} W\_{n}=1-W\_{\\text{Aave}}\\bigr) \\end{aligned}WAave​Wn​​: idle liquidity in Aave (earns IRSOFR​): weight of merchant n:(n∑​Wn​\=1−WAave​)​ Cash-flows are then split between the senior and junior tranches: WUSD3  IRUSD3+WsUSD3  IRsUSD3\=IRPool,WUSD3\=0.85,  WsUSD3\=0.15W\_{\\text{USD3}}\\;\\text{IR}\_{\\text{USD3}} + W\_{\\text{sUSD3}}\\;\\text{IR}\_{\\text{sUSD3}} = \\text{IR}\_{\\text{Pool}},\\qquad W\_{\\text{USD3}} = 0.85,\\; W\_{\\text{sUSD3}} = 0.15WUSD3​IRUSD3​+WsUSD3​IRsUSD3​\=IRPool​,WUSD3​\=0.85,WsUSD3​\=0.15 [hashtag](https://docs.3jane.xyz/architecture/core-money-market/pool-interest-rates#usd3-and-susd3-apy) USD3 and sUSD3 APY ------------------------------------------------------------------------------------------------------------------------------- IRUSD3\=IRPool−WsUSD3  IRsUSD3WUSD3\\text{IR}\_{\\text{USD3}} = \\frac{\\text{IR}\_{\\text{Pool}} - W\_{\\text{sUSD3}}\\;\\text{IR}\_{\\text{sUSD3}}} {W\_{\\text{USD3}}}IRUSD3​\=WUSD3​IRPool​−WsUSD3​IRsUSD3​​ USD3 receives interest first and benefits from a real-time cash reserve that enables most redemptions to clear instantly. IRsUSD3\=IRUSD3+(Excess Spread−Reserve Accrual)WsUSD3\\text{IR}\_{\\text{sUSD3}} = \\text{IR}\_{\\text{USD3}} + \\frac{\\bigl(\\text{Excess Spread} - \\text{Reserve Accrual}\\bigr)} {W\_{\\text{sUSD3}}}IRsUSD3​\=IRUSD3​+WsUSD3​(Excess Spread−Reserve Accrual)​ sUSD3 earns every remaining basis-point of spread after senior distributions and reserve top-ups, but it also absorbs first losses. [hashtag](https://docs.3jane.xyz/architecture/core-money-market/pool-interest-rates#merchant-discount-factor-rate) Merchant Discount Factor Rate ----------------------------------------------------------------------------------------------------------------------------------------------------- 3Jane gives you an upfront advance and, in return, buys a fixed specified amount of your future yield. _The Discount Factor Rate (DFR) is a discount that reduces the specified amount if you repay the advance amount early, effectively charging you less. The discount shrinks towards zero over time as the days since funding increases._ RP(N)\=A×(1+∑n\=1NPn)DFR(N)\=1−RP(N)−AA×(F−1)\\text{RP}(N) = A \\times \\left( 1 + \\sum\_{n=1}^{N} \\text{P}\_{n} \\right)\\\\\[2em\] \\text{DFR}(N) = 1 - \\frac{\\mathrm{RP}(N) - A}{\\mathrm{A} \\times (F-1)}RP(N)\=A×(1+n\=1∑N​Pn​)DFR(N)\=1−A×(F−1)RP(N)−A​ N:days since fundingA:advance amount at fundingF:fixed Factor (set at funding)RP:repurchase amount by day NDFR:discount factor rate by day NPn:daily pacing increment\\begin{aligned} N &: \\text{days since funding} \\\\\[2pt\] A &: \\text{advance amount at funding} \\\\\[2pt\] \\text{F} &: \\text{fixed Factor (set at funding)} \\\\\[2pt\] \\text{RP} &: \\text{repurchase amount by day N} \\\\\[2pt\] \\text{DFR} &: \\text{discount factor rate by day N} \\\\\[2pt\] \\text{P}\_{n} &: \\text{daily pacing increment} \\\\\[2pt\] \\end{aligned}NAFRPDFRPn​​:days since funding:advance amount at funding:fixed Factor (set at funding):repurchase amount by day N:discount factor rate by day N:daily pacing increment​ Each day, a tiny pacing increment is applied: (1) base factor: the pool’s baseline conditions (utilization) (2) credit risk factor: your credit risk profile (3) urgency factor: whether you were late that day Those three slices add up to your daily fraction Pn​. Pn:Bn+Cn+LnBn:implied base apy, expressed as a (1) day factor, pool-wide. Derived from the pool’s utilization curveCn:implied credit risk apy, expressed as a (1) day factor, per-user. Derived from the 3CA algorithmLn:implied urgency apy, expressed as a (1) day factor, per-user. Applied on days flagged late\\begin{aligned} \\text{P}\_{n} &: \\text{B}\_{n} + \\text{C}\_{n} + \\text{L}\_{n} \\\\\[2pt\] \\text{B}\_{n} &: \\text{implied base apy, expressed as a (1) day factor, pool-wide. Derived from the pool’s utilization curve} \\\\\[2pt\] \\text{C}\_{n} &: \\text{implied credit risk apy, expressed as a (1) day factor, per-user. Derived from the 3CA algorithm} \\\\\[2pt\] \\text{L}\_{n} &: \\text{implied urgency apy, expressed as a (1) day factor, per-user. Applied on days flagged late} \\\\\[2pt\] \\end{aligned}Pn​Bn​Cn​Ln​​:Bn​+Cn​+Ln​:implied base apy, expressed as a (1) day factor, pool-wide. Derived from the pool’s utilization curve:implied credit risk apy, expressed as a (1) day factor, per-user. Derived from the 3CA algorithm:implied urgency apy, expressed as a (1) day factor, per-user. Applied on days flagged late​ Note: DFR according to the formula is updated daily (as of 11:59 p.m. UTC). Your real-time DFR (and hence early payoff amount) will be updated to include time elapsed from last day DFR prior to payment. **Example:** * Advance: **A = 100,000** * Factor: **F = 1.15** * Specified Amount: **A⋅F = 115,000** D Bn Cn Ln Pn Sum Pn RP(N) DFR(N) 1 0.000115 0.000049 0 0.000164 0.000164 100,016 99.8904% 2 0.000112 0.000052 0 0.000164 0.000328 100,032 99.7808% 3 0.000117 0.000046 0.000136 0.000301 0.000630 100,063 99.5799% 4 0.000109 0.000050 0 0.000160 0.000790 100,079 99.4731% 5 0.000120 0.000053 0 0.000173 0.000964 100,096 99.3571% [PreviousMerchantschevron-left](https://docs.3jane.xyz/architecture/core-money-market/merchants) [NextPool Backingchevron-right](https://docs.3jane.xyz/architecture/core-money-market/pool-backing) Last updated 7 months ago --- # Suppliers | 3Jane Suppliers can permissionlessly deposit USDC to mint either USD3 or sUSD3. Suppliers can also permissionlessly stake USD3 for sUSD3 (ERC-4626) which gives holders levered yield on the pool of credit lines while absorbing first-losses in the case of defaults, net recoveries. sUSD3 is subordinate debt to USD3 and has a lock period before it can be withdrawn for USDC. sUSD3 redemptions are only possible if there is idle cash in the sUSD3 tranche not being borrowed. sUSD3 supply has a ceiling at the unsecured debt cap. In phase 1, USD3 is a fully liquid USDC receipt - no native pool yield. sUSD3 is the junior first-loss yield-bearing asset with a 1-month lock that backstops credit, gates early risk, and accrues all native yield across the pool - both on Aave deposits and unsecured yield. sUSD3 accrues yield during the 1-month lock. In phase 2, USD3 transposes into a senior tranche earning native yield and sharing liquidity according to the tranche ratio, while sUSD3 stays first-loss with the same lock and earns junior yield. [hashtag](https://docs.3jane.xyz/architecture/core-money-market/suppliers#phase-1-risk-off-bootstrap) Phase 1 — Risk-Off Bootstrap --------------------------------------------------------------------------------------------------------------------------------------- 1. **Backing/Deployment:** USD3 fully backed by Aave/idle reserves; drawdowns unwind Aave. 2. **USD3 Liquidity:** On-demand, limited only by Aave liquidity. 3. **USD3 Yield:** None. 4. **sUSD3 Liquidity:** After a 1-month lock, unused sUSD3 liquidity (sUSD3 TVL - outstanding credit) is redeemable for USD3. Example: $7m sUSD3 TVL − $6m unsecured credit lines = $1m sUSD3 redeemable. 5. **sUSD3 Yield:** Receives 100% net interest in Phase 1 - including Aave yield + unsecured yield. Varies with utilization and losses. 6. **Debt Cap:** Credit ≤ sUSD3 TVL. 7. **Tranche/Waterfall:** Roles implicit (senior liquidity vs junior first-loss); no explicit 85/15 yet. [hashtag](https://docs.3jane.xyz/architecture/core-money-market/suppliers#phase-2-risk-on) Phase 2 — Risk-On ----------------------------------------------------------------------------------------------------------------- 1. **Backing/Deployment:** Pooled credit; Aave only for idle cash. 2. **USD3 Liquidity:** Liquidity up to tranche ratio floor invariant (ex: 85 senior / 15 junior). 3. **USD3 Yield:** Earns native senior yield (plus any residual on idle). 4. **sUSD3 Liquidity:** Still 1-month lock, first-loss. 5. **sUSD3 Yield:** Junior residual after paying the senior rate and fees; higher expected but volatile and subordinated (drawdowns hit sUSD3 first). 6. **Debt Cap:** Can scale up to USD3 TVL. 7. **Tranche/Waterfall:** Explicit 85/15 governs liquidity and interest; losses hit sUSD3 before USD3. ![](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2F1227041587-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fv9UjcBMDpKGLDqrTs6IF%252Fuploads%252FImX6wCa0hp7lLrK8voDq%252F3Jane%2520banner%2520v3.png%3Falt%3Dmedia%26token%3D54651ced-6673-47be-a5b0-fc3147059dc4&width=768&dpr=3&quality=100&sign=e3e2794d&sv=2) _TVLs are approximate and not reflective of the exact KPIs required to begin phase 2._ [PreviousCore Money Marketchevron-left](https://docs.3jane.xyz/architecture/core-money-market) [NextMerchantschevron-right](https://docs.3jane.xyz/architecture/core-money-market/merchants) Last updated 4 months ago --- # Pool Backing | 3Jane **Total Value Verified (TVV)** measures every verifiable dollar that stands behind all outstanding credit lines. It is composed of two yield sources that automatically rebalance as utilization changes: 1. **Aave (Overcollateralized):** Idle USDC is first supplied to the Aave V3 USDC market and streams the base yield to depositors. Whenever a merchant pulls USDC, the system automatically withdraws the required amount from Aave and funds the credit line—then refills it as repayments arrive. 1. Yield source: Aave’s USDC supply rate (SOFR). 2. Backing: Aave’s multi-asset collateral set (ETH, stETH, major stables, etc.) 2. **3Jane Credit Lines (On Credit):** As merchants draw, part of TVV migrates from the Aave into live credit lines priced by 3CA. Credit limits rely on asset proofs across DeFi wallets, CEX balances, bank accounts, and brokerages. Repayments flow back into the Aave unless they are immediately re-lent. 1. Yield source: Aave base rate plus utilisation spread plus the 3CA default-risk premium 2. Backing: Verifiable off-chain and on-chain assets and cash-flows tied to each merchant, enforced by the credit-slashing and collections infrastructure. [PreviousPool Interest Rateschevron-left](https://docs.3jane.xyz/architecture/core-money-market/pool-interest-rates) [NextPaymentschevron-right](https://docs.3jane.xyz/architecture/core-money-market/payments) Last updated 6 months ago --- # Credit Underwriter | 3Jane ![](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2F1227041587-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fv9UjcBMDpKGLDqrTs6IF%252Fuploads%252FLb33Tbbsp2GT4j3Q6N81%252FScreenshot%25202025-06-01%2520at%25202.40.35%2520PM.png%3Falt%3Dmedia%26token%3D482ee561-7c7b-4abe-803f-eef64b813eb0&width=768&dpr=3&quality=100&sign=4bc69a84&sv=2) The 3Jane Credit Risk Algorithm (3CA) is a 3Jane-operated offchain credit underwriting algorithm that underwrites credit lines against Jane scores and assets, and derives the (1) credit line size, (2) default risk risk premium %, and (3) repayment rate. * **Jane Score**: Composition of onchain & offchain creditworthiness, including Cred score, Blockchain Bureau score, and Equifax / TransUnion VantageScore 3.0 credit scores. * **Assets**: DeFi assets, CEX crypto assets, and bank cash balances. [PreviousPaymentschevron-left](https://docs.3jane.xyz/architecture/core-money-market/payments) [Next3CA Algorithmchevron-right](https://docs.3jane.xyz/architecture/credit-underwriter/3ca-algorithm) Last updated 10 months ago --- # Payments | 3Jane ### [hashtag](https://docs.3jane.xyz/architecture/core-money-market/payments#aum-threshold) **AUM Threshold** Rt-1,t\={0,min⁡(x∗Pt-1,Y)\>Vt-1,1Vt-1,1,otherwiseR\_\\text{t-1,t}=\\begin{cases} 0, & \\min(x\*P\_\\text{t-1}, Y)> V\_\\text{t-1,1} \\\\ V\_\\text{t-1,1}, & \\text{otherwise} \\end{cases}Rt-1,t​\={0,Vt-1,1​,​min(x∗Pt-1​,Y)\>Vt-1,1​otherwise​ Pt-1:Portfolio risk adjusted value at t−1Pt:Portfolio risk adjusted value at tVt-1,t:Difference in portfolio risk adjusted value between t and t−1x:Parameter determining the relative amount for a repayment to be triggeredY:Parameter determining the absolute amount threshold for a repayment to be triggeredP:min⁡(max⁡(LTVp,LTVmin),LTVmax)LTVp:∑(1+κ(vsa−lsa))∗dpak:Risk aversion parametervsa:Volatility assessment for asset a, it is computed using a weighted averageof VaR values and Expected Shortfall values under different market scenarios.The score represents potential loss for this asset over the repayment term (30 days)at the 0.5% confidence interval.lsa:Liquidity assessment for asset a, it is computed by looking at the slippageto sell the asset assuming different market conditions (normal and stressed).The score represents an estimated cost to liquidate the asset.dpa:Data penalty for asset a, based on the length of historical data available for this asset.