In our whitepaper, we outline a plan to deliver the first scalable credit-based money market that can extend general-purpose uncollateralized lines of credit. There is a reason why after 10 years it remains a largely unsolved problem - it lies at the intersection of protocol architecture, creditworthiness, quantitative risk modeling, law, digital identity, and game theory, all of which needs to align in order for this to even have a shot at working.

But we believe that in the end, it will have been worth it.

Asset-Backed Credit

It is important to delineate the difference between overcollateralized vs. undercollateralized credit. Within DeFi, all prevailing forms of overcollateralization satisfy the following criteria:

(a) the value of pledged collateral exceeds the value of the loan

(b) the net orderly liquidation value (NOLV) of said collateral always exceeds the loan size

In the absence of legal recourse and a robust identity primitive in an anonymous and adversarial context, this is the only model that has scaled in DeFi to date. However, it only represents ~2% of all outstanding commercial debt in the form of Asset-Based Lending and Securities-Backed Lines of Credit within the broader 14.2t market in the United States.

Most forms of commercial debt are either entirely unsecured or senior-secured general liens underwritten against future cash flows and enterprise value. Traditional financiers have learned how to operate on the furthest end of the productivity curve and extend credit in a capital-efficient manner.

While overcollateralized lending protocols can trivially extend credit against Bitcoin, one of the most liquid assets in the world that trades 24/7, that model is nontransferable when applied to asset-light, revenue-generating businesses that are responsible for most of GDP growth. The most productive borrowers are the most difficult to price risk against.

In order to truly become the internet-native financial system, DeFi must become self-sufficient across all three credit products:

(a) asset-backed

(b) algo-backed

(c) future-backed

Overcollateralized lending protocols such as Aave and Morpho have clearly scaled (a), prime brokerages and CEXs have delivered (b) in the form of margin and productized with vehicles such as Ethena. (c) is fundamentally absent from the cryptoeconomy.

Future-Backed Credit

The most natural place to start is to expand capital access for all U.S.-based cryptonative entities operating on the furthest end of the productivity curve.

3Jane is a peer-to-pool credit-based money market enabling algorithmic, real-time uncollateralized USDC credit lines for yield farmers. Credit is underwritten against verifiable proofs of the entire universe of DeFi & 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.

Unlike traditional overcollateralized lending protocols which require locking up collateral, 3Jane extends unsecured lines of credit underwritten against a user's:

(a) total value verified across DeFi assets + Bank assets (via Plaid)

(b) offchain VantageScore 3.0 credit score (via zkTLS)

As a result, 3Jane can extend credit lines against more exotic and productive asset types at a much faster velocity and with less overhead by assessing a user's entire DeFi portfolio + creditworthiness rather than treating each position as isolated margin.

Once fully live, 3Jane will have visibility across 50+ broad (see appendix) cryptonative asset classes with coverage across 10,000+ DeFi protocols totalling $250b+ in DeFi and crypto assets.

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.

Default Game Theory

Jane operates a credit slashing module executes three strategies for deterring defaults:

(a) score slashing (future pricing): defaults reduce the 3Jane Score, which shrinks future credit limits and raises implied APY, making strategic default economically unattractive.

(b) pooled upside for merchants: a portion of late repayments from defaulters is distributed pro-rata across all existing merchants.

(c) escalating recourse: initiate in-house collections and if necessary trigger a non-performing credit line (NPCL) auction which engages collections agencies to pursue U.S. legal remedies consistent with applicable law. Read more.

Early Credit Lines

-$6m in credit lines deployed in September in a revolving securitization across 52 yield farmers backed by $90m in total value verified (tvv) across DeFi assets

- 115K avg credit line size

- 9.55% average backing ratio across the 3Jane credit book, weighted by outstanding credit line size

- 778/850 average VantageScore 3.0 across the 3Jane credit book, weighted by outstanding credit line size. Evaluates to a prime/superprime credit profile

- ~10% supply APY

Our ~10% supply APY is the return on productive use of capital - credit that funds farming, hedging, LP, and basis strategies - rather than collateral warehousing. That profile is consistent with how spreads clear offchain: asset-based loans price to collateral and tend to sit near SOFR + ~180 bps, while cash-flow/direct-lending facilities price to execution risk and future capacity at roughly SOFR + ~500 bps, a ~300 bps premium over ABL. The program’s controls - verified capacity/backing-ratio bands, early delinquency markdowns, and NPCL recourse - are intended to keep expected loss = inside that premium, so net yield for suppliers lands in the high single to low double digits without relying on liquidation mechanics.

