Banks lend against signed contracts at SOFR + 150 bp. Developers borrowing against similar contracts, before anything cash-flows, pay three to four times that, and a USD 1bn fund paid to wait in that gap nets about 6.6% a year (modeled) after a deliberately harsh loss charge.
Part 1 mapped what the incumbents are building for. This piece looks for the holes they leave. The door is free and the meter is going free, so I'd back what agents buy and the risk of what they do, at prices a realistic exit can repay.
The agent-payment protocols are free, and the open ones carry almost no money. The return sits with whoever issues the agent's credential and writes the rule for who eats a bad payment, mostly card networks and issuers, and with whoever owns the shopper's attention.
Here's a few recommended posts to get you started:
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