"bro wat is 3jane?" An explanation of @3janexyz, in (very) simple terms. 🧵

"what's that?" 3Jane is a 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.

"yo wtf?" Crypto lending protocols like AAVE or Morpho are overcollateralized. In simple terms, you've to put up more money than you borrow. 3Jane takes the opposite direction. You can borrow without upfront assets, just based on your verified creditworthiness.

Creditworthiness, or how likely you are to repay debt. High creditworthiness means lower risk for the lender and better loan terms for the borrower. Simply put, if there's a very high chance you'll repay your debt, you'll be able to borrow more and at a lower cost.

"so they have this?" Yep. Basically, they compute your Jane Score, which is your creditworthiness. It’s based on both onchain and offchain data.

"like what??" Lots of things. Your credit score at your bank, your crypto and cash assets on centralized exchanges and in your wallet, your income, etc. After some computations, you’ll get a score out of 1,000. The higher your score, the higher your creditworthiness.

"cool, and then?" Well, you’ll be able to borrow USDC instantly based on that score. You can use it for trading, yield farming or as working capital, but not for personal expenses.

"and where’s the money come from?" Lenders deposit USDC into 3Jane. In return, they mint USD3 (a yield-bearing token) and earn auto-compounded interest your repayments.

"what if i don't repay??" If you default, 3Jane runs an onchain auction for your debt. Licensed U.S. collection agencies can bid to take over the loan and try to recover the funds. They’ll do all the usual stuff: email, payment plans, even court actions or CEX freezes.

"tldr??" 3Jane lets you borrow USDC with no upfront collateral using your credit score, verified income and assets instead. 🫶