Novel Cryptonative Use-Cases

At 3Jane we deeply believe that short of a mass-extinction event, at the current rate of financial innovation, a significant % of the financial primitives that will dominate 100 years from now have not been invented yet or will not exist in their current form-factor. To put things into perspective - index funds, ETFs, interest rate/credit default/currency swaps, structured securitizations, junk bonds, Bitcoin, and Ethereum were all invented in the past 50 years, more than 3,000+ years after Hammurabi’s Code.

It has also become clear that permissionless capital formation means niche or innovative financial products can form rapidly on crypto rails. Starting points we’re excited about:

(a) insurance - the emergence of cryptonative, capital-efficient insurance primitives driven by restaking. Historically, DeFi insurance has failed to take off due to heavy concentration risk across smart contract hacks which have binary payouts. Today, insurance protocols can leverage the same $ to back multiple, imperfectly correlated risks (correlation < 1) such as 3Jane CDS, Cap protocol operator CDS, cat bonds, and custody insurance (ex: BitGo + Anchorage) and generate significant native yield on ETH.

(b) liquidation lender-of-last resort - users can tap into 3Jane credit lines to atomically save themselves from liquidation due to price movement or idiosyncratic risks such as depegs.

(c) financializing reputation, social capital, and credit scores - while 3Jane’s product is extending unsecured credit lines, we have effectively established sybil-resistant identities in the process via Plaid that can be leveraged across other socialfi primitives.

(d) algostables - low-volatility money that promises scale and censorship resistance in return is possible: see Pinto. We believe that unsecured credit can be repurposed to stabilize monetary policy, at least at the start.

Endgame

DeFi’s true potential as the internet-native financial system lies in its ability to empower a new class of internet-native economic actors: AI agents.

If a) AI agents become integral to all economic workflows in traditional finance to reduce costs, b) they are granted autonomy to execute directives that maximize value for their owners, and c) DeFi rails do truly provide superior programmability, liquidity, cost efficiency, and settlement speed, then it stands to reason that d) AI agents will eventually converge on crypto rails for all financial use-cases. As a result, it is only a matter of time before all future economic activity within the lightcone settles on crypto infrastructure.

Mainnet live early November. Supplying into USD3 & sUSD3 is permissionless. Initially, funding will only be available to U.S. Residents with >$150K in total value verified.

Borrow against the future.

Cryptonative asset-class broad taxonomy:

[t0]: Stables, Majors, Alts. >$250b mkt cap across +10,000 protocols. ex: ETH, WBTC, AAVE, HYPE, ENA, PUMP, USDC, USDe[t1]: Staking. >$100b tvl across +250 protocols. ex: native ETH staking, stETH @lidofinance , stkAAVE, sENA, kHYPE, stSYRUP, vlCVX, veAERO

[t2] Restaking. $30b tvl across +45 protocols. ex: eigenlayer, symbiotic, etherfi

[t3] CDP & Money Markets. $90b tvl across +750 protocols. ex: maker, aave, euler

[t4]: DEX LP. >$30b tvl across +1750 protocols. ex: uniswap, curve finance

[t5]: Derivatives DEX LP. $20b tvl across +30 protocols. ex: HLP, LLP

[t6]: Farm & Aggregators. $10b tvl across +1000 protocols. ex: Yearn, Convex

[t7]: RWA. $15b tvl across +100 protocols. ex: Securitize, Superstate

[t8]: Yield Swaps. $13b tvl across +5 protocols. ex: Pendle, Spectra

[t9]: Options Selling Vaults. $100m tvl across +50 protocols. ex: Ribbon, Rysk

[t10]: NFT's. Non-fungible tokens representing beauty. Ex: Schizoposters, Milady

3Jane is a credit-based money market on Ethereum enabling unsecured lines of credit underwritten against verifiable proofs of DeFi/CEX 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 collecting non-performing debt. 3Jane introduces significantly higher capital efficiency by underwriting a larger set of productive DeFi assets at a faster velocity whilst mitigating bad debt by tapping into offchain credit data and offchain recourse.

