How does it make money?

By pricing reliance. When an institution depends on an assertion it did not produce — for a disclosure, a loan condition, a supply-chain commitment — that dependence is the billable event.

The reliance layer defines the event tightly enough to invoice, and the revenue model converts adoption into reliance events into revenue with the sensitivities stated.

No reliance event has yet been invoiced. This is the most commercially load-bearing open question in the room, and Wave 0 exists partly to close it.