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.
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
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Website: 3jane.xyz
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Docs: docs.3jane.xyz
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Whitepaper: 3jane.xyz/pdf/whitepaper.pdf
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Twitter: x.com/3janexyz
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Discord: discord.com/invite/xzfNggwBjH