Credit scores allow 3Jane not only to price risk responsibly - they also unlock an entirely new class of financial primitives. Credit scores are the gateway to the other side of the moon.

TradFi & Credit Scores

In September 2024 Andre Cronje released Credit scores, defi, and Sonic in which he aptly draws a parallel between the evolution of the Internet to DeFi markets - you needed USENET and ARPANET before you got e-commerce and global payments. Similarly, early stablecoins like DAI were prerequisites for DeFi primitives like Uniswap (DEX) and Aave (money market). Andre argues that for DeFi credit to evolve, it must first have a credit score lego to standardize underwriting and enable the securitization of mass-market financial products.

Credit scores are a fundamental financial primitive within the traditional financial system. It enables scalable underwriting of virtually every mass-market credit product, including mortgages, personal loans, and credit cards which in aggregate represent over $14T in outstanding U.S. consumer debt. Furthermore, it serves as the reference point for structuring and pricing consumer-linked asset-backed securities such as credit-card ABS, residential MBS, BNPL ABS, and the CDO’s built atop them. Credit scores ultimately drive a more efficient credit market by compressing credit spreads and driving down borrowing costs. This enables a self-reinforcing flywheel: richer data → scores standardize underwriting → standardized pools securitize efficiently → lower funding costs circle back to borrowers.

Crypto & Credit Scores (2012-)

Credit scores in crypto have a long evolutionary history. They were first introduced in 2012 by BTCJam, a global P2P BTC microlender serving 85+ countries. It used Facebook attestations and in-platform repayment history to grade borrowers A+ through E. In 2017 Bloom Protocol packaged KYC data, utility-bill scans, and credit bureau data into a “Bloom Score” with the intention of having other dapps compose on top. In 2021, ArcX built out a DeFi passport score (0 - 999) from on-chain borrowing behaviour and used it inside its own money market to boost loan-to-value ratios. Good actors could borrow at 90 % LTV without extra collateral and bad actors were throttled to 50%. Useful, but still not truly unsecured. In 2022, teams like Spectral and Cred protocol developed rich machine learning models trained against all tx history in order to devise a per-address credit score.

It is clearly a worthwhile pursuit - there have been dozens of attempts at bringing credit scores to crypto.

Despite more than a decade of experimentation, cryptonative credit scores have failed to reach escape velocity and drive any meaningful financial innovation within decentralized finance and the cryptoeconomy more broadly.

We believe there are two reasons why credit scores have failed to take off:

(1) a scalable unsecured credit vehicle that has solved for legal recourse still does not exist. Credit scores without credit are useless.

(2) 99% of credit behavior exists offchain, the absence of which in underwriting gives little margin for error and presents an existential risk before the product can even scale.

Over the course of 10 years, there have been less than $50M in total retail-facing cryptonative loans originated - less than what a mid-tier BNPL firm originates in a month. The primary drivers of unsecured credit have been focused on extending microloans (typically <$1K) to non-cryptonatives in emerging markets with minimal financial infrastructure who lack credit access, with the intention of bootstrapping and eventually supplanting that system from the ground-up.

This type of credit product certainly serves a market need - BTCJam had originated more than $14M in BTC-denominated loans across 20,000 borrowers. However microlending has historically faced significant challenges in scaling across jurisdictions as well as maintaining low default rates, particularly given that there is limited credit history and the fact that the unit economics of legal enforcement don’t make sense at those ticket sizes. BTCJam eventually went defunct in 2017 due to scalability issues and extremely high default rates upwards of +30%. Divine and Credit, both Worldcoin mini-apps, have taken a very promising approach of tapping into Worldcoin’s scarcity of identity & future $WLD yield as a form of collateral which might very well tip the scales for strategic default deterrence.

