# HOLI: Treasury Share and Liquidity Hub

HOLI is one token with two connected jobs: it is a **Treasury-reserve-backed share** and the **common liquidity intermediate** for House of Liquidity. This pairing is the core of the protocol.

It is not SHYT. SHYT builds community, trading activity, and initial Treasury capital; HOLI carries Treasury accounting, staking, governance, and later issuance. The funding and participation paths connect them, but there is no fixed-ratio conversion.

## 1. Treasury share

HOLI represents an externally held share of the marked assets in the House of Liquidity Treasury. It uses Olympus-style **Treasury accounting**, but replaces free staking rebase and bond issuance with **sHOLI emission subject to a USDG seigniorage tax**. HOLI itself does not rebase.

NAV is the accounting measure for that share. Treasury-held HOLI—including HOLI inside protocol-owned pools—is inventory of the house, not an external claim on the house. The formal numerator and denominator are defined once in [NAV Definition](/nav/definition).

NAV is not a guaranteed redemption price. Holders normally exit through protocol-owned pools along the AMM curve; fixed-NAV redemption does not follow from the accounting identity. See [NAV ≠ Redemption](/nav/redemption).

**HOLI-side value flow stays distinct from SHYT tax:** issuance proceeds and other approved HOLI-side income remain protocol assets. A HOLI sell burns 1% of its HOLI input; that burn is not income for the LP, Treasury, or developers. This is separate from the 20% development share of the SHYT tax.

Exact legal rights, redemption rights, and governance powers remain subject to the final contracts and terms.

## 2. Liquidity intermediate

HOLI is also the hub token connecting SHYT, USDG, tokenized stocks, and other admitted RWAs. Each external asset pairs with HOLI—for example SHYT/HOLI, USDG/HOLI, and Stock/HOLI—rather than requiring a direct pool between every pair of external assets.

Without a common intermediate, every additional asset creates many possible pairwise pools. With HOLI in the middle, the Treasury can concentrate limited capital into a hub-and-spoke network. The same positions provide reserves, market exits, and routing; HOLI sell activity also burns 1% of HOLI input. The complete architecture is explained in [Protocol-Owned Liquidity](/pol).

The two identities reinforce each other. As a share, HOLI is counted against Treasury external assets. As a hub, HOLI is the quote asset on the other side of those assets in Treasury-owned pools.

## Status and participation

HOLI is planned for Phase II Genesis; it is not yet live as a Treasury-share token.

Participation paths are:

* pre-Genesis farm deposits, then OHOLI claimed after `end()`, through [Pre-Genesis Farm](/launch/pre-genesis-farm);
* USDG subscription through [HOLIGenesis](/launch/opening-balance-sheet#holigenesis), using claimed OHOLI for the first 24 hours to write `holiCredit`; HOLI after `deployGenesisHoliUsdgPool()`;
* SHYT market purchases through the standing [Green Channel](/launch/green-channel);
* post-Genesis sHOLI emission released through [Seigniorage Tax](/supply/seigniorage-tax).

All authorized issuance paths are listed in [Mint Paths](/supply/paths).