# Conclusion

SHYT is live on PONS and Phase I Treasury accumulation is underway. HOLI is planned as both a reserve-backed Treasury share and the common routing asset for protocol-owned markets.

The protocol's defining choice is to turn Treasury assets into liquidity it owns. That same capital then supports NAV accounting, market exits, and cross-asset routing; HOLI sells also burn 1% of HOLI input. The complete mechanism is [Protocol-Owned Liquidity](/pol).

Growth is conditional: sHOLI emission requires a sufficient market premium and USDG seigniorage tax before release, governance controls asset admission and allocation, and NAV is not a guaranteed redemption price. The [Flywheel](/flywheel) is a design goal rather than a promise of volume, yield, or price. Risks and control boundaries are collected in [Governance, Security & Risk](/risk).

Start with [Vision](/), follow the live launch state in [Phase I](/launch/phase-i), and use [Official Links](/official-links) for verified addresses and channels.