Crypto & Credit Scores. And Leverage (2025-)

It is important to delineate the two primary use-cases for debt:

(1) Consumption: borrowing that brings future earnings into the present so the borrower can purchase goods or services that primarily deliver immediate utility. Ex: credit cards, personal loans, mortgages.

(2) Leverage: borrowing to acquire or hold assets expected to yield returns greater than the cost of capital. Ex: business loans, margin trading, real-estate loans, LBO’s, yield farming loans.

Nearly every cryptonative credit score experiment to date has chased (1). We believe the breakout opportunity lies in (2) - a leverage-focused credit vehicle that uses credit scores not only to price risk but to enable a net-new DeFi primitive to exist in the first place.

Early Credit Band Data

3Jane’s thesis is simple: the market will only trust a crypto credit score when it sits inside a credit vehicle that simultaneously (a) enforces repayment and (b) bootstraps initial underwriting with offchain credit data. While we believe we have the most elegant and scalable solution to date for (a), our enforcement mechanisms will take years to validate.

However, we have already made significant progress on (b). Ex-ante underwriting is as important as post-default recovery mechanisms and we would like to share some preliminary data we have collected so far.

Over the past 1.5 months, we’ve accumulated credit scores (alongside other credit report metadata) across ~150 DeFi users who have signed up for early access. As far as we know these are the very first insights shared on offchain credit behavior across the cryptonative population. Credit score distribution (VantageScore 3.0):

While this is most certainly not a representative sample, early data shows that mass-affluent/high net worth yield farmers and traders in the United States have an average VantageScore 3.0 of 740 and a 763 median, which is considered prime/prime-plus.

This pool is ~60 points above the U.S. consumer median- we believe this is largely due to selection bias. Anyone holding a sizable DeFi portfolio is, by definition, sitting on meaningful assets. That elevated net worth tends to come with stronger credit scores, since people who amass and manage wealth generally demonstrate financial literacy.

It is important to note that this is not a distressed credit pool. These are capital-efficient, asset-rich users - many with significant portfolios, deep credit files, and high asset visibility. As a result, we expect that an overwhelming share of the defaults that do occur are of a strategic nature.

Defaults generally fall into two buckets:

(1) Inability to repay: due to income shock, loss of liquidity, or job loss.

(2) Willingness to repay: strategic defaults where borrower has the means, but walks away (e.g. because LTV > 1).

In traditional credit cards and personal loans, (1) drives nearly all defaults. In 3Jane, where user behavior is tied to portfolio value, willingness to repay under stress becomes the dominant variable.

Residential Mortgage Backed Securities (RMBS)

This is exactly the phenomenon observed in RMBS during the 2008 crisis. When the U.S. housing market collapsed in 2007–08, researchers and regulators spent years dissecting who defaulted and why. The key insight is that credit scores influence both probability of default and the type of default (ability vs willingness). Ex-ante underwriting is as important as post-default recovery mechanisms.

3Jane is introducing a fundamentally novel credit product into the cryptoeconomy, and as such has little prior arts to go off of. Instead we look to tradfi credit products, particularly residential mortgage-backed securities (RMBS), to build up our intuition around probability of default (PD’s), loss-given-default (LGD’s), and broader strategic default behavior to model our credit risk premiums for our initial vintage of credit lines.

In a future piece, we will delve deeper into how we derive 3Jane’s credit risk premiums.

Next Steps

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 supplier confidence, unlocks progressively larger credit capacity, and compresses credit spreads. You can read more about our scaling strategy.

1. Credit Line Launch - first vintage of credit lines (up to $1M) go live in September

   → Open to 75 U.S.-based users with >$200K in DeFi assets.→ 20 spots remain. Claim one of the 20 remaining spots.

2. USD3 and sUSD3 deposits will become permissionless shortly after

3. We will continue publishing research pieces on DeFi yields, credit scores, credit spreads, and performance of analogous tradfi credit products.

