The Edge Podcast The Multi-Trillion-Dollar Opportunity for DeFi Unsecured Credit Markets
Sep 8, 2025
Jacob Chudnovsky, Founder of 3Jane and a trailblazer in unsecured credit within DeFi, discusses the transformative potential of combining on-chain and off-chain credit scoring. He unveils the 'Jane Score', a hybrid system designed to revolutionize credit access for those lacking substantial assets. Jacob also delves into innovative repayment structures and highlights the future of automated productivity in credit markets. His insights offer a glimpse into a multi-trillion-dollar opportunity that could reshape financial landscapes.
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Ribbon Lend Sparked 3Jane
- Jacob described building Ribbon Lend, an unsecured facility for institutional market makers, as inspiration for 3Jane.
- That prior product showed unsecured credit in DeFi was possible but hadn't scaled due to underwriting and legal gaps.
zkTLS As The Technical Unlock
- Zero-knowledge TLS (zkTLS) unlocked practical access to off-chain credit data without exposing SSNs or DOBs.
- This privacy-preserving bridge is the key technical unlock that makes scalable DeFi unsecured credit viable.
Huge Unsecured Credit Market To Target
- There is roughly $5.3 trillion in unsecured credit in the U.S. consumer and commercial markets, representing a large TAM for DeFi.
- 3Jane targets productive but asset-light borrowers who need loans against future cash flows rather than collateral.