\\begin{aligned} P\_\\text{t-1} &: \\text{Portfolio risk adjusted value at \\(t-1\\)} \\\\ P\_\\text{t} &: \\text{Portfolio risk adjusted value at \\(t\\)} \\\\ V\_\\text{t-1,t} &: \\text{Difference in portfolio risk adjusted value between \\(t\\) and \\(t-1\\)} \\\\ x &: \\text{Parameter determining the relative amount for a repayment to be triggered} \\\\ Y &: \\text{Parameter determining the absolute amount threshold for a repayment to be triggered} \\\\ P &: \\min(\\max(LTV\_p, LTV\_{min}), LTV\_{max}) \\\\ LTV\_p &: \\sum{(1+\\kappa(\\text{vs}\_a-\\text{ls}\_a))\*\\text{dp}\_a} \\\\ k &: \\text{Risk aversion parameter} \\\\ vs\_\\text{a} &: \\text{Volatility assessment for asset \\(a\\), it is computed using a weighted average} \\\\ &\\quad \\text{of VaR values and Expected Shortfall values under different market scenarios.} \\\\ &\\quad \\text{The score represents potential loss for this asset over the repayment term (30 days)} \\\\ &\\quad \\text{at the 0.5\\% confidence interval.} \\\\\[4pt\] ls\_\\text{a} &: \\text{Liquidity assessment for asset \\(a\\), it is computed by looking at the slippage} \\\\ &\\quad \\text{to sell the asset assuming different market conditions (normal and stressed).} \\\\ &\\quad \\text{The score represents an estimated cost to liquidate the asset.} \\\\ dp\_\\text{a} &: \\text{Data penalty for asset a, based on the length of historical data available for this asset.} \\end{aligned} Pt-1​Pt​Vt-1,t​xYPLTVp​kvsa​lsa​dpa​​:Portfolio risk adjusted value at t−1:Portfolio risk adjusted value at t:Difference in portfolio risk adjusted value between t and t−1:Parameter determining the relative amount for a repayment to be triggered:Parameter determining the absolute amount threshold for a repayment to be triggered:min(max(LTVp​,LTVmin​),LTVmax​):∑(1+κ(vsa​−lsa​))∗dpa​:Risk aversion parameter:Volatility assessment for asset a, it is computed using a weighted averageof VaR values and Expected Shortfall values under different market scenarios.The score represents potential loss for this asset over the repayment term (30 days)at the 0.5% confidence interval.:Liquidity assessment for asset a, it is computed by looking at the slippageto sell the asset assuming different market conditions (normal and stressed).The score represents an estimated cost to liquidate the asset.:Data penalty for asset a, based on the length of historical data available for this asset.​ ### [hashtag](https://docs.3jane.xyz/architecture/core-money-market/payments#discounted-monthly-payment) **Discounted Monthly Payment** Each month the merchant must make the following minimum payment to maintain good standing: If extending credit line midcycle, next first repayment cycle has a discounted monthly payment of 0. Else, next discounted monthly payment is: Monthly Payment \* (1 - (P\_t-1 - P\_t) / P\_t) In the case that the monthly payment is 0, no payment is required. Payment amounts are finalized and displayed on the 15th of each month ahead of the following payment date. Telegram payment reminders: [https://t.me/+gkYFIkjw4DFjMTMx arrow-up-right](https://t.me/+gkYFIkjw4DFjMTMx) **Monthly Sync & Parameter Refresh** Credit Limits and default-risk premiums are re-evaluated every 30 days using the latest bank-cash, CEX balances, and on-chain asset data. [PreviousPool Backingchevron-left](https://docs.3jane.xyz/architecture/core-money-market/pool-backing) [NextCredit Underwriterchevron-right](https://docs.3jane.xyz/architecture/credit-underwriter) Last updated 4 months ago --- # 3CA Algorithm | 3Jane ![](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2F1227041587-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fv9UjcBMDpKGLDqrTs6IF%252Fuploads%252Fnmb9yDnpxXqA68UQzIfx%252FScreenshot%25202025-06-03%2520at%25201.40.53%2520PM.png%3Falt%3Dmedia%26token%3D923ce81f-dcff-42ff-86f8-ff5d39c57104&width=768&dpr=3&quality=100&sign=2fba8b06&sv=2) The 3CA V1 algorithm is a composition of four discrete sequential engines (Fraud Risk Engine -> Asset Risk Engine -> Credit Risk Engine -> Portfolio Risk Engine) which outputs (1) Credit Line Size, (2) Default Credit Risk Premium %, and (3) Repayment Rate. The 3CA algorithm will evolve over time. > _NOTE 3CA will iterate—each engine’s logic, weights, and data inputs are upgradeable._ [hashtag](https://docs.3jane.xyz/architecture/credit-underwriter/3ca-algorithm#fraud-risk-engine) Fraud Risk Engine ------------------------------------------------------------------------------------------------------------------------ The fraud risk engine is responsible for assessing whether the prospective user is engaging in some form of fraud or is too risky for us to engage with. This includes but is not limited to: 1. **Wallet History:** fresh wallet, stale transaction history, OFAC sanctions list, tagged as stolen funds, ransomware, etc. 2. **Browser:** IP address offshore of USA, IP address far from IRL city/state, etc 3. **Bank:** new bank account, limited transaction history, identity associated with a breach, first & second-party fraud, balance stuffing etc. 4. **Credit Karma:** hashed name mismatch with Bank. **Output:** Binary 0/1. Any critical flag ⇒ application rejected. No partial approval. [hashtag](https://docs.3jane.xyz/architecture/credit-underwriter/3ca-algorithm#asset-risk-engine) Asset Risk Engine ------------------------------------------------------------------------------------------------------------------------ The asset risk engine is responsible for assessing the credit line to provide for the prospective user. This engine stress‑tests DeFi portfolios with realistic market dynamics (volatility, correlations, liquidity). We simulate tens of thousands of market paths, apply position‑specific payoffs (lending, LP, yield, vaults, etc.), haircut for liquidity/locks/utilisation, and read the 1% tail (VaR & Expected Shortfall). That tail drives the Loan‑to‑Value (LTV). This engine is specifically designed to measure the following risks of a DeFi portfolio: * **Protocol risk**: smart‑contract, design & counterparty risks (whitelisting gate) ⇒ We only consider assets/protocols that pass our scored whitelisting review. The latter, run with our partner Block Analitica, covers smart-contract risk, protocol design and governance, oracle/design dependencies, and counterparty/operational risk; assets are assigned to risk tiers with associated collateralization limits. If an asset or protocol is not on the list of whitelisted assets, it does not count for collateral. We continuously whitelist new protocols and assets. * **Volatility risk**: how violently each asset can move next epoch ⇒ We look to capture asset volatility dynamics by fitting different GARCH-like models. While we privilege student-t and skew-student-t distributions as opposed to normal distribution to model the standardized errors in our GARCH models, we add another component to model extreme events. Drawn from Extreme Value Theory, we fit the q% most extreme residual values using a Generalized Pareto Distribution. For stablecoins and liquid re/staking assets, we fit a mean reverting process with jumps on top of the GARCH-like model to capture depeg/liquidity discount risk as well as slashing risk. We also add a drift with perturbations to model rates for yield-bearing assets. This framework provides a model to assess the distribution of returns over the next epoch for one asset. * **Correlation risk**: how assets co‑crash in stress ⇒ We model correlation using proprietary models to generate a correlation matrix with heavy tails which is dynamic as a function of recent shocks. This allows us to realistically simulate joint moves in different market scenarios, extreme market behaviours and ultimately returns of correlated assets. * **Liquidity risk**: how costly it is to unwind (or how illiquid/locked a position is) ⇒ We apply a final haircut to the portfolio values based on the liquidity of the position itself. For a spot position, we combine historical orderbook and on-chain liquidity data with slippage models to assess the cost of unwinding in different scenarios. We penalise the terminal values of the portfolio by this estimated cost. For locked positions, we apply a penalty based on the lock time, amount and liquidity (if any) of the locked token. **Outputs:** 1. Value-at-Risk at 1%: the loss level exceeded in 1% of cases over the epoch for a given portfolio. 2. Expected Shortfall at 1%: the average loss if you’re in that worst 1% tail for a given portfolio. 3. Gross Credit Line. Returns \[0, MAX\_SIZE\]. After computing the VaR and the ES, we then apply a proprietary, policy-based mapping from tail risk to LTV that also considers liquidity class and protocol risk tier. While we don’t disclose the formula, the policy is designed to be monotonic (larger tails → lower LTV), bounded (floors/caps), and stable (limits on rate-of-change to avoid pro-cyclicality). We continuously monitor realized outcomes versus model predictions and adjust policy ranges when warranted. [hashtag](https://docs.3jane.xyz/architecture/credit-underwriter/3ca-algorithm#credit-risk-engine) Credit Risk Engine -------------------------------------------------------------------------------------------------------------------------- The credit risk engine is responsible for assessing the creditworthiness of a prospective user. **Outputs:** 1. Jane Score. Returns \[300-1000\]. See [Jane Score](https://docs.3jane.xyz/architecture/credit-underwriter/jane-score) section for more. 2. Default Credit Risk Premium %. Returns \[MIN\_DRP-MAX\_DRP\]. A fixed credit default risk premium applied per-user (risk-adjusted APR quote for an unsecured credit line), based on their Jane score, probability of default (PD) buckets, base pool rate, loss given default (LGD), capital ratio, capital cost, profit floor, profit slope, and max APR. 1. Lookup: Drops the Jane score into a table of default-rate bands derived from U.S. consumer-credit data. 2. Buffer: Inflates those historical default rates with safety cushions (bigger cushion for riskier bands) because 3Jane is a new product. 3. Prices: _Expected loss (PD × LGD) + small profit load + optional capital charge_ is added to a base funding rate. 4. Guard-rails: Clips the result at a hard APR ceiling so quotes never exceed policy limits. 