4. Read our whitepaper and docs to learn more.

5. Join our twitter and discord.

3Jane is a credit-based money market on Ethereum enabling users to get credit lines with 0% collateral, backed by verifiable proofs of credit scores, DeFi assets, and cash flows. Today, we're excited to announce our emergence from stealth mode with a $5.2 million seed round led by Paradigm.

State of the Space

DeFi lending is highly fragmented - overcollateralized loans can only accommodate a limited set of DeFi assets, and uncollateralized loans are reserved for offchain private credit firms, institutional market makers, or 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 loans to cryptonative entities (ie. farmers, traders, businesses, and/or AI agents), underwritten against credit scores & the entire universe of DeFi assets, CEX assets, Bank cash, and future cash flows.

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.

3Jane: Borrow Against the Future

3Jane protocol is a peer-to-pool credit-based money market enabling algorithmic, real-time unsecured USDC credit lines to yield farmers, traders, businesses, and AI agents. 3Jane extends capital underwritten against verifiable financial proofs of credit scores, the full spectrum of DeFi, CEX, Bank assets, and cash flows rather than onchain collateral.

This not only unlocks significant capital efficiency and borrowing power for existing asset-rich yield farmers and traders, 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.

Suppliers :: How it works

USD3 is a stablecoin-denominated yieldcoin backed by the pool of credit lines. USD3 has a senior claim on interest repayments from the pool and has real-time liquidity for withdrawals based on the market reserves. Suppliers can also permissionlessly stake USD3 for sUSD3 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 cooldown period before it can be withdrawn for USDC.

Merchants :: How it works

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. 3Jane uses Plaid’s securing banking connection for a lower-overhead, privacy-conscious path to legal recourse. To maintain protocol solvency, 3Jane operates onchain auctions where U.S. collections agencies can bid on non-performing debt. This approach presents a scalable approach to the first credit-based money market that directly address the longstanding challenges of executing unsecured credit in crypto.

Our protocol improves capital efficiency by allowing users to access USDC liquidity against all crypto assets— including Bank cash, CEX crypto, DeFi stablecoins, majors, altcoins, NFTs, farms, CDPs, money markets, staked assets, restaked assets, vesting assets, DEX LPs, CDPs, derivatives DEXs, yield swaps, aggregators, insurance LPs, bridge LPs, options LPs, SocialFi, RWAs, lotteries, and prediction markets across all EVM chains. This unlocks an estimated $60 billion in productive capital across DeFi.

Next Steps

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 supplier confidence, unlocks progressively larger credit capacity, and compresses credit spreads.

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 curves. Live

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. Q3 2025

Phase 3 – Extend Credit Unsecured As the protocol opens to new users, 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. Q3 2025

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 per-band credit-limit parameters. (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 loan-to-value ceilings.

Borrow against the future.

Pull your credit line now for mainnet Q3 2025 early credit access (U.S. users only): 3jane.xyz

1. Website: 3jane.xyz

2. Docs: docs.3jane.xyz

3. Whitepaper: 3jane.xyz/pdf/whitepaper.pdf

4. Twitter: x.com/3janexyz

5. Discord: discord.com/invite/xzfNggwBjH

Introduction

3Jane is the first credit-based money market — built on Base — enabling trustless, permissionless, and censorship-resistant uncollateralized stablecoin loans backed by creditworthiness & future cash flows. 3Jane aims to prove new worlds, underwriting loans beyond the ledger based on verifiable coinbase assets, bank cash / income, and FICO scores.

USD3 is 3Jane’s yield-bearing asset backed by a pool of cash advances, allowing depositors to lend and can compose across DeFi whilst simultaneously giving borrowers access to a global pool of instant liquidity.

This marks the next major step in DeFi’s evolution — a transition from a purely asset-based economy to a credit-based economy.

