USDC lenders are earning 9.38% APY on @3janexyz.
In order to open a credit line, borrowers must first prove they have ~5x the collateral onchain and/or in TradFi accounts. However, borrowers lock up no collateral.
To protect lenders and ensure the highest probability of payback, borrowers must sign legally enforceable contracts to open a credit line, after proving they have collateral to pay back loans using zkTLS. I do not know how long this process will exist as is. For now, borrowers must reveal themselves to open an unsecured line of credit but lenders can permissionlessly lend USDC.
+ The pool of capital to lend out is $16.1M.
+ The pool is 48% utilized, with $7.8M borrowed.
+ Avg Vantage Score among borrowers is 781/850.
+ Total Value Verified (TVV) is total deployed to Aave ($8.3M idle capital) plus credit line backing including DeFi + bank assets held by borrowers.
+ Borrowers are required to make monthly payments, so this mirrors more of a TradFi credit line experience onchain, and not the Aave/Morpho UX where you can technically not pay back your debt as long as you maintain a healthy LTV.
👉 http:/app.3jane.xyz/supply
Note: I am a seed investor and early user in @3janexyz.
