3Jane Options

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

3Jane has replaced its derivatives framing with an Ethereum credit money market. Suppliers deposit USDC for USD3 or junior sUSD3 exposure; idle cash may sit in Aave while drawn funds finance unsecured merchant credit underwritten using an upgradeable offchain model, bank and bureau data and future cash flows, with collections for defaults. The legacy `3jane-options` coverage slug still reports $97,856, but that stale options-vault metric does not establish current credit-pool assets or liquidity. The version-1 off-chain-credit dossier therefore controls and rejects the current product without treating option repricing as AMM loss.

Kill criteria: the events that revoke this verdict
• Current USD3 and sUSD3 assets, utilization, borrower and vintage concentration, defaults, recoveries, first-loss capital, authorities and audits reconcile to deployed contracts and the coverage adapter
• A proposed-size USD3 and sUSD3 redemption completes within documented limits under stressed utilization without new deposits or discretionary support

The research file

Identity and class applicability

Current official materials call 3Jane a peer-to-pool credit-based money market. Suppliers mint USD3 and may stake for sUSD3; borrowers receive unsecured, open-term USDC merchant credit based on verifiable crypto, bank, brokerage, bureau and future-cash-flow evidence. The 3CA underwriter runs offchain and its engines and inputs are upgradeable. This is off-chain credit, not AMM inventory or a currently documented options vault.

Capital structure and default applicability

Idle supplier USDC may earn Aave yield, while drawn capital migrates to merchant credit lines priced by 3CA. Official risk materials identify fraud, credit default, liquidity, oracle and governance risk; an insurance/equity layer and junior sUSD3 are intended to absorb loss before senior USD3. Defaults can enter an onchain auction for licensed U.S. collection agencies, so recovery timing and legal execution are material and not equivalent to onchain liquidation.

Authority, lifecycle and measurement conflict

The contract registry names USD3, sUSD3, MorphoCredit, CreditLine, MarkdownController and InsuranceFund plus a timelock and owner multisig. The current DefiLlama `3jane-options` record still describes derivatives and reports $97,856, while current primary materials describe a different credit product. That unresolved adapter/product identity means the measured legacy balance cannot evidence live USD3 assets, utilization, losses, reserves or exit capacity.

Comparison and measurable reopening test

Unlike Aave USDC, 3Jane can replace overcollateralized borrower liquidation with model-driven unsecured merchant exposure and offchain collections. Unlike Maple’s named pools, the reviewed evidence does not reconcile this stale coverage slug to current borrower vintages and realized loss data. Reopen only after current USD3/sUSD3 assets, utilization, borrower concentration, defaults, recoveries, first-loss capital, roles and audits reconcile onchain and a proposed-size redemption clears under stressed utilization.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• 3Jane Docs — current credit money-market introduction · primary · accessed 2026-08-16
  Supports: unsecured merchant credit, USD3, sUSD3, offchain assets, collections
• 3Jane Docs — offchain credit underwriter · primary · accessed 2026-08-16
  Supports: 3CA, offchain algorithm, bureau score, bank assets, credit pricing
• 3Jane Docs — 3CA algorithm · primary · accessed 2026-08-16
  Supports: upgradeable engines, credit limits, default premium, portfolio caps, underwriting controls
• 3Jane Docs — Ethereum contracts and permissions · primary · accessed 2026-08-16
  Supports: USD3, sUSD3, MorphoCredit, InsuranceFund, timelock and multisig
• 3Jane Docs — supplier risks · primary · accessed 2026-08-16
  Supports: credit default, fraud, liquidity, redemption queue, governance
• 3Jane Docs — product FAQ and redemption constraints · primary · accessed 2026-08-16
  Supports: USD3 redemption, sUSD3 lock, utilization, first-loss structure, collections timing
• DefiLlama — legacy 3Jane Options survey record · secondary · accessed 2026-08-16
  Supports: $97,856 legacy TVL, stale derivatives identity, Ethereum, coverage conflict

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.