Crypto needs credit expansion. The modern capitalist financial system relies on two core pillars to drive economic growth: a medium of exchange & the creation of credit. While stablecoins have convincingly delivered on the former over the past 10 years, DeFi growth remains constricted by the absence of a scalable and capital-efficient mechanism for credit creation. 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.

Introduction

3Jane is the first credit-based money market — built on Base — offering instant, trustless, and permissionless lines of credit to crypto users, secured by their creditworthiness and future cash flows. 3Jane underwrites based on onchain assets as well as verifiable Coinbase balances, Bank cash and cash flows, and FICO scores — unifying onchain and offchain credit data.

USD3 is 3Jane’s yield-bearing stablecoin, backed by a pool of credit lines, allowing depositors to provide USDC, mint USD3, and interoperate seamlessly across DeFi while also providing credit seekers with instant access to a global pool of liquidity. USD3 is built on Aave’s credit delegation infrastructure, generating a baseline money market return.

This marks a major evolution in DeFi — a transition from a purely asset-based economy, reliant on overcollateralization, to a credit-based economy backed by trust and future cash flows. This opens up a credible path towards scalable economic growth and establishing the foundation for a truly internet-native financial system.

Problem :: Hard Collateral :: Minimal Credit Expansion (2017-2024)

Since the launch of Aave in 2017, DeFi has followed an overcollateralized (“Hard Collateral”) lending model, requiring users to post collateral greater than the value of the loan. This model was borne out of a necessity to ensure lender solvency in the absence of a robust identity primitive and recourse in an anonymous and adversarial environment. Protocols like MakerDAO, Aave, and Compound drove DeFi growth, with $50B in TVL and over $10B in outstanding loans today. 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 — overcollateralization is inherently liquidity-dilutive, locking up more capital than it provides in liquidity. This perpetuates liquidity fragmentation across protocols and chains, while preventing users from deploying their capital freely and productively into exotic assets, yield bearing majors, chains, farms, or exchanges in real-time.

2. Narrow Collateral Base — the collateral base in DeFi is limited to on-chain assets such as ERC-20 tokens and NFTs ($140B in TVL), creating a closed-loop with high upfront costs to access DeFi credit for those with offchain wealth and cash flows. Lending protocols are en masse neglecting FICO scores, +$273B in Coinbase assets, +$17T in U.S. commercial bank deposits, and +$23T in U.S. annual income. Combined, these off-chain assets are over 100x the size of DeFi today.

Jointly, these two issues have silently caused the “great credit rationing” in DeFi over the past seven years, where credit access has been confined to existing market participants who hold Hard Collateral. This resulted in a significant market failure in the lending markets due to onchain/offchain credit information asymmetry, preventing the productive allocation of billions of dollars towards a) larger loans to existing DeFi users and b) loans to a broader pool of millions of would-be borrowers on CEX’s.

As an industry, we forcibly traded in long-term 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-)

How do you bring over $1T of offchain assets and cash flows onchain? Either you bring these assets fully onchain, or you prove their existence and ownership today with API responses backed by cryptoeconomic security — and extend credit against it cryptonatively.

3Jane is the first peer-to-pool credit-based money market, funding cash advances underwritten and backed by future cryptonative yield, asset growth, and other commercial activity (“Soft Collateral”). This further includes:

• Crypto & Cash Assets: DeFi assets, Coinbase crypto assets, and bank cash balances. Coinbase holds +$273B in crypto assets, which alone is ~2x the size of DeFi, across a +70 million user base and +10 million monthly active users. Further, U.S. commercial banks such as JP Morgan Chase, Bank of America, and Wells Fargo in aggregate hold +$17.8T retail deposits in cash & cash equivalents, more than 100x the size DeFi.

• Cash Flows: Yield from money markets and staking, and bank cash streams.

• Credit Scores: On-chain creditworthiness and off-chain VantageScore 3.0. Cred is a decentralized credit scoring protocol, offering credit scores on +300M onchain addresses based on onchain activity. Credit Karma is a personal finance company with +130M users across U.S., U.K, and Canada, which allows users to monitor their VantageScore 3.0 credit score across the main credit bureaus.

On day one, 3Jane unlocks a +$1T collateral base and extends over +25 million Coinbase users overnight access to instant USDC advances with zero overhead costs and zero additional onchain capital requirements.

Bootstrapping Trust

Trust(lessness) accelerates human coordination and, as such, must permeate every piece of financial infrastructure.

Trustless offchain data :: 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 API responses of a user’s VantageScore (via Credit Karma), Cred score, Coinbase assets, and Bank cash & other cash flows via Plaid, 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 alongside the corresponding data, giving depositors trustless transparency into offchain user credit data.

Trustless onchain data :: zkCoprocessors

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.

Trust in identity :: Coinbase Verifications

Coinbase verifications are a key unlock, allowing DeFi protocols to instantly tap into an existing identity primitive with +100m users for KYC/AML and fraud prevention. 3Jane uses Coinbase attestations for sybil-resistance and as a low-friction KYC mechanism. By connecting their onchain address to their Coinbase account and agreeing to terms, users will be able to connect their wallet and access funding instantly without having to provide significant additional user-specific information to 3Jane.

Trust in free markets :: Debt Collection Auction

In the case of default, 3Jane will initiate a global & permissionless onchain debt collection auction, allowing entities (such as collection agencies) to bid on and purchase a pool of defaulted cash advances at a discount and subsequently pursue collections.

End to end, 3Jane introduces minimal trust assumptions onto the ledger whilst simultaneously unlocking +$18T in value in offchain assets, cash flows, and overall creditworthiness. This is an inherently scalable and capital efficient model for a cryptonative credit primitive, allowing DeFi users to access capital against the future rather than the present.

The 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 flow. As a result, it is only a matter of time before all future economic activity within the lightcone settles on crypto infrastructure. They are coming to us.

3Jane envisions itself as the global credit primitive for a new tomorrow. By offering programmatic stablecoin lines of credit underwritten by other AI agents acting as money market managers, 3Jane will enable AI agents to meet liquidity needs across any financial flow, including issuing commercial paper on behalf of corporations or securing cash advances for small and medium-sized enterprises.

Timeline

1. Documentation will be released in the next couple weeks.

2. Early Q1: private beta for suitable testers. Apply to be an early user here.

3. Later Q1: public launch. Initially, funding will only be available to U.S. Residents.

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

3Jane cash advance agreements will only require repayment from a percentage of customers’ future cash flow yield from money markets, staking, asset growth, and other cryptonative commercial enterprises (“Yield Percentage”). If Yield Percentage goes down, then so will repayment amounts. However, should customers fail to tender at least such Yield Percentage as required or otherwise violate operating covenants resulting in an agreement default, 3Jane may pursue legal recourse to collect any customer balance then due.