3. Repayment Rate. Returns \[MIN\_RR-MAX\_RR\]. The minimum repayment rate to maintain good standing on your credit line per month, expressed as a % of your outstanding principal. [hashtag](https://docs.3jane.xyz/architecture/credit-underwriter/3ca-algorithm#portfolio-risk-engine) Portfolio Risk Engine -------------------------------------------------------------------------------------------------------------------------------- The portfolio risk engine is responsible for adjusting the gross credit line based on the overall risk exposure and correlation risk across all the outstanding credit lines. We use proprietary correlation models to stress-test the collateral of pool and compute tail risk metrics. We set caps on: * Max credit line per user * Overall market exposure of the pool * Overall protocol exposure of the pool **Outputs:** 1. Credit Line. Returns \[0, MAX\_SIZE\] ### [hashtag](https://docs.3jane.xyz/architecture/credit-underwriter/3ca-algorithm#appendix) Appendix ![](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2F1227041587-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fv9UjcBMDpKGLDqrTs6IF%252Fuploads%252FI9jAzB1lc2b6maKSJFFH%252FScreenshot%25202025-06-01%2520at%25209.23.49%2520PM.png%3Falt%3Dmedia%26token%3D68d4b42b-caa6-4201-8b64-292b7300ecf7&width=768&dpr=3&quality=100&sign=dea7b498&sv=2) [PreviousCredit Underwriterchevron-left](https://docs.3jane.xyz/architecture/credit-underwriter) [NextJane Scorechevron-right](https://docs.3jane.xyz/architecture/credit-underwriter/jane-score) Last updated 5 months ago --- # Jane Score | 3Jane Jane Score is a credit score native to the 3Jane protocol (300-1000). It consolidates the following data sources: 1. **Onchain credit scores:** Cred Score (300-1000) & Blockchain Bureau Score (400-732). Both Cred protocol and Blockchain Bureau up a robust credit underwriting framework based on on-chain activity. Combined, both credit scoring services scan over +500m address across 8 EVM chains and +100 DeFi protocols to feed +1000 features into its scoring algorithms. Model is trained on +1000 features, 54bn transactions, and 1PB of data. Every transaction you make - from pulls, repayments, liquidation, coins held, age of address, yield generated, exchanges you interacted with, etc. contributes to a user’s creditworthiness. 2. **Offchain credit scores:** TransUnion VantageScore 3.0 (300-850) and Equifax VantageScore 3.0 (300-850). This includes credit age, credit utilization, derogatory marks, num. hard inquiries, payment history, and total accounts from both credit bureaus. > Your Jane Score may change as the Jane Score algorithm evolves. [Previous3CA Algorithmchevron-left](https://docs.3jane.xyz/architecture/credit-underwriter/3ca-algorithm) [NextAssetschevron-right](https://docs.3jane.xyz/architecture/credit-underwriter/assets) Last updated 6 months ago --- # Assets | 3Jane 3Jane underwrites credit lines agains the following asset categories. [hashtag](https://docs.3jane.xyz/architecture/credit-underwriter/assets#defi-assets) **DeFi Assets** --------------------------------------------------------------------------------------------------------- 1. **Stablecoins** – Dollar-pegged tokens held directly on chain, e.g., USDC, DAI, crvUSD. 2. **Majors** – Large-cap, high-liquidity crypto assets such as ETH or WBTC. 3. **Altcoins** – Mid- and small-cap ERC-20 tokens that fall outside the major set. 4. **Hard-lock staking & governance locks** – Positions that require a fixed unlock period: native solo-staked validator keys, veCRV, veAERO, veBAL, stkAAVE, etc. 5. **Staked assets** – Liquid staking receipts that track underlying ETH or other majors (stETH, cbETH, rETH). 6. **Restaked assets** – Tokens representing ETH restaked into EigenLayer or similar frameworks (eETH, rsETH). 7. **Money-market receipts** – Interest-bearing tokens like aUSDC or cDAI that represent deposits in lending markets. 8. **DEX LP tokens** – Positions in spot-AMM liquidity pools on Uniswap, Curve, Balancer, etc. 9. **Yield-aggregator vault shares** – Tokens issued by vaults that auto-compound or leverage underlying strategies (e.g., Yearn v3, Etherfi Liquid). 10. **CDP & vault equity** – Net collateral value remaining after subtracting protocol debt in Maker, Liquity, crvUSD LLAMMA bands, and similar vault systems. 11. **Derivatives-DEX LP equity** – Maker or liquidity-provider shares on perpetual-swap venues such as GMX or Hyperliquid. 12. **Bridge-liquidity stakes** – LP tokens earned for supplying same-asset liquidity to cross-chain bridges (Across, Stargate). 13. **Real-world-asset tokens (RWA)** – On-chain receipts backed by T-bills, commercial paper, or other off-chain credit (Ondo OUSDG, Backed ib01). 14. **Principal tokens (PT)** – Discounted tokens that redeem 1:1 for an underlying asset at a future maturity (Pendle PT-USDe-2026, Element PT-stETH). 15. **Yield tokens (YT)** – Tokens that collect all variable yield generated by an underlying asset until maturity (Pendle YT-DAI). 16. **Liquidity Pool tokens (LPT)** – Pendle LPT. 17. **Insurance LP stakes** – Capital positions in on-chain risk pools such as Nexus Mutual. 18. **Lottery tokens** – Prize-savings tickets where interest funds periodic raffles (PoolTogether v5). 19. **Prediction-market shares** – Outcome tokens for binary and scalar events on platforms like Polymarket. 20. **NFTs** – Floor-priced, high-liquidity collections (e.g., CryptoPunks, BAYC) accepted as collateral. 21. **Social-Fi keys** – Tradable creator or community keys (e.g., FriendTech keys). 22. **Options-selling vault shares** – Deposits in covered-call or put-selling strategies (Ribbon Earn, Dopex SSOV). [hashtag](https://docs.3jane.xyz/architecture/credit-underwriter/assets#centralised-exchange-cex-assets) **Centralised-exchange (CEX) assets** --------------------------------------------------------------------------------------------------------------------------------------------------- 1. **Custodied crypto & stablecoins** – Spot balances visible via read-only API keys on venues such as Coinbase or Kraken. 2. **Fiat balances** – USD and other cash holdings inside exchange wallets. 3. **Exchange earn products** – Principal-protected fixed or flexible savings programs offered by exchanges. [hashtag](https://docs.3jane.xyz/architecture/credit-underwriter/assets#traditional-bank-via-plaid) **Traditional bank (via Plaid)** ----------------------------------------------------------------------------------------------------------------------------------------- 1. **Checking & savings cash** – Immediately withdrawable USD balances. 2. **Certificates of deposit (CDs)** – Time-locked deposits at regulated U.S. banks. [PreviousJane Scorechevron-left](https://docs.3jane.xyz/architecture/credit-underwriter/jane-score) [NextCredit Slasherchevron-right](https://docs.3jane.xyz/architecture/credit-slasher) Last updated 5 months ago --- # Credit Slasher | 3Jane The credit slashing module executes three strategies for deterring defaults, namely (1) slashing the 3Jane score which decreases future credit line sizes and increases future interest rates (2) pooled upside model where a portion of late interest repayments from defaulters is distributed pro-rata across all existing merchants (3) initiating a non-performing (NPL) auction which engages collections agencies to pursue legal recourse within the United States legal system. ![](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2F1227041587-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fv9UjcBMDpKGLDqrTs6IF%252Fuploads%252FqXlirfvwwsuFNUUiSTeD%252FScreenshot%25202025-10-23%2520at%25204.18.14%2520PM.png%3Falt%3Dmedia%26token%3D88dc82e1-16be-4b22-9f19-f47bcc7c92b8&width=768&dpr=3&quality=100&sign=2aef4a68&sv=2) The credit slashing module executes a series of strategies for deterring defaults: **Carrots** 1. continued $JANE emissions for maintaining a healthy state 2. gradual increase in Jane Score which increase credit limit and decreases implied rates 3. late penalties from defaulters is distributed pro-rata across all healthy merchants which decreases all-in implied rates **Sticks** 1. slashing accrued $JANE balance, pro-rata based on days since default. Slashed $JANE is redistributed across existing merchants. 2. slashing Jane Score which decreases future credit line sizes (or excludes entirely) and increases future implied rates 3. initiating a non-performing (NPL) auction which engages collections agencies to pursue legal recourse within the United States legal system. Note: 3Jane does not currently furnish to traditional credit bureaus. This is due to the fact that direct litigation is much higher ROI. [PreviousAssetschevron-left](https://docs.3jane.xyz/architecture/credit-underwriter/assets) [NextLegal Recoursechevron-right](https://docs.3jane.xyz/architecture/credit-slasher/legal-recourse) Last updated 5 months ago --- # Legal Recourse | 3Jane **Level 1** If merchant falls into default, whether because they choose not to remit yield as required, or because they violate an operating covenant, 3Jane will first work with merchants on a friendly basis to get merchants back on track. Whether it be making payments or realigning portfolio positioning, situation specific. **Level 2** However, should amicable outreach not be successful, 3Jane reserves the right to declare events of default, which may in turn develop into an acceleration of the balance owed. In this event, 3Jane would have all rights and remedies as would any other creditor. At the time of first funding, 3Jane takes a security interest against the yield it is purchasing via the parties’ signed agreement, as well as perfects said interest by filing a UCC-1, such that should there be a default that goes uncured, pursuant to Article 9 of the UCC, 3Jane would be within its rights to seize such onchain assets to pay down the account balance owing to 3Jane. Funds may be recovered from stablecoin issuers, CEXs, and, if necessary, through a court order compelling the wallet holder to disclose or use the private key to repay (level 3). **Level 3** 3Jane would also be within its rights to pursue the merchant through traditional methods, including arbitration or court proceedings. Should 3Jane be awarded a judgment, 3Jane would seek to enforce its judgment against any and all assets of the merchant, consistent with applicable U.S. state law. This may include DeFi, CEX, bank, and brokerage assets. DeFi Advance Agreement: [https://www.3jane.xyz/pdf/advance.pdfarrow-up-right](https://www.3jane.xyz/pdf/advance.pdf) #### [hashtag](https://docs.3jane.xyz/architecture/credit-slasher/legal-recourse#non-performing-npcl-auction) Non-Performing (NPCL) Auction At the start, 3Jane will attempt collection in-house. After +60d, depending on the ticket size 3Jane may choose to continue to attempt collections in-house or alternatively initiate an auction. 3Jane initiates an onchain dutch auction for licensed U.S.-based collections agencies to bid on collecting the debt on a contingency basis, meaning if they are successful in collecting they get to keep a share of the principal repaid. The lifecycle is as follows: 1. Auction is triggered by delinquency and 3Jane shares merchant profile with all onboarded collections agencies, including onchain/offchain credit data, assets, and cash flows. Does not include PII 2. The contingency rate Rc increases over time until an agency accepts. 3Jane shares private user data with the particular collections agency 3. Agencies proceed to collect on the debt via skip tracing (TLOxp). These agencies have multiple means of incentivizing repayment, including getting a court injunction to force repayment and subsequent wage garnishment, bank account levies, CEX levies, and freezing onchain assets. 