FAQ

What can funds be used for?

Who can get a credit line?

U.S.-based mass affluent / high-net worth market-neutral yield farmers with onchain history, a credit karma account, and a bank account.

How long might offchain recoveries take?

Recoveries from UCC-1 via CEX can take 2-3 months.
Recoveries from a default judgment averages 6 months. Contested and litigated can average ~2yrs.

Why did my credit line get rejected?

You are not U.S.-based
Your onchain balance is below $25K. This is to ensure collections efforts are economically viable.
Your onchain address is too fresh
The assets you hold / strategies you engage in are outside our credit box
Your credit score is too low
We believe you are engaging in first/second/third party fraud

Does 3Jane furnish to defaults to credit bureaus?

Although possible, 3Jane does *not* currently furnish to credit bureaus given that direct litigation is an often more effective approach to recoveries for our expected ticket sizes and user profile. Court judgments however, should 3Jane be awarded one, do find their way to credit reports.

What is "total value verified"?

The real-time USD value of all depositors’ idle USDC parked in Aave plus every users's verified onchain, CEX, and bank assets used to size credit limits.

What are the credit lines underwritten against?

Against the user's Jane Score + a risk-adjusted LTV of their verified assets—stablecoins, majors, altcoins, staked tokens, LP shares, CEX cash, and bank balances

What are the max LTVs?

What is the redemption process for USD3?

USD3 redemptions will be instant with no fee but can only be redeemed up to the 1-utilization ratio; so at the start when utilization is kept below the tranche ratio (risk-off phase), USD3 will always be instantly redeemable.

What is the redemption process for sUSD3?

sUSD3 deposits are subject to a 1-month lockup period. After the lockup period, sUSD3 redemptions will be instant with no fee but can only be redeemed up the amount of available liquidity in the sUSD3 tranche. We aim to keep utilization around ~ 85% for sUSD3 for our initial launch phase, meaning up to ~ 15% of sUSD3 can be redeemed through primary redemption at a time.

What is the difference between USD3 and sUSD3?

Both are yield-bearing ERC4626 tokens that represent 3Jane deposits. For the first 3+ months, USD3 will be completely risk-off and will be fully backed by AAVE USDC. It will not accrue any native yield but will accrue $JANE incentives. sUSD3 will have full exposure to the pool of credit lines and accrue all native yield. Similar dynamic to USDai / sUSDai.
From November, USD3 will be “risk-off”, its deposits will stay in the AAVE v3 contract earning yield and will not be exposed to any credit risk. The yield earned will be passed to sUSD3 holders, instead $JANE emissions will incentivize USD3 holders during this bootstrapping period.
From November, sUSD3 holders will be 100% exposed to credit yield and will receive yield commiserating to this risk. $JANE emissions will also be added on top of native yield to further incentivize sUSD3 holders during this bootstrapping period.

What are the legal recourse mechanisms in case a borrower defaults?

3Jane reserves all rights and remedies to pursue the customer for the advance balance owed, including, but not limited to, pursuing rights in arbitration, pursuing rights in court, if a judgment were awarded, pursuing all rights available by law to enforce such judgment to get paid in full, including the recoupment of attorneys' fees, court costs and post-judgment interest.
Funds may be recovered from stablecoin issuers, CEXs, and, if necessary, through a court order compelling the wallet holder to disclose or use the private key to repay.

What legal recourse do suppliers have?

Individual supppliers do not pursue merchants directly
Their claim is enforced collectively through the protocol. Defaults trigger the NPL auction, which assigns the debt to licensed U.S. collection agencies and routes any recovered principal and interest back to the pool, thereby safeguarding lender funds without requiring them to litigate.

Will you have an insurance fund?

There is an insurance fund (equity tranche) that sits before junior. So IF is first loss, then junior, then senior. We've deployed $1m in equity capital into the junior tranche. As the amount on credit scales, the implied leverage will scale up.

What personally identifiable information is stored?

Do any 3rd parties have access to personally identifiable information?

Only collections agencies have access to personally identifiable information in the case of a default. No other party has visibility into the data, including the Ethereum ledger, Reclaim, Cred protocol, Blockchain Bureau, and others.

Do I need to install anything on my phone for Reclaim to work?

Connecting to Credit Karma does not work.

Last updated 3 days ago