# Capital Flows

This page is only the map: what comes in, and where the Treasury puts it. Launch sizes live in Launch. NAV identities live in [NAV & Accounting](/nav/definition).

## Inflows

Capital enters the house through five pipes:

* **SHYT tax** — **5%** on every trade; **80% Treasury / 20% development** for the life of the tax. Phase I: the 80% buys SHYT
* **Genesis** — open **$200,000 USDG** main-channel quota; **main-channel issuance at full quota: 200,000 HOLI to USDG subscribers**; see [Launch](/launch/genesis)
* **Premium issuance** — after the quiet period, <Md expr="w" /> votes whether inflation is on, size, and interval; even then issuance opens only when premium is above **45%**, to staking-rule-eligible addresses; USDG lands in undeployed reserves; see [Premium Issuance](/supply/premium)
* **LP fees** — **HOLI pool fees:** buy HOLI **0**; sell HOLI **1% exit fee**, as **LP fee**. Fees **automatically accrue in the LP** **or** are **auto-collected to the Treasury by the contract**
* **Mint-to-swap** — mint HOLI and buy approved assets at market price; see [Mint-to-Swap](/supply/mint-to-swap)

Those are sources, not a sequence. Tax can run while HOLI is still unissued. Premium issuance and mint-to-swap only make sense once HOLI exists. How SHYT tax and buybacks become HOLI backing at Genesis is the [value flow](/dual-token/value-path), not this map. When HOLI may be minted is [HOLI Supply](/supply/paths).

## Deployment

Once capital is inside:

**Treasury → undeployed assets → external-asset/HOLI POL**

That deployment step is the second arrow of the [flywheel](/flywheel).

Cash and tokens land as undeployed reserves — including premium-issuance USDG. **Undeployed reserves after the HOLI/USDG deploy (i.e. after Genesis): about $100,000 USDG remaining.** **HOLI/Stock deployment:** only after **undeployed again > 30%** (or a **separate approval** to use reserves) **and** a <Md expr="w" /> vote passes the **specific name**, then swap into that stock and form the pool. When undeployed is **again > 30%**, <Md expr="w" /> also votes to allocate idle funds into **already-approved** SHYT/HOLI, USDG/HOLI, and Stock/HOLI pools. The Stock path is [POL deployment](/treasury-mgmt/deployment). Fees earned in those pools **accrue in the LP** or are **auto-collected to the Treasury**.

HOLI that mint-to-swap leaves with the market is in <Md expr="N_t" /> for that moment. Treasury-side pairing HOLI sits in <Md expr="S_t^{\mathrm{treas}}" /> and is [not circulating](/treasury). The mint table is [Mint Paths](/supply/paths).