4. If successful, merchant directly repays outstanding balance onchain. Funds redistributed to money market, collections agency, and existing merchant. TLOxp is a powerful skip tracing and debt recovery tool that equips licensed collections agencies with 100 billion public and proprietary data points that helps agencies locate debtors and verify identities. [PreviousCredit Slasherchevron-left](https://docs.3jane.xyz/architecture/credit-slasher) [NextDebt Write-Offchevron-right](https://docs.3jane.xyz/architecture/credit-slasher/debt-write-off) Last updated 5 months ago --- # Debt Write-Off | 3Jane When a credit line becomes delinquent, its market value should reflect both the probability of loss and the probability of recovery. Instead of an immediate full markdown to zero, we apply a time-based linear markdown to delinquent credit: value starts near par and decays smoothly to zero over a configured duration T. This ensures that the markdown reflects real-world expectations while preserving the option for future recoveries. This reflects declining recovery likelihood while reducing panic risk from sudden write-downs, and keeps solvency accounting predictable. The total adjusted market value M (t) of a credit line is given by: m(t)\=1−min⁡ ⁣(1,tT)m(t)=1-\\min\\!\\left(1,\\frac{t}{T}\\right) m(t)\=1−min(1,Tt​) where {t\=Time in days since delinquency beganT\=Full markdown duration from protocol configm(t)\=Market value multiplier \\text{where } \\begin{cases} \\begin{aligned} t &= \\text{Time in days since delinquency began} \\\\ T &= \\text{Full markdown duration from protocol config} \\\\ m(t) &= \\text{Market value multiplier} \\\\ \\end{aligned} \\end{cases}where ⎩⎨⎧​tTm(t)​\=Time in days since delinquency began\=Full markdown duration from protocol config\=Market value multiplier​​ This model ensures an accurate valuation of non-performing credit lines while maintaining protocol solvency and preventing market panic from sudden markdowns to zero. This function ensures that in the early stages of delinquency, recoveries are still probable, reducing the markdown severity. However, as delinquency time increases, the likelihood of successful recovery diminishes. By dynamically adjusting for expected recovery, it provides a more nuanced and realistic approach to loss recognition. Credit lines are preemptively marked down to 0 cents on the dollar upon delinquency status in order to disincentivize runs on the money market. The markdown algorithm may change as the protocol evolves and we collect more data points about historical recovery processes. ### [hashtag](https://docs.3jane.xyz/architecture/credit-slasher/debt-write-off#insurance-fund) Insurance Fund 3Jane has seeded $1M insurance fund which acts as first-loss capital in the case of any losses due to fraud risk and credit risk. The insurance fund steps in with a settle() call that preemptively makes funds whole at the default phase after which point 3Jane recovers funds on its own behalf to replenish the insurance fund. [PreviousLegal Recoursechevron-left](https://docs.3jane.xyz/architecture/credit-slasher/legal-recourse) [NextDefault Game Theorychevron-right](https://docs.3jane.xyz/architecture/credit-slasher/default-game-theory) Last updated 5 months ago --- # Liquidity Mining | 3Jane $JANE is the 3Jane protocol token. There is nothing else. #### [hashtag](https://docs.3jane.xyz/jane/liquidity-mining#usdjane-core-distribution-mechanics-suppliers--pullers) $JANE Core Distribution Mechanics \[Suppliers + Pullers\] * $JANE emissions are split into weekly epochs. * $JANE total token supply will be between 1,111,111,111 and 6,666,666,666. * $JANE is distributed to suppliers, pullers, and other actors in a dynamic scaling mechanism. * $JANE realized APY of the emissions are a function of (a) realized total token supply at TGE (b) FDV at TGE. APY figures will deviate between the total token supply range. * $JANE is distributed based on daily TWAB snapshots. * Transferability will be enabled in 2026. chevron-rightExample of Weekly Epoch[hashtag](https://docs.3jane.xyz/jane/liquidity-mining#example-of-weekly-epoch) For illustrative purposes, 5m $JANE (representing between 0.075% - 0.45% of TTS) will be distributed in this example epoch, split among the following actions: * Holding USD3 - 700k * Holding Pendle LP-USD3 - 1.5m * Holding Pendle YT-USD3 - 2.75m * Withdrawing credit line - 50k The internal KPIs required for each action to begin emission scaling are: * Holding USD3 - $10m TVL * Holding Pendle LP-USD3 - $10m TVL * Holding Pendle YT-USD3 - $10m in PT/YT TVL * Withdrawing credit line - $8m on-credit Model of USD3 emissions: Day TVL $JANE emissions $JANE per $ % TTS Emitted APY @ 250m FDV 1 $1m 100k 0.1 0.0015% - 0.009% 286% - 205,000% 2 $4m 100k 0.025 0.0015% - 0.009% 41% - 649% 3 $8m 100k 0.0125 0.0015% - 0.009% 19% - 176% 4 $10m 100k 0.01 0.0015% - 0.009% 14.6% - 126% 5 $15m 150k 0.01 0.00225% - 0.0135% 14.6% - 126% 6 $20m 200k 0.01 0.003% - 0.018% 14.6% - 126% 7 $25m 250k 0.01 0.00375% - 0.0225% 14.6% - 126% This model shows two important parts of the $JANE Liquidity Mining program: * early depositors are disproportionately rewarded by locking up $JANE based on daily TWAB snapshots * late depositors are ensured competitive APYs through dynamic $JANE emission scaling once internal KPIs are met _This is merely an example of a weekly epoch and not indicative of real $JANE distribution._ **Additional mechanics -** see Credit Slasher and its interoperability with the $JANE token. This will evolve into a more tightly-coupled and comprehensive tokenomics as the protocol scales and we learn what works and what doesn't - this may include governance, staking, fee accrual, slashing, and other novel mechanisms that are value accretive to both the protocol and token. [PreviousRiskschevron-left](https://docs.3jane.xyz/risks) [NextProofschevron-right](https://docs.3jane.xyz/proofs-and-privacy/proofs) Last updated 4 months ago --- # Protocol Global Config | 3Jane #### [hashtag](https://docs.3jane.xyz/protocol-global-config#credit-line-parameters) Credit Line Parameters Parameter Description **MAX\_LTV** Sets the maximum loan-to-value ratio allowed for credit lines. Validates that `credit/vv ≤ maxLTV` to ensure borrowers maintain sufficient collateral. **MAX\_VV** Sets the maximum value that can be verified for a single credit line. Prevents excessive single-position exposure by capping the verified value **MAX\_CREDIT\_LINE** Sets the maximum credit amount that can be extended to a merchant. Controls the upper bound of credit exposure per merchant. **MIN\_CREDIT\_LINE** Sets the minimum credit amount that can be extended to a merchant. Controls the lower bound of credit exposure per merchant to prevent non-collectible dust. **MAX\_DRP** Sets the maximum default risk premium rate that can be charged. Caps the risk premium to prevent excessive costs #### [hashtag](https://docs.3jane.xyz/protocol-global-config#market-control-parameters) Market Control Parameters Parameter Description **IS\_PAUSED** Controls whether the market is active or paused. Emergency circuit breaker to halt all market operations **MAX\_ON\_CREDIT** Sets the maximum percentage of total supply that can be deployed into the MorphoCredit pool. Controls overall market utilization. **DEBT\_CAP** Sets the absolute maximum total debt allowed across market. Hard cap on total protocol debt to manage systemic risk. #### [hashtag](https://docs.3jane.xyz/protocol-global-config#market-timing-parameters) Market Timing Parameters Parameter Description **GRACE\_PERIOD** Duration after payment cycle end before delinquency begins. Gives merchants time to make payments after cycle end. **DELINQUENCY\_PERIOD** Duration of delinquency before default status. Time window for merchants to catch up on payments whilst paying penalty. **CYCLE\_DURATION** Duration of each payment cycle. Defines the regular payment schedule for merchants. **MIN\_BORROW** Minimum outstanding loan balance to prevent dust positions. Ensures meaningful amounts to enforce collectibility. **IRP** Penalty rate per second for delinquent merchants. Additional interest charged during delinquency period. #### [hashtag](https://docs.3jane.xyz/protocol-global-config#interest-rate-model-irm-parameters) Interest Rate Model (IRM) Parameters Parameter Description **CURVE\_STEEPNESS** Controls how steeply interest rates change with utilization. Higher values create more aggressive rate adjustments. **ADJUSTMENT\_SPEED** Speed at which rates adjust toward target based on utilization error. Controls how quickly rates respond to market conditions. **TARGET\_UTILIZATION** Optimal utilization rate where interest rates are at baseline. Reference point for rate adjustments. **INITIAL\_RATE\_AT\_TARGET** Baseline interest rate when utilization equals target. Starting point for rate calculations. **MIN\_RATE\_AT\_TARGET** Floor for the rate at target utilization. Prevents rates from going too low. **MAX\_RATE\_AT\_TARGET** Ceiling for the rate at target utilization. Prevents rates from going too high. #### [hashtag](https://docs.3jane.xyz/protocol-global-config#usd3-and-susd3-tranche-parameters) USD3 & sUSD3 Tranche Parameters Parameter Description **TRANCHE\_RATIO** Maximum subordination ratio for sUSD3 deposits. Controls how much of the total debt can be subordinated to sUSD3 holders. **TRANCHE\_SHARE\_VARIANT** Determines the performance fee structure for sUSD3. Configures how profits are shared between USD3 and sUSD3 holders. **MIN\_SUSD3\_BACKING\_RATIO** Minimum percentage of debt that must be backed by sUSD3 assets. Ensures sufficient backing for subordinated debt **SUSD3\_LOCK\_DURATION** Minimum time sUSD3 must be locked before withdrawal. Prevents rapid withdrawal and ensures commitment **SUSD3\_COOLDOWN\_PERIOD** Waiting period after lock expires before withdrawal window opens. Additional time buffer before withdrawals are allowed **USD3\_COMMITMENT\_TIME** Time period for USD3 commitment before deployment. Ensures commitment before funds are deployed **SUSD3\_WITHDRAWAL\_WINDOW** Duration of the withdrawal window after cooldown. Time limit for completing withdrawals. **USD3\_SUPPLY\_CAP** Maximum total supply of USD3 tokens. Controls overall protocol size and risk exposure. #### [hashtag](https://docs.3jane.xyz/protocol-global-config#markdown-parameters) Markdown Parameters Parameters Description **FULL\_MARKDOWN\_DURATION** Time required for 100% markdown of defaulted positions. Controls how quickly defaulted positions are written down #### [hashtag](https://docs.3jane.xyz/protocol-global-config#parameter-relationships-and-usage) Parameter Relationships and Usage These parameters work together to create a comprehensive risk management system: 1. **Credit Risk Management**: MAX\_LTV, MAX\_VV, MAX\_CREDIT\_LINE, MIN\_CREDIT\_LINE, and MAX\_DRP control individual borrower risk 2. **Market Risk Management**: DEBT\_CAP, MAX\_ON\_CREDIT, and USD3\_SUPPLY\_CAP control overall protocol exposure 3. **Interest Rate Management**: The IRM parameters create an adaptive interest rate system that responds to utilization 4. **Tranche Management**: The USD3/sUSD3 parameters control the subordination structure and withdrawal mechanics 5. **Default Management**: GRACE\_PERIOD, DELINQUENCY\_PERIOD, and FULL\_MARKDOWN\_DURATION control the default and recovery process 6. **Backing Requirements**: MIN\_SUSD3\_BACKING\_RATIO ensures sufficient backing for subordinated debt All parameters are stored in a single mapping and can be updated by the protocol owner through the `setConfig` function, providing flexibility for protocol evolution while maintaining security through proper access controls. [PreviousDefault Game Theorychevron-left](https://docs.3jane.xyz/architecture/credit-slasher/default-game-theory) [NextRiskschevron-right](https://docs.3jane.xyz/risks) Last updated 5 months ago --- # Proofs | 3Jane [hashtag](https://docs.3jane.xyz/proofs-and-privacy/proofs#zktls-proofs) zkTLS Proofs ------------------------------------------------------------------------------------------ 3Jane uses Reclaim protocol, which leverages the zkTLS proxy model, in order to fetch and prove the integrity of HTTPS responses of a user’s VantageScore 3.0 score via Credit Karma, CEX assets, and Bank cash & other cash flows via Plaid, without introducing additional trust assumptions on the user or the protocol itself. Furthermore, 3Jane utilizes EigenLayer’s cryptoeconomic security to ensure a collusion resistant set of designated verifiers that scales with credit line sizes. Proofs will be posted onchain by the credit underwriting module alongside the corresponding data, giving depositors the ability to audit the health of the merchant pool. This is critical for 3Jane’s architecture for two reasons: 1. Extracting offchain credit data: traditionally, in order to access a user’s credit data the merchant must (1) provide their social security number (SSN) and (2) the merchant must be on-boarded with 1-2 of the major credit bureaus, after which point the lender uses your SSN to do a hard check with the credit bureaus to receive your credit report. 