Community research · Quest article

**Project Research Dossier: 3Jane (Pre-TGE / Pre-Full-Unlock)**

By xinyyxff

Written for the quest “Seeing the Long Game” with PLOA on The Republic.

This dossier evaluates 3Jane using primary sources only (official docs, contract addresses, audits repo, and on-chain references). It meets the mission constraints: no public raise and no active ICO/TGE. The project completed a private seed round ($5.2M led by Paradigm in 2025) and runs a live liquidity-mining program that emits locked JANE; full transferability and remaining supply mint occur at a “final mint” targeted for 2026. All key claims map to cited primary material.

Project Goal

3Jane is a peer-to-pool, credit-based money market on Ethereum. Suppliers deposit USDC into a single tranched capital stack—USD3 (senior, credit-enhanced) and sUSD3 (junior, first-loss)—that funds two parallel sleeves:

  • Crypto Credit Lines (CCL): Uncollateralized USDC lines underwritten directly to U.S.-based cryptonatives against verifiable proofs of DeFi/CEX/bank assets, future cash flows, and credit scores (on-chain scores + VantageScore 3.0 via zkTLS). 3Jane originates, services, and holds the receivables.
  • Fintech Credit Conduits (FCC): Warehouse loans, participations, and forward-flow programs that finance short-duration SMB/consumer receivables originated by other U.S. fintech lenders, structured through bankruptcy-remote SPVs.

The stated purpose is capital-efficient unsecured credit for crypto-native and fintech use cases, with solvency enforced via non-performing loan auctions to licensed U.S. collections agencies and tranche-level loss absorption (insurance fund → sUSD3 → USD3 for CCL). Primary source: Introduction | 3Jane. Supporting architecture and mechanism details appear in the docs sections on backing, CCL, and Levered Callable Capital (LCC).

Tokenomics

JANE is the protocol token. Key parameters from the official liquidity-mining documentation:

  • Final supply range: Fixed at final mint (2026) within 1,111,111,111 – 6,666,666,666 JANE. Accrued emissions are fixed in absolute terms but represent a variable percentage of total supply until the mint.
  • Emissions: 100% of new JANE during the current liquidity-mining phase goes to liquidity providers as locked JANE. Weekly epochs; claimable every 7 days based on time-weighted average balances. Each farm has a floor that scales with TVL (convex early APY below TVL goals; scaling to target APY bands above).
  • Allocations (known): LPs receive 100% of emissions until final mint. At final mint the remaining supply (z − x) is allocated to “other protocol stakeholders.” No public breakdown of team/investor/foundation percentages is provided in the docs.
  • Contract: JANE at 0x333333330522f64ee8d0b3039c460b41670e3404 (Ethereum). Related contracts (USD3, sUSD3, RewardsDistributor, etc.) are listed in the addresses page.
  • FDV vs. circulating: Circulating supply is effectively zero for transferable JANE today (tokens are locked). FDV is indeterminate until final mint fixes supply and enables transferability; participants are explicitly underwriting both final supply and post-mint FDV.

Primary sources: Liquidity Mining | 3Jane, Addresses | 3Jane, and the launch report notes on the program.

Unlock and Dilution Risk

  • All current JANE emissions are locked and non-transferable until final mint in 2026, at which point transferability is enabled for previously earned tokens and the remaining supply is issued.
  • No published cliffs or linear vesting schedules for team/investor allocations exist in the primary docs; the residual supply goes to unspecified stakeholders at the single mint event.
  • Dilution is therefore concentrated at the final mint rather than distributed via continuous unlocks. Early LPs capture a larger percentage share if final supply lands toward the lower end of the range; the reverse is true if supply is set near the upper bound. Emissions continue to scale with TVL, so absolute LP tokens grow but percentage ownership remains variable until the mint.
  • No secondary-market circulating supply exists today, so classic “cliff vs. linear” price impact is deferred until transferability.

Primary source: Liquidity Mining | 3Jane.

Team Verification Signals

  • Founder identified in contemporaneous reporting as Jacob Chudnovsky (prior role at Aevo). Core contracts and audits are under the 3jane-protocol GitHub organization.
  • Verifiable signals: public GitHub repos (moneymarket-contracts, audits), multiple third-party audits (Veridise, Sherlock, Electisec, Guardian), and on-chain contracts that can be inspected. Audit reports are hosted in the official audits repository.
  • Marketing/ unverified elements: full team roster, equity/token allocation details, and detailed vesting for non-LP stakeholders are not published in the primary docs. Legal entity and governance structure beyond the timelocked contracts are not fully detailed in the materials reviewed.

Primary sources: GitHub – 3jane-protocol/audits, docs audits page, contracts repository.

Key Risks

  • Credit / execution: Unsecured underwriting relies on zkTLS proofs, off-chain scores, and collections agencies. Default rates, recovery timelines, and insurance-fund adequacy are material (docs describe the waterfall but do not publish historical loss data).
  • Token / dilution: Variable final supply and opaque residual allocation create uncertainty around LP percentage ownership and post-mint sell pressure.
  • Regulatory / legal: U.S.-focused credit activity (consumer/SMB receivables, collections) carries securities, lending, and collections-law exposure. Recourse mechanisms are described but jurisdiction and enforcement outcomes are untested at scale.
  • Technical / governance: Protocol is built on Morpho Blue with custom modules; multiple audits exist, yet residual findings (medium issues noted in one report) and upgrade paths (timelock) remain. Off-chain underwriting algorithm (3CA) is a centralized dependency.
  • Incentive: Emissions currently 100% to LPs; future stakeholder mint could alter alignment.

Primary sources: docs introduction, liquidity-mining, audits repository, and contract addresses.

Disclosure

The author holds no position in JANE, USD3, sUSD3, or any related assets, has no commercial relationship with the project, and has not received compensation or incentives for this research. This is not investment advice.

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