DeFi has just crossed the chasm from a fully reserved system to a fractionally reserved system. 3Jane now enables anyone to generate yield on promises to supply capital later. Capital can remain outside DeFi’s contracts and still back those promises. The promise can exceed the liquidity held against it, letting anyone run fractional reserves and effectively become their own shadow bank. With this update, promisors can tap the much larger market for senior secured debt through @Morpho to fund capital calls, commit up to 6.25x their onchain net worth, and earn yield on the full commitment. @ImperiumPaper is right that DeFi is speedrunning financial history. A balance sheet can monetize two things: (a) capital and (b) the capacity to commit capital. DeFi built its core markets around the former. Capital enters a smart contract, then earns yield. We accepted this mental model so completely that we named our measure of scale TVL. LCC makes the latter a market through unfunded capital commitments. 3Jane buys future access to capital while its owners keep it productive elsewhere. Crypto is a ~$2.8T asset class, while DeFi’s contracts hold ~$90B. A market for promises lets DeFi’s funding capacity grow beyond those deposits. 3Jane draws that capital into USD3 as calls are met. At 7.5% margin, each dollar posted supports a $13.33 commitment. U.S. banks already sell this capacity at scale, carrying ~$11.3T of unused loan commitments. They sell access to capital before they need to deliver the cash. LCC engineers TradFi’s most powerful liquidity mechanism into self-enforcing, internet-native code. It crowdsources balance-sheet capacity at global scale, letting anyone earn yield on their unfunded capital. I encourage crypto market participants to revisit their priors. Bubbles are, of course, mathematically impossible in this new paradigm.