3Jane avoids collecting SSN’s and hard checks entirely by leveraging zkTLS to trustlessly and privately extract your credit data directly from your Credit Karma account upon log in without introducing additional trust assumptions onto the user 2. Selective disclosure of offchain balances: in order to maximize the auditability of the merchant pool by creditors, 3Jane leverages zkTLS to make onchain proofs about some statement on the API response, in particular whether the CEX and bank balance is greater than or equal to some floor Vf > Zero-knowledge TLS (zkTLS) allows one to obtain and prove the provenance of arbitrary HTTPS traffic, and without revealing personal identifiable information associated with that HTTPS session. [hashtag](https://docs.3jane.xyz/proofs-and-privacy/proofs#zkcoprocessor-proofs) zkCoprocessor Proofs ---------------------------------------------------------------------------------------------------------- 3Jane leverages Lagrange protocol’s zero-knowledge coprocessor (zkCoprocessor) to prove arbitrary current or historical state of any EVM chain pertaining to an address, ensuring onchain failsafes for credit underwriting and turning away flagged sybils, fraud, or uncreditworthy users on the smart contract level. [PreviousLiquidity Miningchevron-left](https://docs.3jane.xyz/jane/liquidity-mining) [NextPrivacy & Storagechevron-right](https://docs.3jane.xyz/privacy-and-storage) Last updated 6 months ago --- # Risks | 3Jane [hashtag](https://docs.3jane.xyz/risks#risks-to-suppliers-usd3-susd3) **Risks to Suppliers (USD3 / sUSD3)** ---------------------------------------------------------------------------------------------------------------- 1. **Smart-contract risk:** Bugs, oracle failures, or economic exploits. Mitigations: third-party audits, formal-verification of rate math, circuit breakers. 2. **Fraud risk:** Merchant fails to repay specified amount due to first-party fraud (no intent to repay), second-party fraud (colluding with another identity to connect a bank account not owned by the owner of the address private key), third-party fraud (fraudster uses compromised identity from database breach or synthetic identity not owned by the owner of the address private key). 3. **Credit default risk.** Merchants fail to repay specified amount due to lack of willingness to repay, shortfall in assets due to price risk, and other idiosyncratic risks such as loss of private keys or hack. Mitigations: 3CA underwriting, junior first-loss tranche (sUSD3), dynamic DRP pricing, monthly model refresh, external collections via Credit Slasher. 4. **Liquidity risk.** Redemption requests exceed the cash buffer. Mitigations: idle capital parked in Aave for instant withdrawal, utilization-linked base rate, redemption queue with time-based throttling. 5. **Oracle & rate-feed risk** Manipulated price or SOFR feeds distort LTVs and rates. Mitigations: redundant Chainlink feeds, internal TWAP guards, emergency “pause & price-lock” switch. 6. **Governance / upgrade risk.** Malicious or negligent parameter changes. Mitigations: multisig with time-lock, published upgrade roadmap, veto window for USD3 governance token holders (road-map). [hashtag](https://docs.3jane.xyz/risks#risks-to-merchants) **Risks to Merchants** -------------------------------------------------------------------------------------- 1. **Privacy & data-leak risk.** Exposure of KYC, bank, or bureau data. Mitigations: minimal viable data stored, off-chain encrypted storage, hashed proofs on-chain. 2. **Collateral-valuation drift.** Haircuts may tighten, lowering credit limit or spiking implied rates. Mitigations: monthly re-scoring, merchant dashboard alerts for material changes. [PreviousProtocol Global Configchevron-left](https://docs.3jane.xyz/protocol-global-config) [NextLiquidity Miningchevron-right](https://docs.3jane.xyz/jane/liquidity-mining) Last updated 5 months ago --- # Privacy & Storage | 3Jane [hashtag](https://docs.3jane.xyz/privacy-and-storage#bank-via-plaid) **Bank via Plaid** -------------------------------------------------------------------------------------------- **Connection:** upon connecting to your bank, we only store (1) bank balance and (2) an AES-256 encrypted [**asset report token**arrow-up-right](https://plaid.com/docs/api/products/assets/#create-an-asset-report) in our database provided to us by Plaid. The asset report token allows us to make an API request to Bank servers to collect PII at a later point in time. You will be able to disconnect at any point via [https://my.plaid.com/arrow-up-right](https://my.plaid.com/) which severs our ability to access to your personal data from Bank servers. This approach strikes a balance between collecting minimal viable personal data whilst maintaining effective collection strategies by outsourcing skip tracing to licensed collections agencies with access to commercial databases via TLOxp. We do NOT have access to Social Security Numbers or Date of Birth. **Repayment:** a “purge PII” button appears in your dashboard. Pressing it deletes the four fields above and leaves only hashed bank acct + anonymized credit history. You may reconnect Plaid later to reopen a line of credit. [hashtag](https://docs.3jane.xyz/privacy-and-storage#credit-karma-via-zktls) **Credit Karma via zkTLS** ------------------------------------------------------------------------------------------------------------ **Connection:** upon connecting to your credit karma, we store in our database (1) credit scores, credit age, credit utilization, derogatory marks, num. hard inquiries, payment history, and total accounts (non-PII) and (2) a SHA-256 **hash** of your first and last name to ensure the credit data belongs to the bank account. We do NOT store any personally identifiable information (PII) from Credit Karma. Connecting to credit karma does NOT trigger a hard check on your credit report. [hashtag](https://docs.3jane.xyz/privacy-and-storage#dropbox-signatures) **Dropbox Signatures** ---------------------------------------------------------------------------------------------------- **Signing Legal Doc:** when we initiate a signing flow, your personal information (such as your name, email, and home address) is passed through in real time by making an API call to Plaid's banking servers on the fly and immediately merged into the Dropbox Sign document template. This process is purely ephemeral. Your details exist only in memory during the request and are never cached, logged, or written to our databases. **No persistence on our servers.** Because all handling and enrichment occur in transit, our infrastructure never retains your personal data, it is used solely to generate the document at the moment of signing. The signed legal document is securely stored in an isolated Dropbox repository within Dropbox - this will include your full name, email, phone number, and home address. You will only have to do this once. [hashtag](https://docs.3jane.xyz/privacy-and-storage#browser) **Browser** ------------------------------------------------------------------------------ **Connection:** upon connecting your wallet, we store the IP address for fraud-risk scoring. [PreviousProofschevron-left](https://docs.3jane.xyz/proofs-and-privacy/proofs) [NextPull Example - Farmer 1chevron-right](https://docs.3jane.xyz/examples/pull-example-farmer-1) Last updated 4 months ago --- # Pull Example - Farmer 1 | 3Jane ![](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2F1227041587-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fv9UjcBMDpKGLDqrTs6IF%252Fuploads%252F4EPqxa7u5QT4dMOmkYGQ%252FScreenshot%25202025-06-01%2520at%25203.00.09%2520PM.png%3Falt%3Dmedia%26token%3Dd6cf6a26-56bc-4204-b178-8d66386055c0&width=768&dpr=3&quality=100&sign=c7c3c5d0&sv=2) **Option 1:** Overcollateralized Borrowing 1. Collateralize 52K ETH and borrow 25K USDC against it @ 5.33% variable APR via Aave (50% LTV) 2. Collateralize 27K S and borrow 13K USDC against it @ 3.27% variable APR via Aave Sonic (50% LTV) 3. Result: 38K USDC @ blended 4.63% APR **Option 2:** 3Jane Unsecured Credit 1. 3CA underwrites against onchain transactions, offchain credit score, and entire DeFi/CEX/Bank financial profile. Generates a 141K USDC credit line (15.1% of asset value) at 7.93% variable APR (including a fixed 2.6% credit default risk premium above 5.33% SOFR) 2. Pull up to 141K USDC 3. Result: 141K USDC @ blended 7.93% APR [PreviousPrivacy & Storagechevron-left](https://docs.3jane.xyz/privacy-and-storage) [NextPull Example - Trader 1chevron-right](https://docs.3jane.xyz/pull-example-trader-1) Last updated 6 months ago --- # Underwriting Example | 3Jane Let’s walk through a real-life example of a borrower requesting a credit line. The user holds the following positions: * Locked position on Base: 5,000 [AEROarrow-up-right](https://x.com/AerodromeFi) tokens locked until 2028/11/29 * Staked position on Hypercore: 500 HYPE tokens staked on [Hyperliquidarrow-up-right](https://x.com/HyperliquidX) * Borrow/lend positions on HyperEVM and Plasma: * On [Hyperlendarrow-up-right](https://x.com/hyperlendx) : * Supplying 5,156 HYPE, 3,080 [kHYPEarrow-up-right](https://x.com/kinetiq_xyz) and 1,237 PT-kHYPE * Borrowing 2,000 HYPE * On [Eulerarrow-up-right](https://x.com/eulerfinance) : * Supplying 1,000,000 [USDaiarrow-up-right](https://x.com/USDai_Official) * Borrowing 900,000 [USDT0arrow-up-right](https://x.com/USDT0_to) * Lending vault position: 5.3 WETH on the [Re7arrow-up-right](https://x.com/Re7Labs) Morpho vault on Ethereum Mainnet * LP position on HyperEVM: Supplied concentrated liquidity on [ProjectXarrow-up-right](https://x.com/prjx_hl) for the pair WHYPE/USDT0. The current value of the portfolio is $512,425, as of 28th of October 2025. The Value-at-Risk at 1% is -34.58%, and the Expected Shortfall at 1% is -39.19%. The initial weight contributions are: * Project X LP position: 0.3% * Aave leveraged lending position: 32.7% * Hyperlend lending position: 58.1% * Staked HYPE position: 3.9% * Morpho vault position: 3.4% * Locked AERO position: 1.6% Assuming a credit score of 777, this user would be approved for a credit line of $90,000 at 10% implied APR. [PreviousPull Example - Trader 1chevron-left](https://docs.3jane.xyz/pull-example-trader-1) [NextPull Credit Linechevron-right](https://docs.3jane.xyz/guide/pull-credit-line) Last updated 5 months ago --- # Pull Example - Trader 1 | 3Jane ![](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2F1227041587-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fv9UjcBMDpKGLDqrTs6IF%252Fuploads%252F5Och2tpeYECgumBUBPo4%252FScreenshot%25202025-06-01%2520at%25203.00.43%2520PM.png%3Falt%3Dmedia%26token%3Da6a9fc57-b7e2-4e1b-88db-4fe128cf178f&width=768&dpr=3&quality=100&sign=3cb8757&sv=2) **Option 1:** Overcollateralized Borrowing 1. Collateralize 19.9K LINK and borrow 10K USDC against it @ 5.33% variable APR via Aave (50% LTV) 2. Result: 10K USDC @ blended 5.33% APR **Option 2:** 3Jane Unsecured Credit 1. 