Problem :: Hard Collateral :: Minimal Credit Expansion (2017-)

Since the launch of Aave in 2017, DeFi has followed an overcollateralized lending model, requiring users to post collateral greater than the value of the loan. Over-collateralized lending protocols have found product-market fit, growing to $50B in TVL and facilitating >$10B in outstanding loans. While over-collateralization ensures a lower cost of capital, higher loan sizes, and importantly a lower risk to lenders, there are two major problems:

1. Capital Inefficient — this is an inherently liquidity dilutive model, locking up more capital than liquidity it provides. This perpetuates liquidity fragmentation across protocols and chains and introduces significant opportunity cost by precluding users from permissionlessly deploying collateral more productively in exotic yield bearing assets, farms, or exchanges in real-time. This model was borne out of a necessity to ensure lender solvency in the absence of a robust identity primitive in an anonymous and adversarial context.

2. Minimal Collateral Base - users can only borrow against what lives on the ledger - namely ERC-20’s, NFT’s, and ENS names. This confines the collateral base to $140B — DeFi’s total TVL. Lending protocols are en masse neglecting FICO scores, +$273B in Coinbase assets, +$18T in U.S. commercial bank deposits, and +$23T in U.S. annual personal income, which combined is >100x the size of DeFi today.

These two issues jointly have silently caused the “great credit rationing” within DeFi for the last seven years, limiting credit creation to those with assets already in the system and preventing economic expansion into new domains backed by Coinbase assets and bank cash flows. As an industry we’ve traded in long-term economic growth for short-term market solvency. But what if it didn’t have to be a choice?

It’s time to bring +$1T of provable soft collateral into the system — built on robust identity and verifiable proofs — and enable an era of infinite credit expansion in crypto. It’s time to bring the world onchain.

Solution :: Soft Collateral :: Infinite Credit Expansion (2025-)

Trust (lessness) accelerates human coordination.

How do you bring +$1T of offchain assets and income onchain? You can either literally bring it all onchain, or you can prove the existence/ownership of it all today with API responses backed by cryptoeconomic security, and extend credit against it.

3Jane is a peer to pool credit-based money market which extends unsecured loans based on verifiable proofs of soft collateral:

1. crypto & cash assets - ERC-20’s & NFT’s, DEX deposits, Coinbase crypto, bank cash via Plaid.

2. cash flows - money market & staking yield, bank income via Plaid.

3. credit scores - address creditworthiness via Cred protocol, FICO scores via Credit Karma.

Overnight, DeFi is evolving from a $140B collateral base and <1M users to a +$1T in value across +70M crypto users that can immediately borrow USDC onchain for trading, yield farming, or other liquidity needs. This is called infinite credit expansion and is what will accelerate DeFi’s economic expansion in conjunction with stablecoins.

Bootstrapping Trust

Provable off-chain data :: zkTLS. 3Jane leverages Reclaim to a) obtain and b) prove the provenance of API responses in a privacy-preserving manner without revealing PII, allowing 3jane to post proofs of FICO scores, Coinbase asset data, Bank cash, and income data onchain without introducing additional trust assumptions. In addition, 3Jane utilizes EigenLayer’s cryptoeconomic security to ensure a collusion resistant set of designated proof verifiers. Lenders will have trustless transparency into off-chain borrower financial data.

Identity :: Coinbase Verifications. 3Jane leverages Coinbase Verifications for sybil-resistance and a low-friction KYC mechanism for legal recourse in the case of default. By connecting their onchain address to their Coinbase account, users will be able to borrow without having to provide additional KYC to 3Jane.

Recourse :: Onchain Debt Collection Auction. In the case of default, 3Jane will initiate a global & permissionless debt collection auction, allowing individuals and entities such as debt collection agencies to bid on and purchase a pool of non-performing loans at a discount and pursue collections.

The 3Jane Endgame

AI agents will fully embrace crypto rails before humanity does. AI agents will incorporate crypto rails for better lending just as they already have for better payments.

3Jane aims to be the global unsecured credit facility for verifiable AI agents, offering stablecoin lines of credit for liquidity needs in any and all financial flows for themselves or on behalf of their overlords.

