3Jane USD3 백서 전문

y 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 defaulting12. 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. 4 Pull Examples 4.1 Farmer 1 Option 1: Overcollateralized Borrowing •Collateralize 52K ETH and borrow 25K USDC against it @ 5.33% variable APR via Aave (50% LTV) •Collateralize 27K S and borrow 13K USDC against it @ 3.27% variable APR viaAave Sonic(50% LTV) •Result:38K USDC@ blended4.63% APR Option 2: 3Jane Unsecured Pulling 12initially, 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. 9 Asset V alue (K) USD (JP Morgan Bank) 441.00 BTC (Coinbase) 90.10 WETH+BERA LP (Infrared) 78.67 ETH (Ethereum) 52.66 CVX (Ethereum) 34.39 ETH+USDC (Bunni) 47.74 ETH 3x (Hyperliquid) 34.10 WETH+PT-sw-wstkscETH-1751241605 (Spectra) 28.89 S (Sonic) 27.13 USR+PT-wstUSR-27MAR2025 (Pendle) 23.06 USRRLP (Curve) 19.96 WETH+USDC.e (Beets) 18.23 S+WETH (Gamma) 11.83 scETH (Rings) 8.44 BITCOIN (HPOS10I) 7.13 iBGT (Infrared) 6.86 SDC.e+WETH+S+SolvBTC+USDT (Navigator) 2.48 T otal 932.67 Credit V enue Score Cred Protocol 890/1000 BCB 700/732 TransUnion 780/850 Equifax 700/850 3Jane Score 9.3K/10,000 •3CA underwrites against onchain transactions, offchain credit score, and entire DeFi/CEX/Bank financial profile. Generates a 141K USDC credit line (15.1% of asset value) at 7.93% variable APR (including a fixed 2.6% credit default risk premium above 5.33% SOFR) •Pull up to 141K USDC •Result:141K USDC@ blended7.93% APR 4.2 Trader 1 Asset V alue (K) USD (Wells Fargo Bank) 221.32 ETH (Coinbase) 57.10 PENDLE (Ethereum) 49.43 OHM+BERA (Kodiak) 43.12 stSYRUP (Syrup) 42.11 veVELO (Velodrome) 39.56 wstETH+TANGO (Contango) 28.78 LBTCv (Lombard) 29.89 xGRAIL (Camelot) 26.89 AB-KODIAK-rUSD-rUSDOT-500 (Beradrome) 19.24 LINK (Chainlink) 19.93 THE (Thena) 18.21 wTAO (Tao) 12.93 CXT (Covalent) 12.93 T otal 621.44 Credit V enue Score Cred Protocol 750/1000 BCB 650/732 TransUnion 700/850 Equifax 730/850 3Jane Score 8.4K/10,000 Option 1: Overcollateralized Borrowing •Collateralize 19.9K LINK and borrow 10K USDC against it @ 5.33% variable APR viaAave(50% LTV) •Result:10K USDC@ blended5.33% APR Option 2: 3Jane Unsecured Pulling 10 •3CA underwrites against onchain transactions, offchain credit score, and entire DeFi/CEX/Bank financial profile. Generates a 68K USDC credit line (11% of asset value) at 8.73% variable APR (including a fixed 3.4% credit default risk premium above 5.33% SOFR) •Pull up to 68K USDC •Result:68K USDC@ blended8.73% APR 5 Future Work 3Jane credit lines are based on a hybrid asset-based vs. cash-flow based credit underwriting model, with significant skew towards assets. This caters primarily towards asset-rich merchants engaging in farming and trading. Over time we wish to shift the underwriting towards enablingpurecash-flow underwriting to high productivity businesses with exogenous revenue sources. Further, we believe 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. One of the many unlocks of verifiable AI backed by EigenLayer’s cryptoeconomic security is if you can prove that the agent is programmatically obliged to follow debt covenants, then the credit risk of strategic defaults by AI agents converges to zero which means you can extend credit to them unsecured at much lower rates. 3Jane envisions itself as the global credit primitive for a new tomorrow driven by an agentic economy. By offering programmatic stablecoin lines of credit underwritten by other AI agents, 3Jane will enable other 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. References [1] Cred Protocol,https://api.credprotocol.com/docs#/report/cross_chain_report_report_ address__address__post [2] Blockchain Bureau, https://blockchainbureau.bitbucket.io/docs/wallet-enquiry/ get-wallet-address-data [3] Teller Protocol,https://teller-hosting.s3-us-west-1.amazonaws.com/Teller+Protocol+ V1.0+Whitepaper.pdf [4] Reclaim Protocol, https://drive.google.com/file/d/1wmfdtIGPaN9uJBI1DHqN903tP9c_aTG2/view [5] ALOE Protocol,https://drive.google.com/file/d/1upn4Cx6NNw93HJtBNkyg_mIleDSpTvU6/ view [6] EigenLayer Protocol,https://docs.eigenlayer.xyz/assets/files/EigenLayer_ WhitePaper-88c47923ca0319870c611decd6e562ad.pdf [7] Morpho Protocol,https://github.com/morpho-org/morpho-blue/blob/main/ morpho-blue-whitepaper.pdf [8] Aave Protocol,https://github.com/aave/aave-protocol/blob/master/docs/Aave_ Protocol_Whitepaper_v1_0.pdf [9] Ethereum is Game-changing Technology,https://medium.com/@virgilgr/ ethereum-is-game-changing-technology-literally-d67e01a01cf8 [10] A model of trust building with anonymous re-matching,https://www.sciencedirect.com/ science/article/abs/pii/S0167268118303299 11 [11] Soft Collateral, Bank Lending, and the Optimal Credit Rating System,https://www. atlantafed.org/~/media/Documents/research/seminars/2017/huang-092517.pdf [12] Social collateral, soft information and online peer-to-peer lending: A theoretical model,https: //drive.google.com/file/d/1sex8_iNm8oBU1emoIKMhrSmWSFC9Es0f/view [13] Lagrange Protocolhttps://www.lagrange.dev/zk-coprocessor 6 Appendix 12 V ariable Definitions: V ariable Description credcred report. Includes the credit scorecred s (300-1000) and several other address vari- ables. See cred api for more. bcbblockchain bureau report. Includes the credit scorebcb s (400-732) and several other address variables. See bcb api for more. ckcredit karma report. Includes the transunionck tu and equifaxck eq VantageScore 3.0 (300-850) as well as the credit age, credit utilization, derogatory marks, num. hard inquiries, payment history, and total accounts from both credit bureaus. ar address’ 3Jane repayment, delinquency, and default info sbased on the Cred score, BCB score, TransUnion score, Equifax score, and 3Jane credit line repayments with private weights. It is intended to serve as an aggregate score that also more aggressively rewards and penalizes 3Jane-native repayment behavior to create a tighter feedback loop. vw, cw both assets and cash flows across majors, alts, stables, staking, restaking, money mar- ket, DEX LP, CDP, farms, derivatives DEX (hyperliquid), bridge, NFT, SoFi, and R W A’s across all EVM chains. vb, cb both bank cash and income. Operates on all major U.S. commercial banks. See plaid assets and income api for more. vc majors and alts held in a CEX via Reclaim and/or Plaid investments api. Operates on all U.S.-based CEX’s like Coinbase, Gemini, Kraken, etc. vdiscounted value of assetsD a and cash flowsD cf . Derived as Da = (1 +d i −s)· X v∈{vw,vb,vc} vi ·(1−H i) , whered i is a portfolio correlation boost off the discount floor (protocol risk param- eter),sis a stress buffer for high vol portfolios (protocol risk parameter), andH i is the haircut for an individual asset based on volatility (historical drawdowns, standard deviation, etc.), liquidity (volume, slippage, etc.), and risk profile (smart contract risk, counterparty risk, etc.). Dcf = X i∈cw,cb TiX t=1 Ci,t ×(1−H i) (1 +r i)t , whereT i is the time horizon for each cash flow source based on its stability (from inflationary rewards to income),C i,t is cash flow from sourceiat timet,H i is haircut for cash flow sourceibased on volatility,r i is the risk-adjusted discount rate for cash flow sourcei, andtis the time period within the horizonT i. v=D a +D cf qboolean if user qualifies for credit line based on onchain activity, 3Jane score and value. IRDRP,a user credit default risk implied APY. Bounded between protocol risk parameters [IRDRP,min, IRDRP,max] RRa user repayment rate. Bounded between protocol risk parameters [RR min, RRmax] CLa user credit line size. Bounded between protocol risk parameters [CL min, CLmax] Figure 6: Variable definitions for the model 13