The Base and the Gap
Existing Base
~$2.6T in securities already on loan. Activity is established and recurring.
Current Revenue
~$10.3B annual lending revenue (2024). Implies ~0.40% average annualised lend fee on current volume.
Underutilised Supply
Global lendable assets often cited at $35–41T. Yet utilisation in U.S. equities is ~2.6%.
What Unlocks Growth
- Transparency → Participation
- Instant Finality → Efficiency
- Unified Rails → Scale
When participants can see true demand and earned rates, they participate. Visibility expands supply and improves rate discovery.
Directional Scenarios (Illustrative)
- If the effective average lend fee ≈ 0.40% holds, then utilisation growth (e.g., from 2.6% to 5%) roughly doubles revenue potential on the same notional base.
- If X% of current activity migrates to Edel rails, the protocol’s 10% share scales linearly with that migration while 90% returns to owners.
Opportunity compounds from two forces: migration to transparent rails and higher utilisation from clarity and finality.