# Conclusion

SHYT is **live on PONS**. Initial Treasury accumulation is **underway**. The meme tape, the **5%** tax, and the Treasury's SHYT buys are Phase I — the **80% Treasury / 20% development** split lasts for the life of the tax. HOLI is not live yet as a share. The opening reserve is earned from that market, not rented from mercenary LPs.

HOLI turns Treasury assets into protocol-owned liquidity. USDG, SHYT, and admitted stocks are supposed to sit in HOLI pools the house owns. The reserve is the book: exit, routing, and fees, not idle cash waiting on a buyback.

Premium issuance expands the Treasury only when the market values HOLI sufficiently above NAV. Below that gate the printer is off. Growth on this path is conditional. It is not a standing mint.

The [flywheel](/flywheel) is a design goal. It does not guarantee volume, yield, or price. Protocol-owned assets and protocol-owned liquidity do **not** remove market loss. See [Main risks](/risk).

House of Liquidity's aim is not to be a reserve token alone. It is to become the protocol-owned liquidity layer on Robinhood Chain.