Uncollateralized lending is the holy grail of DeFi.

Getting there requires solving three problems: verifying creditworthiness without exposing user data, pricing risk at the individual level, and enforcing repayment when there's no collateral to liquidate.

@3janexyz is a credit-based money market that underwrites USDC loans without requiring collateral. Lenders deposit USDC and receive USD3, or stake into sUSD3 for junior tranche exposure and higher yield. Idle capital flows to Aave automatically.

Borrowers verify their financial position through zkTLS via Reclaim. Bank accounts, CEX holdings, and traditional credit scores all contribute to the picture without exposing raw data.

The protocol generates cryptographic proof of financial health while keeping the underlying information private.

From there, the underwriting engine takes over. Each borrower gets a personalized credit line and interest rate based on their specific risk profile. Repayment schedules adjust with portfolio performance rather than locking borrowers into fixed terms.

One major bottleneck to undercollateralized lending is enforcement. 3Jane solves this by auctioning delinquent loans to licensed US collection agencies. They can pursue legal action, report to credit bureaus, and create real consequences for default.

The protocol has crossed $50M in USD3 supply. There are still risks. Collection timelines are slow and auction dynamics are unproven. But if the risk framework holds, this is the closest DeFi has gotten to real credit.

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