Timeline

1. Documentation will be released later this week.

2. Early Q1: private beta for early users. Apply to be an early borrower here

3. Later Q1: public launch. At the start, borrowing will only be available to U.S. Citizens.

4. Follow our twitter for updates and join our discord to become one of us.

This milestone is a major step toward realizing our mission of building an internet-native financial system backed by future growth. We expand on this vision in our introduction post.

Bringing +$1T soft collateral into crypto

Currently, 3Jane can underwrite against all DeFi assets: farms, majors, altcoins, stables, staking, restaking, money market, DEX LP, CDP, derivatives DEX (hyperliquid), bridge, NFT, SoFi, RWA assets and more across all EVM chains. Today, that amounts to roughly $122B+ in TVL.

With this Plaid integration, 3Jane now gets visibility into:

• $400B+ in crypto assets custodied on U.S. crypto exchanges like Coinbase, Kraken, and Gemini

• $17T+ in demand deposits held in U.S. commercial banks like JP Morgan Chase, Bank of America, etc.

• $23T+ in U.S. annual income

This allows 3Jane to underwrite against both onchain and offchain capital, turning previously siloed assets into soft collateral without requiring liquidation, custody transfer, or onchain movement of funds. For the first time, assets held across banks and and centralized exchanges can now be referenced in a trust-minimized, privacy-preserving way to boost borrowing capacity within DeFi.

Verifiability via zkTLS

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.

3Jane leverages Reclaim protocol, which uses the proxy model, in order to fetch and prove the integrity of Plaid API responses without introducing additional trust assumptions on the user or protocol itself. Furthermore, 3Jane will utilize EigenLayer’s cryptoeconomic security to ensure a collusion resistant set of designated verifiers that scales with credit line sizes. Proofs will be posted onchain, giving depositors transparency into offchain assets. Read more in our whitepaper.

More than $1 trillion in offchain assets can now be underwritten against onchain, enabling 10x credit expansion and laying the groundwork for true credit creation at internet scale.

Timeline

1. We will open access to check your credit line in the next couple weeks, with subsequent full access. Initially, borrowing will only be available to U.S. Residents.

2. Follow us on X for updates and join our discord.

Early onchain credit-scoring pioneers such as Spectral (“MACRO”) and Cred Protocol (“CRED”) used over-collateralized loan repayment as a proxy for creditworthiness. None of these credit scores were ever meaningfully deployed into production by lending protocols due to the “default problem”: no matter how sophisticated the underwriting, it remains game-theory optimal for a user to strategically default on unsecured DeFi loans.

However, if you can solve the default problem, then this opens up a completely novel design space for credit underwriting that can not only meet but surpass traditional lenders in underwriting quality by incorporating both onchain credit scoring data with offchain tradfi credit data. This is the challenge that 3Jane, in collaboration with Blockchain Bureau and Cred Protocol, is tackling head-on.

3Jane X Blockchain Bureau

3Jane now leverages Blockchain Bureau’s “Providence” model, which is trained on onchain transaction data from 15 EVM-compatible chains, over 130K DeFi loans, and more than 1PB of transaction history to predict the likelihood that a user will default on a loan.

The Bureau’s model is built on over 1,000 distinct input features that describe wallet behavior at a granular level. These range from simple transactional metrics, such as the number of borrows in the past 90 days or assets held, to more sophisticated behavioral signals such as how frequently a wallet interacts with new protocols or whether it consolidates funds at regular intervals.

Based on these inputs, Blockchain Bureau generates a predictive credit score ranging from 400 to 732, designed to indicate the probability of loan default:

• 700+ → Ultra-low risk borrower, high likelihood of repayment

• 620-700 → Low risk, financially stable DeFi participant

• 540-620 → Moderate risk, possible past defaults or unstable activity

• <500 → High default probability, history of liquidations, poor financial management

3Jane’s 3CA algorithm now integrates three core data sources: BCB credit scores, Cred credit scores, and Credit Karma TransUnion/Equifax credit scores.

You can learn more about the BCB model details and performance here.

https://discord.com/invite/xzfNggwBjH