> For the complete documentation index, see [llms.txt](https://docs.3jane.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.3jane.xyz/backing/ccl/credit-slasher/default-game-theory.md). # Default Game Theory 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. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.3jane.xyz/backing/ccl/credit-slasher/default-game-theory.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.