3CA underwrites against onchain transactions, offchain credit score, and entire DeFi/CEX/Bank financial profile. Generates a 68K USDC credit line (11% of asset value) at 8.73% variable APR (including a fixed 3.4% credit default risk premium above 5.33% SOFR) 2. Pull up to 68K USDC 3. Result: 68K USDC @ blended 8.73% APR [PreviousPull Example - Farmer 1chevron-left](https://docs.3jane.xyz/examples/pull-example-farmer-1) [NextUnderwriting Examplechevron-right](https://docs.3jane.xyz/underwriting-example) Last updated 6 months ago --- # Pull Credit Line | 3Jane ![](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2F1227041587-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fv9UjcBMDpKGLDqrTs6IF%252Fuploads%252FN4KPCRgm5rimwqQ583Ac%252FScreenshot%25202025-06-01%2520at%25209.41.14%2520PM.png%3Falt%3Dmedia%26token%3Deb410081-0b90-4fd2-badb-bbd10aa426b6&width=768&dpr=3&quality=100&sign=65e21769&sv=2) 1. Go to app.3jane.xyz/pull 2. Click "Pull Credit Line" to connect your wallet and generate your credit line 3. Connect Credit Karma via zkTLS to boost credit line (up to 4.5x) and decrease APR (up to 2x) 1. Video Guide: [https://www.youtube.com/shorts/oalDRBzTj\_oarrow-up-right](https://www.youtube.com/shorts/oalDRBzTj_o) 2. Troubleshooting: are you connected to a vpn on your phone? 4. Connect Bank via Plaid to boost credit line by up to 4.5x 5. Pull USDC \[Soon\] Note: 1. You must connect to your bank account in order to claim a spot in the first merchant cohort [PreviousUnderwriting Examplechevron-left](https://docs.3jane.xyz/underwriting-example) [NextSupply USDCchevron-right](https://docs.3jane.xyz/guide/supply-usdc) Last updated 7 months ago --- # Supply USDC | 3Jane ![](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2F1227041587-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fv9UjcBMDpKGLDqrTs6IF%252Fuploads%252FK9MHEeXQap8RLp95ftgb%252Fimage.png%3Falt%3Dmedia%26token%3Da279ab52-4207-47fc-9f18-c076f6fe0649&width=768&dpr=3&quality=100&sign=68f71329&sv=2) 1. Go to [https://app.3jane.xyz/supplyarrow-up-right](https://app.3jane.xyz/supply) 2. Enter amount of USDC you wish to supply 3. Click Deposit after connecting your wallet 4. You will receive [USD3](https://docs.3jane.xyz/architecture/core-money-market/suppliers) which you may choose to Stake and earn additional yield Note: 1. Minimum deposit of 1,000 USDC 2. Redemption conditions vary for USD3 and sUSDC see [FAQ](https://docs.3jane.xyz/resources/faq) for more 3. Any issues when depositing please reach out via [discord](https://docs.3jane.xyz/resources/links) [PreviousPull Credit Linechevron-left](https://docs.3jane.xyz/guide/pull-credit-line) [NextAddresseschevron-right](https://docs.3jane.xyz/developers/addresses) Last updated 5 months ago --- # Addresses | 3Jane ### [hashtag](https://docs.3jane.xyz/developers/addresses#smart-contracts-ethereum-mainnet) Smart Contracts (Ethereum Mainnet) Contract Info Address USD3 Senior tranche. Yearn Strategy, inherits ERC-4626 [0x056B269Eb1f75477a8666ae8C7fE01b64dD55eCcarrow-up-right](https://etherscan.io/address/0x056B269Eb1f75477a8666ae8C7fE01b64dD55eCc#code) sUSD3 Junior tranche. Yearn Strategy, inherits ERC-4626 [0xf689555121e529ff0463e191f9bd9d1e496164a7arrow-up-right](https://etherscan.io/address/0xf689555121e529ff0463e191f9bd9d1e496164a7#code) Helper Helper for USD3/sUSD3 deposits and credit lines draws. Wraps/unwraps between waETHUSDC [0x82736F81A56935c8429ADdbDa4aEBec737444505arrow-up-right](https://etherscan.io/address/0x82736F81A56935c8429ADdbDa4aEBec737444505#code) MorphoCredit Core money market logic. Augmentation of Morpho Blue. [0xDe6e08ac208088cc62812Ba30608D852c6B0EcBcarrow-up-right](https://etherscan.io/address/0xDe6e08ac208088cc62812Ba30608D852c6B0EcBc#code) ProtocolConfig Configuration for core money market parameters. [0x6b276A2A7dd8b629adBA8A06AD6573d01C84f34Earrow-up-right](https://etherscan.io/address/0x6b276A2A7dd8b629adBA8A06AD6573d01C84f34E#code) AdaptiveCurveIRM Interest Rate Curve for the pool. [0x1d434D2899f81F3C3fdf52C814A6E23318f9C7Dfarrow-up-right](https://etherscan.io/address/0x1d434D2899f81F3C3fdf52C814A6E23318f9C7Df#code) CreditLine Manager for setting user credit lines. [0x26389b03298BA5DA0664FfD6bF78cF3A7820c6A9arrow-up-right](https://etherscan.io/address/0x26389b03298BA5DA0664FfD6bF78cF3A7820c6A9#code) MarkdownController Manager for marking down defaulted credit lines. [0xF0eaE71092F3c9411A9EAb8F81E7d91D29726214arrow-up-right](https://etherscan.io/address/0xF0eaE71092F3c9411A9EAb8F81E7d91D29726214#code) InsuranceFund Insurance fund for pool backstop. [0x4507B5B23340D248457d955a211C8B0634D29935arrow-up-right](https://etherscan.io/address/0x4507B5B23340D248457d955a211C8B0634D29935#code) JANE Jane Token [0x333333330522f64ee8d0b3039c460b41670e3404arrow-up-right](https://etherscan.io/address/0x333333330522f64ee8d0b3039c460b41670e3404#code) RewardsDistributor Distributor of $JANE rewards [0xaC6985D4dBcd89CCAD71DB9bf0309eaF57F064e8arrow-up-right](https://etherscan.io/address/0xaC6985D4dBcd89CCAD71DB9bf0309eaF57F064e8#code) ### [hashtag](https://docs.3jane.xyz/developers/addresses#permissions) Permissions Role Info Address TimelockController Admin [0x1dCcD4628d48a50C1A7adEA3848bcC869f08f8C2arrow-up-right](https://etherscan.io/address/0x1dCcD4628d48a50C1A7adEA3848bcC869f08f8C2#code) Multisig Owner [0x33333333Bd7045F1A601A1E289D7AB21036fB5EFarrow-up-right](https://etherscan.io/address/0x33333333Bd7045F1A601A1E289D7AB21036fB5EF#code) Repository: [https://github.com/3jane-protocol/moneymarket-contractsarrow-up-right](https://github.com/3jane-protocol/moneymarket-contracts) [![Logo](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2Fgithub.com%2Ffluidicon.png&width=20&dpr=3&quality=100&sign=3832db16&sv=2)GitHub - 3jane-protocol/moneymarket-contractsGitHubchevron-right](https://github.com/3jane-protocol/moneymarket-contracts) [PreviousSupply USDCchevron-left](https://docs.3jane.xyz/guide/supply-usdc) [NextFAQchevron-right](https://docs.3jane.xyz/resources/faq) Last updated 5 months ago --- # Links | 3Jane 1. Whitepaper: [https://www.3jane.xyz/pdf/whitepaper.pdfarrow-up-right](https://www.3jane.xyz/pdf/whitepaper.pdf) 2. Website: [https://www.3jane.xyz/arrow-up-right](https://www.3jane.xyz/) 3. Twitter: [https://x.com/3janexyzarrow-up-right](https://x.com/3janexyz) 4. Discord: [https://discord.com/invite/xzfNggwBjHarrow-up-right](https://discord.com/invite/xzfNggwBjH) 5. Telegram payment broadcasts channel: [https://t.me/+gkYFIkjw4DFjMTMx arrow-up-right](https://t.me/+gkYFIkjw4DFjMTMx) 6. Terms and Conditions: [https://www.3jane.xyz/pdf/terms-of-service.pdfarrow-up-right](https://www.3jane.xyz/pdf/terms-of-service.pdf) 7. Privacy Policy: [https://www.3jane.xyz/pdf/policy.pdfarrow-up-right](https://www.3jane.xyz/pdf/policy.pdf) 8. Disclaimers: [https://www.3jane.xyz/pdf/disclaimer.pdfarrow-up-right](https://www.3jane.xyz/pdf/disclaimer.pdf) 9. Mirror: [https://mirror.xyz/0x763E83224239b339788c36652EFA9f40107EFf2Carrow-up-right](https://mirror.xyz/0x763E83224239b339788c36652EFA9f40107EFf2C) 10. DeFi Advance Legal Agreements: 1. v1: [https://www.3jane.xyz/pdf/advance.pdfarrow-up-right](https://www.3jane.xyz/pdf/advance.pdf) 2. v0: [https://www.3jane.xyz/pdf/advance-v0.pdfarrow-up-right](https://www.3jane.xyz/pdf/advance-v0.pdf) Study 1. Ethereum is game-changing technology, literally. [https://medium.com/@virgilgr/ethereum-is-game-changing-technology-literally-d67e01a01cf8arrow-up-right](https://medium.com/@virgilgr/ethereum-is-game-changing-technology-literally-d67e01a01cf8) 2. A model of trust building with anonymous re-matching. [https://www.sciencedirect.com/ science/article/abs/pii/S0167268118303299arrow-up-right](https://www.sciencedirect.com/science/article/abs/pii/S0167268118303299) 3. Social collateral, soft information and online peer-to-peer lending. [https://www.atlantafed.org/~/media/Documents/research/seminars/2017/huang-092517.pdfarrow-up-right](https://www.atlantafed.org/~/media/Documents/research/seminars/2017/huang-092517.pdf) [PreviousIntegrationschevron-left](https://docs.3jane.xyz/resources/integrations) [NextAuditschevron-right](https://docs.3jane.xyz/resources/audits) Last updated 4 months ago --- # Audits | 3Jane Auditor Date Link Veridise August 18th, 2025 [veridise-auditarrow-up-right](https://github.com/3jane-protocol/audits/blob/main/veridise-audit.pdf) Sherlock August 20th, 2025 [sherlock-auditarrow-up-right](https://github.com/3jane-protocol/audits/blob/main/sherlock-audit.pdf) Electisec October 18th, 2025 [electisec-auditarrow-up-right](https://github.com/3jane-protocol/audits/blob/main/electisec-audit.pdf) Sherlock Competition October 18th, 2025 [sherlock-2-auditarrow-up-right](https://github.com/3jane-protocol/audits/blob/main/sherlock-2-audit.pdf) [PreviousLinkschevron-left](https://docs.3jane.xyz/resources/links) Last updated 5 months ago --- # FAQ | 3Jane **What can funds be used for?** * Trading, yield farming, working capital * Use for personal expenses is expressly NOT allowed **Who can get a credit line?** * U.S.-based mass affluent / high-net worth market-neutral yield farmers with onchain history, a credit karma account, and a bank account. **How long might offchain recoveries take?** * Recoveries from UCC-1 via CEX can take 2-3 months. * Recoveries from a default judgment averages 6 months. Contested and litigated can average ~2yrs. **Why did my credit line get rejected?** * You are not U.S.-based * Your onchain balance is below $25K. This is to ensure collections efforts are economically viable. * Your onchain address is too fresh * The assets you hold / strategies you engage in are outside our credit box * Your credit score is too low * We believe you are engaging in first/second/third party fraud **Does 3Jane furnish to defaults to credit bureaus?** * Although possible, 3Jane does \*not\* currently furnish to credit bureaus given that direct litigation is an often more effective approach to recoveries for our expected ticket sizes and user profile. Court judgments however, should 3Jane be awarded one, do find their way to credit reports. **Does 3Jane need any state lending licences in the United States?** * No, 3Jane is not a lender. 3Jane extends merchant cash advances which is a purchase on future receivables. **What is "total value verified"?** * The real-time USD value of all depositors’ idle USDC parked in Aave plus every users's verified onchain, CEX, and bank assets used to size credit limits. **What are the credit lines underwritten against?** * Against the user's Jane Score + a risk-adjusted LTV of their verified assets—stablecoins, majors, altcoins, staked tokens, LP shares, CEX cash, and bank balances **What are the max LTVs?** * Per-asset LTVs range between 5%-95%. Subject to change. **What is the redemption process for USD3?** * USD3 redemptions will be instant with no fee but can only be redeemed up to the 1-utilization ratio; so at the start when utilization is kept below the tranche ratio (risk-off phase), USD3 will always be instantly redeemable. **What is the redemption process for sUSD3?** * sUSD3 deposits are subject to a 1-month lockup period. After the lockup period, sUSD3 redemptions will be instant with no fee but can only be redeemed up the amount of available liquidity in the sUSD3 tranche. We aim to keep utilization around ~ 85% for sUSD3 for our initial launch phase, meaning up to ~ 15% of sUSD3 can be redeemed through primary redemption at a time. **What is the difference between USD3 and sUSD3?