# HOLI: Treasury Share and Liquidity Hub

HOLI has two identities at once. That pairing is the core framing of House of Liquidity.

## 1. Treasury share token

HOLI is an OHM-style **share of the Treasury**. NAV accounting, later staking, and later issuance all hang off this identity.

It is not SHYT. The two tokens are linked by funding and participation paths. They are not the same asset, and they should not be described as a fixed-ratio conversion.

Exact rights, redemption, and governance are defined by the final contracts and terms. The NAV identity is [NAV Definition](/nav/definition). No default redemption is [NAV ≠ Redemption](/nav/redemption).

## 2. Multi-asset liquidity intermediate

HOLI is also the **hub token**. External assets pair against HOLI so a community meme, USDG, and tokenized RWAs can share one routing layer.

Without a common intermediate, every new asset needs a direct pool against every other asset. With HOLI in the middle, the house concentrates capital on a few spokes instead of a complete graph.

Those two jobs are the same token, not two products. As a share, HOLI is an accounting claim on Treasury reserves, counted at NAV. As a hub, HOLI is the quote asset those holdings sit behind in the pools. [Protocol-owned liquidity](/pol) is where that overlap becomes a market. How SHYT tape becomes that backing is the [value flow](/dual-token/value-path).