# kaal:claim:5454054-015

**Claim.** Capturing only 5 to 10 percent of yield-driven capital flows through voucher reward merchant ecosystems would make LER a significant player in the market.

**Type.** predictive  **Support.** argued

**Holds when.**

- assuming a TAM above $1 trillion from reallocating capital

**Source quote.**

> If LER can only capture 5-10% of these yield-driven flows through voucher reward merchant ecosystems, LER become a significant player in this evolving market segment.

**From.** Wulf A. Kaal, *Liquid Equity Rewards* (2025), Market Opportunity for LER, page 17

**Cite as.** Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054

**Verify.** sha256 of source PDF `9f53a865e6f0e5424640779df8f9b50923cd7d05649301dd4cc727144749b6e6` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards.pdf

**Topics.** regulatory-failure, economics

**Keywords.** market-capture, total-addressable-market, merchant-ecosystems, projection

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