** * Both are yield-bearing ERC4626 tokens that represent 3Jane deposits. For the first 3+ months, USD3 will be completely risk-off and will be fully backed by AAVE USDC. It will not accrue any native yield but will accrue $JANE incentives. sUSD3 will have full exposure to the pool of credit lines and accrue all native yield. Similar dynamic to USDai / sUSDai. * From November, USD3 will be “risk-off”, its deposits will stay in the AAVE v3 contract earning yield and will not be exposed to any credit risk. The yield earned will be passed to sUSD3 holders, instead $JANE emissions will incentivize USD3 holders during this bootstrapping period. * From November, sUSD3 holders will be 100% exposed to credit yield and will receive yield commiserating to this risk. $JANE emissions will also be added on top of native yield to further incentivize sUSD3 holders during this bootstrapping period. **What are the legal recourse mechanisms in case a borrower defaults?** * 3Jane reserves all rights and remedies to pursue the customer for the advance balance owed, including, but not limited to, pursuing rights in arbitration, pursuing rights in court, if a judgment were awarded, pursuing all rights available by law to enforce such judgment to get paid in full, including the recoupment of attorneys' fees, court costs and post-judgment interest. * Funds may be recovered from stablecoin issuers, CEXs, and, if necessary, through a court order compelling the wallet holder to disclose or use the private key to repay. **What legal recourse do suppliers have?** * Individual supppliers do not pursue merchants directly * Their claim is enforced collectively through the protocol. Defaults trigger the NPL auction, which assigns the debt to licensed U.S. collection agencies and routes any recovered principal and interest back to the pool, thereby safeguarding lender funds without requiring them to litigate. **Will you have an insurance fund?** * There is an insurance fund (equity tranche) that sits before junior. So IF is first loss, then junior, then senior. We've deployed $1m in equity capital into the junior tranche. As the amount on credit scales, the implied leverage will scale up. **What personally identifiable information is stored?** * Read [Privacy & Storagearrow-up-right](https://docs.3jane.xyz/privacy-and-storage) . **Do any 3rd parties have access to personally identifiable information?** * Only collections agencies have access to personally identifiable information in the case of a default. No other party has visibility into the data, including the Ethereum ledger, Reclaim, Cred protocol, Blockchain Bureau, and others. **Do I need to install anything on my phone for Reclaim to work?** * No, we use IOS appclips. **Connecting to Credit Karma does not work.** * Go off vpn. [PreviousAddresseschevron-left](https://docs.3jane.xyz/developers/addresses) [NextIntegrationschevron-right](https://docs.3jane.xyz/resources/integrations) Last updated 5 months ago --- # Integrations | 3Jane 1. [Reclaim Protocolarrow-up-right](https://www.reclaimprotocol.org/) - on-chain proofs of offchain api responses for underwriting 2. [Cred Protocolarrow-up-right](https://www.credprotocol.com/) - credit scoring modelling of onchain addresses 3. [Blockchain Bureauarrow-up-right](https://blockchainbureau.com/) - credit scoring modelling of onchain addresses 4. [EigenLayerarrow-up-right](https://www.eigenlayer.xyz/) - cryptoeconomic security of offchain zkTLS proofs 5. [Plaidarrow-up-right](https://plaid.com/) - banking API 6. [Credit Karmaarrow-up-right](https://www.creditkarma.com/) - VantageScore 3.0 credit scores and credit metadata across TransUnion and Equifax credit reports 7. [Block Analiticaarrow-up-right](https://x.com/BlockAnalitica) - model yield opportunities, whitelist prime assets for underwriting, propose optimal LTVs [hashtag](https://docs.3jane.xyz/resources/integrations#defi-integrations) **DeFi integrations** ----------------------------------------------------------------------------------------------------- As we expand and whitelist more [assets](https://docs.3jane.xyz/architecture/credit-underwriter/assets) 3Jane users will see their usable credit line grow. This is beneficial for the whitelisted projects, for 3Jane and the users for both parties. If you think your DeFi project would be a good fit for whitelisting or have other collaboration ideas, please reach out to Uh via telegram: [@uhr3alarrow-up-right](https://t.me/uhr3al) . [PreviousFAQchevron-left](https://docs.3jane.xyz/resources/faq) [NextLinkschevron-right](https://docs.3jane.xyz/resources/links) Last updated 5 months ago --- # Default Game Theory | 3Jane One of Ethereum’s superpowers is around the idea of game warping — the ability to alter the game theory equilibrium by ensuring perpetual credible commitments onchain through code. Turns out, unsecured credit is the perfect application for this — by creating (1) perpetual credible commitments of triggering off-chain collections and (2) creating an immutable record of the default we significantly alter the game theory payoff for strategically defaulting. Essentially, the ledger creates both certainty of enforcement and an undeniable evidence trail that makes traditional legal remedies more effective and increases the opportunity cost of attempting to strategically default compared to traditional off-chain creditors. This increases credit market efficiencies, tightens the spreads, and minimizes credit rationing. Initially, any defaults that do occur will be strategic in that the merchant can repay but does not want to. This type of merchant maps high on ”ability to repay” and extremely low on ”willingness to repay”, and short of fraud, credit furnishing and collections is historically effective particularly for mass-affluent/high-net worth individuals. [PreviousDebt Write-Offchevron-left](https://docs.3jane.xyz/architecture/credit-slasher/debt-write-off) [NextProtocol Global Configchevron-right](https://docs.3jane.xyz/protocol-global-config) Last updated 5 months ago --- # Core Money Market | 3Jane ![](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2F1227041587-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fv9UjcBMDpKGLDqrTs6IF%252Fuploads%252FywPVlDrD6s1zoe7JZSbk%252FScreenshot%25202025-10-21%2520at%25201.24.45%2520PM.png%3Falt%3Dmedia%26token%3D9ce2112d-b382-432d-8f37-8090944b5db6&width=768&dpr=3&quality=100&sign=f7c92c22&sv=2) Two-sided market where suppliers deposit USDC into the pool to mint USD3, and optionally stake for sUSD3, and get exposure to a diverse pool of credit lines to crypto creditors. On the other side, merchants permissionlessly connect their ETH address, bank account via Plaid, and credit karma via zkTLS, and instantly generate a 0% collateral open-term variable-rate USDC credit facility. The core money market is an instantiation of the Morpho Blue contract with new credit underwriter, credit slashing, and interest rate modules to push credit lines, incentivize repayment, and provide address-specfic credit default risk premiums respectively. [PreviousScalingchevron-left](https://docs.3jane.xyz/scaling) [NextSupplierschevron-right](https://docs.3jane.xyz/architecture/core-money-market/suppliers) Last updated 6 months ago --- # Liquidity Mining | 3Jane $JANE is the 3Jane protocol token. There is nothing else. #### [hashtag](https://docs.3jane.xyz/jane#usdjane-core-distribution-mechanics-suppliers--pullers) $JANE Core Distribution Mechanics \[Suppliers + Pullers\] * $JANE emissions are split into weekly epochs. * $JANE total token supply will be between 1,111,111,111 and 6,666,666,666. * $JANE is distributed to suppliers, pullers, and other actors in a dynamic scaling mechanism. * $JANE realized APY of the emissions are a function of (a) realized total token supply at TGE (b) FDV at TGE. APY figures will deviate between the total token supply range. * $JANE is distributed based on daily TWAB snapshots. * Transferability will be enabled in 2026. chevron-rightExample of Weekly Epoch[hashtag](https://docs.3jane.xyz/jane#example-of-weekly-epoch) For illustrative purposes, 5m $JANE (representing between 0.075% - 0.45% of TTS) will be distributed in this example epoch, split among the following actions: * Holding USD3 - 700k * Holding Pendle LP-USD3 - 1.5m * Holding Pendle YT-USD3 - 2.75m * Withdrawing credit line - 50k The internal KPIs required for each action to begin emission scaling are: * Holding USD3 - $10m TVL * Holding Pendle LP-USD3 - $10m TVL * Holding Pendle YT-USD3 - $10m in PT/YT TVL * Withdrawing credit line - $8m on-credit Model of USD3 emissions: Day TVL $JANE emissions $JANE per $ % TTS Emitted APY @ 250m FDV 1 $1m 100k 0.1 0.0015% - 0.009% 286% - 205,000% 2 $4m 100k 0.025 0.0015% - 0.009% 41% - 649% 3 $8m 100k 0.0125 0.0015% - 0.009% 19% - 176% 4 $10m 100k 0.01 0.0015% - 0.009% 14.6% - 126% 5 $15m 150k 0.01 0.00225% - 0.0135% 14.6% - 126% 6 $20m 200k 0.01 0.003% - 0.018% 14.6% - 126% 7 $25m 250k 0.01 0.00375% - 0.0225% 14.6% - 126% This model shows two important parts of the $JANE Liquidity Mining program: * early depositors are disproportionately rewarded by locking up $JANE based on daily TWAB snapshots * late depositors are ensured competitive APYs through dynamic $JANE emission scaling once internal KPIs are met _This is merely an example of a weekly epoch and not indicative of real $JANE distribution._ **Additional mechanics -** see Credit Slasher and its interoperability with the $JANE token. This will evolve into a more tightly-coupled and comprehensive tokenomics as the protocol scales and we learn what works and what doesn't - this may include governance, staking, fee accrual, slashing, and other novel mechanisms that are value accretive to both the protocol and token. [PreviousRiskschevron-left](https://docs.3jane.xyz/risks) [NextProofschevron-right](https://docs.3jane.xyz/proofs-and-privacy/proofs) Last updated 4 months ago --- # Proofs | 3Jane [hashtag](https://docs.3jane.xyz/proofs-and-privacy#zktls-proofs) zkTLS Proofs ----------------------------------------------------------------------------------- 3Jane uses Reclaim protocol, which leverages the zkTLS proxy model, in order to fetch and prove the integrity of HTTPS responses of a user’s VantageScore 3.0 score via Credit Karma, CEX assets, and Bank cash & other cash flows via Plaid, without introducing additional trust assumptions on the user or the protocol itself. Furthermore, 3Jane utilizes EigenLayer’s cryptoeconomic security to ensure a collusion resistant set of designated verifiers that scales with credit line sizes. Proofs will be posted onchain by the credit underwriting module alongside the corresponding data, giving depositors the ability to audit the health of the merchant pool. This is critical for 3Jane’s architecture for two reasons: 1. Extracting offchain credit data: traditionally, in order to access a user’s credit data the merchant must (1) provide their social security number (SSN) and (2) the merchant must be on-boarded with 1-2 of the major credit bureaus, after which point the lender uses your SSN to do a hard check with the credit bureaus to receive your credit report. 