Epoch 3 is Live

Epoch 3 of the 3Jane liquidity mining program is live.

3Jane is a credit-based money market that extends credit facilities via warehouse facilities and forward-flow programs to U.S.-based fintech lenders, powering the next generation of fintech originators with a cryptonative balance sheet. Every dollar deposited earns locked $JANE while it funds that pipeline. Read the launch report →

The program has emitted ~37,780,000 $JANE to liquidity providers, between 0.57% and 3.40% of the final $JANE supply, and every token of it has gone to the people growing the protocol.

In epoch 2 1,545,875 $JANE was emitted to 1,647 depositors across ~$45,000,000 deposits, representing 0.023% – 0.14% of final $JANE supply.

JANE's full distribution is public and verifiable through the $JANE contract (0x333333330522f64ee8d0b3039c460b41670e3404). Emissions follow published floors.

We believe this is a superior rewards mechanism to the status quo.

How liquidity mining works

The program pays rewards in locked $JANE, the protocol's token, giving depositors a direct ownership stake from day 1. A quick refresher on the mechanics:

1. Earn JANE by growing the protocol. 100% of emissions go to liquidity providers until final mint, and JANE stays locked until then.
2. JANE's final supply is fixed at final mint within a range of 1,111,111,111 to 6,666,666,666. Your accrued JANE is fixed; its share of total supply stays variable until that mint in 2026, when transferability turns on.
3. Emissions are claimable every 7 days, calculated from daily time-weighted average balance (TWAB) snapshots, so you earn by holding day to day rather than by timing a deposit.
4. Each farm has a fixed weekly JANE floor and an internal TVL goal. Below the goal the pool is fixed, so JANE per dollar is high and the earliest depositors are rewarded most (the convex regime). At and above the goal, emissions scale with TVL so APY holds in its target band. Neither regime dilutes the other.

You are underwriting $JANE total token supply and $JANE FDV upon final mint. For the full mechanics, including convexity, the scaling band, and the funding structure behind USD3 / sUSD3, see the launch report and the 3Jane docs.

Epoch 3 emissions

Rewards APY ranges shown at an illustrative $250M FDV. Realized APY is a function of final total token supply and FDV when transferability is enabled.

Epoch 3 opens with a 2,050,000 JANE floor, 0.0308% to 0.1845% of final supply, spread across eight farms. This is ~1.3x of last epoch's full emission, and this is the floor. Rewards are convex - each farm has an internal TVL goal, and while TVL sits below it the JANE pool is fixed, so the earliest depositors earn the most JANE per dollar. Once a farm clears its goal, emissions scale with TVL to hold APY in its target band. The farm page above already shows several farms emitting above their floors as TVL grows.

What Earns $JANE

This table indicates the minimum emission regardless of TVL. 0 implies that the convexity period does not exist (linear). N/A indicates that the category does not earn JANE at all.

¹ Low end = emission ÷ 6,666,666,666 (max supply); high end = emission ÷ 1,111,111,111 (min supply).

• Floor emissions change every week with existing TVL, protocol goals, and market signals.
• As 3Jane adds farms, each epoch's JANE share may be redirected to other farms based on protocol goals at the time.
• Once a farm hits its internal target KPIs, its JANE emission scales in real time to hold the same JANE per $1 deposited.
• YT-USD3 gets both YT-specific incentives + native USD3 incentives.
• Pendle LPT incentives are based on SY in the pool but get both LPT-specific incentives + native USD3 incentives.
• USD3/frxUSD incentives are based on notional value.

How last epoch went

Epoch 0 was the genesis allocation and seeded the bulk of LP ownership: 35.86M JANE, roughly 0.54% to 3.23% of final supply. The epochs since track live demand rather than a fixed schedule. Epoch 1 emitted 374,242 JANE, and Epoch 2 stepped that up more than 4x to 1,545,875 JANE as deposits grew and farms scaled past their internal TVL goals.

Last epoch put that ~1.55M JANE in the hands of 1,647 depositors across more than $45,000,000 in deposits, spread across USD3, sUSD3, and USD3's Pendle and Curve markets.

Cumulatively, the program has now emitted 37,782,231 JANE across the first three epochs, between 0.57% of supply (at the 6.667B max) and 3.40% (at the 1.111B min), depending on where final supply lands.

¹ Low end = cumulative emission ÷ 6,666,666,666 (max supply); high end = cumulative emission ÷ 1,111,111,111 (min supply). Epoch 0 was the genesis allocation; subsequent epochs add incremental floors that scale with TVL.

$JANE accrued in earlier epochs is already claimable on the farm page, and Epoch 4 opens next Wednesday, June 24, at 00:00 UTC. Deposits made now keep compounding through the rest of Epoch 3.

Earn $JANE →