How much of the financial industry's revenue comes from being a necessary intermediary? Payment processors take 2-3% of every card transaction. Remittance companies take 6%+. Brokers charge commissions. Banks earn spread. Clearinghouses charge fees. Custodians charge for holding your assets. You're paying for access to a system that requires middlemen by design. Onchain finance removes most of them. A swap is peer-to-protocol. A transfer is wallet-to-wallet. Custody can be self-sovereign. Paying fees is optional. The total revenue of financial intermediaries globally is measured in trillions per year. That's the TAM for onchain finance. We're at maybe 1% penetration.