3Jane avoids collecting SSN’s and hard checks entirely by leveraging zkTLS to trustlessly and privately extract your credit data directly from your Credit Karma account upon log in without introducing additional trust assumptions onto the user 2. Selective disclosure of offchain balances: in order to maximize the auditability of the merchant pool by creditors, 3Jane leverages zkTLS to make onchain proofs about some statement on the API response, in particular whether the CEX and bank balance is greater than or equal to some floor Vf > Zero-knowledge TLS (zkTLS) allows one to obtain and prove the provenance of arbitrary HTTPS traffic, and without revealing personal identifiable information associated with that HTTPS session. [hashtag](https://docs.3jane.xyz/proofs-and-privacy#zkcoprocessor-proofs) zkCoprocessor Proofs --------------------------------------------------------------------------------------------------- 3Jane leverages Lagrange protocol’s zero-knowledge coprocessor (zkCoprocessor) to prove arbitrary current or historical state of any EVM chain pertaining to an address, ensuring onchain failsafes for credit underwriting and turning away flagged sybils, fraud, or uncreditworthy users on the smart contract level. [PreviousLiquidity Miningchevron-left](https://docs.3jane.xyz/jane/liquidity-mining) [NextPrivacy & Storagechevron-right](https://docs.3jane.xyz/privacy-and-storage) Last updated 6 months ago --- # Addresses | 3Jane ### [hashtag](https://docs.3jane.xyz/developers#smart-contracts-ethereum-mainnet) Smart Contracts (Ethereum Mainnet) Contract Info Address USD3 Senior tranche. Yearn Strategy, inherits ERC-4626 [0x056B269Eb1f75477a8666ae8C7fE01b64dD55eCcarrow-up-right](https://etherscan.io/address/0x056B269Eb1f75477a8666ae8C7fE01b64dD55eCc#code) sUSD3 Junior tranche. Yearn Strategy, inherits ERC-4626 [0xf689555121e529ff0463e191f9bd9d1e496164a7arrow-up-right](https://etherscan.io/address/0xf689555121e529ff0463e191f9bd9d1e496164a7#code) Helper Helper for USD3/sUSD3 deposits and credit lines draws. Wraps/unwraps between waETHUSDC [0x82736F81A56935c8429ADdbDa4aEBec737444505arrow-up-right](https://etherscan.io/address/0x82736F81A56935c8429ADdbDa4aEBec737444505#code) MorphoCredit Core money market logic. Augmentation of Morpho Blue. [0xDe6e08ac208088cc62812Ba30608D852c6B0EcBcarrow-up-right](https://etherscan.io/address/0xDe6e08ac208088cc62812Ba30608D852c6B0EcBc#code) ProtocolConfig Configuration for core money market parameters. [0x6b276A2A7dd8b629adBA8A06AD6573d01C84f34Earrow-up-right](https://etherscan.io/address/0x6b276A2A7dd8b629adBA8A06AD6573d01C84f34E#code) AdaptiveCurveIRM Interest Rate Curve for the pool. [0x1d434D2899f81F3C3fdf52C814A6E23318f9C7Dfarrow-up-right](https://etherscan.io/address/0x1d434D2899f81F3C3fdf52C814A6E23318f9C7Df#code) CreditLine Manager for setting user credit lines. [0x26389b03298BA5DA0664FfD6bF78cF3A7820c6A9arrow-up-right](https://etherscan.io/address/0x26389b03298BA5DA0664FfD6bF78cF3A7820c6A9#code) MarkdownController Manager for marking down defaulted credit lines. [0xF0eaE71092F3c9411A9EAb8F81E7d91D29726214arrow-up-right](https://etherscan.io/address/0xF0eaE71092F3c9411A9EAb8F81E7d91D29726214#code) InsuranceFund Insurance fund for pool backstop. [0x4507B5B23340D248457d955a211C8B0634D29935arrow-up-right](https://etherscan.io/address/0x4507B5B23340D248457d955a211C8B0634D29935#code) JANE Jane Token [0x333333330522f64ee8d0b3039c460b41670e3404arrow-up-right](https://etherscan.io/address/0x333333330522f64ee8d0b3039c460b41670e3404#code) RewardsDistributor Distributor of $JANE rewards [0xaC6985D4dBcd89CCAD71DB9bf0309eaF57F064e8arrow-up-right](https://etherscan.io/address/0xaC6985D4dBcd89CCAD71DB9bf0309eaF57F064e8#code) ### [hashtag](https://docs.3jane.xyz/developers#permissions) Permissions Role Info Address TimelockController Admin [0x1dCcD4628d48a50C1A7adEA3848bcC869f08f8C2arrow-up-right](https://etherscan.io/address/0x1dCcD4628d48a50C1A7adEA3848bcC869f08f8C2#code) Multisig Owner [0x33333333Bd7045F1A601A1E289D7AB21036fB5EFarrow-up-right](https://etherscan.io/address/0x33333333Bd7045F1A601A1E289D7AB21036fB5EF#code) Repository: [https://github.com/3jane-protocol/moneymarket-contractsarrow-up-right](https://github.com/3jane-protocol/moneymarket-contracts) [![Logo](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2Fgithub.com%2Ffluidicon.png&width=20&dpr=3&quality=100&sign=3832db16&sv=2)GitHub - 3jane-protocol/moneymarket-contractsGitHubchevron-right](https://github.com/3jane-protocol/moneymarket-contracts) [PreviousSupply USDCchevron-left](https://docs.3jane.xyz/guide/supply-usdc) [NextFAQchevron-right](https://docs.3jane.xyz/resources/faq) Last updated 5 months ago --- # Pull Credit Line | 3Jane ![](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2F1227041587-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fv9UjcBMDpKGLDqrTs6IF%252Fuploads%252FN4KPCRgm5rimwqQ583Ac%252FScreenshot%25202025-06-01%2520at%25209.41.14%2520PM.png%3Falt%3Dmedia%26token%3Deb410081-0b90-4fd2-badb-bbd10aa426b6&width=768&dpr=3&quality=100&sign=65e21769&sv=2) 1. Go to app.3jane.xyz/pull 2. Click "Pull Credit Line" to connect your wallet and generate your credit line 3. Connect Credit Karma via zkTLS to boost credit line (up to 4.5x) and decrease APR (up to 2x) 1. Video Guide: [https://www.youtube.com/shorts/oalDRBzTj\_oarrow-up-right](https://www.youtube.com/shorts/oalDRBzTj_o) 2. Troubleshooting: are you connected to a vpn on your phone? 4. Connect Bank via Plaid to boost credit line by up to 4.5x 5. Pull USDC \[Soon\] Note: 1. You must connect to your bank account in order to claim a spot in the first merchant cohort [PreviousUnderwriting Examplechevron-left](https://docs.3jane.xyz/underwriting-example) [NextSupply USDCchevron-right](https://docs.3jane.xyz/guide/supply-usdc) Last updated 7 months ago --- # Pull Example - Farmer 1 | 3Jane ![](https://docs.3jane.xyz/~gitbook/image?url=https%3A%2F%2F1227041587-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fv9UjcBMDpKGLDqrTs6IF%252Fuploads%252F4EPqxa7u5QT4dMOmkYGQ%252FScreenshot%25202025-06-01%2520at%25203.00.09%2520PM.png%3Falt%3Dmedia%26token%3Dd6cf6a26-56bc-4204-b178-8d66386055c0&width=768&dpr=3&quality=100&sign=c7c3c5d0&sv=2) **Option 1:** Overcollateralized Borrowing 1. Collateralize 52K ETH and borrow 25K USDC against it @ 5.33% variable APR via Aave (50% LTV) 2. Collateralize 27K S and borrow 13K USDC against it @ 3.27% variable APR via Aave Sonic (50% LTV) 3. Result: 38K USDC @ blended 4.63% APR **Option 2:** 3Jane Unsecured Credit 1. 3CA underwrites against onchain transactions, offchain credit score, and entire DeFi/CEX/Bank financial profile. Generates a 141K USDC credit line (15.1% of asset value) at 7.93% variable APR (including a fixed 2.6% credit default risk premium above 5.33% SOFR) 2. Pull up to 141K USDC 3. Result: 141K USDC @ blended 7.93% APR [PreviousPrivacy & Storagechevron-left](https://docs.3jane.xyz/privacy-and-storage) [NextPull Example - Trader 1chevron-right](https://docs.3jane.xyz/pull-example-trader-1) Last updated 6 months ago --- # FAQ | 3Jane **What can funds be used for?** * Trading, yield farming, working capital * Use for personal expenses is expressly NOT allowed **Who can get a credit line?** * U.S.-based mass affluent / high-net worth market-neutral yield farmers with onchain history, a credit karma account, and a bank account. **How long might offchain recoveries take?** * Recoveries from UCC-1 via CEX can take 2-3 months. * Recoveries from a default judgment averages 6 months. Contested and litigated can average ~2yrs. **Why did my credit line get rejected?** * You are not U.S.-based * Your onchain balance is below $25K. This is to ensure collections efforts are economically viable. * Your onchain address is too fresh * The assets you hold / strategies you engage in are outside our credit box * Your credit score is too low * We believe you are engaging in first/second/third party fraud **Does 3Jane furnish to defaults to credit bureaus?** * Although possible, 3Jane does \*not\* currently furnish to credit bureaus given that direct litigation is an often more effective approach to recoveries for our expected ticket sizes and user profile. Court judgments however, should 3Jane be awarded one, do find their way to credit reports. **Does 3Jane need any state lending licences in the United States?** * No, 3Jane is not a lender. 3Jane extends merchant cash advances which is a purchase on future receivables. **What is "total value verified"?** * The real-time USD value of all depositors’ idle USDC parked in Aave plus every users's verified onchain, CEX, and bank assets used to size credit limits. **What are the credit lines underwritten against?** * Against the user's Jane Score + a risk-adjusted LTV of their verified assets—stablecoins, majors, altcoins, staked tokens, LP shares, CEX cash, and bank balances **What are the max LTVs?** * Per-asset LTVs range between 5%-95%. Subject to change. **What is the redemption process for USD3?** * USD3 redemptions will be instant with no fee but can only be redeemed up to the 1-utilization ratio; so at the start when utilization is kept below the tranche ratio (risk-off phase), USD3 will always be instantly redeemable. **What is the redemption process for sUSD3?** * sUSD3 deposits are subject to a 1-month lockup period. After the lockup period, sUSD3 redemptions will be instant with no fee but can only be redeemed up the amount of available liquidity in the sUSD3 tranche. We aim to keep utilization around ~ 85% for sUSD3 for our initial launch phase, meaning up to ~ 15% of sUSD3 can be redeemed through primary redemption at a time. **What is the difference between USD3 and sUSD3?** * Both are yield-bearing ERC4626 tokens that represent 3Jane deposits. For the first 3+ months, USD3 will be completely risk-off and will be fully backed by AAVE USDC. It will not accrue any native yield but will accrue $JANE incentives. sUSD3 will have full exposure to the pool of credit lines and accrue all native yield. Similar dynamic to USDai / sUSDai. * From November, USD3 will be “risk-off”, its deposits will stay in the AAVE v3 contract earning yield and will not be exposed to any credit risk. The yield earned will be passed to sUSD3 holders, instead $JANE emissions will incentivize USD3 holders during this bootstrapping period. * From November, sUSD3 holders will be 100% exposed to credit yield and will receive yield commiserating to this risk. $JANE emissions will also be added on top of native yield to further incentivize sUSD3 holders during this bootstrapping period. **What are the legal recourse mechanisms in case a borrower defaults?** * 3Jane reserves all rights and remedies to pursue the customer for the advance balance owed, including, but not limited to, pursuing rights in arbitration, pursuing rights in court, if a judgment were awarded, pursuing all rights available by law to enforce such judgment to get paid in full, including the recoupment of attorneys' fees, court costs and post-judgment interest. * Funds may be recovered from stablecoin issuers, CEXs, and, if necessary, through a court order compelling the wallet holder to disclose or use the private key to repay. **What legal recourse do suppliers have?** * Individual supppliers do not pursue merchants directly * Their claim is enforced collectively through the protocol. Defaults trigger the NPL auction, which assigns the debt to licensed U.S. collection agencies and routes any recovered principal and interest back to the pool, thereby safeguarding lender funds without requiring them to litigate. **Will you have an insurance fund?** * There is an insurance fund (equity tranche) that sits before junior. So IF is first loss, then junior, then senior. We've deployed $1m in equity capital into the junior tranche. As the amount on credit scales, the implied leverage will scale up. **What personally identifiable information is stored?** * Read [Privacy & Storagearrow-up-right](https://docs.3jane.xyz/privacy-and-storage) . **Do any 3rd parties have access to personally identifiable information?** * Only collections agencies have access to personally identifiable information in the case of a default. No other party has visibility into the data, including the Ethereum ledger, Reclaim, Cred protocol, Blockchain Bureau, and others. **Do I need to install anything on my phone for Reclaim to work?** * No, we use IOS appclips. **Connecting to Credit Karma does not work.** * Go off vpn. [PreviousAddresseschevron-left](https://docs.3jane.xyz/developers/addresses) [NextIntegrationschevron-right](https://docs.3jane.xyz/resources/integrations) Last updated 5 months ago ---