# SHYT Green Channel

**SHYT green channel means buying HOLI at market through the SHYT/HOLI pool.** Initial pool: **$1 of SHYT vs 1 HOLI**; thereafter price **rises along the curve with buy flow**. This is a **definition**, not a second USDG sale. Contrast the [main channel](/launch/genesis) **$200,000 USDG** subscription. It **opens at Genesis and is kept long-term**. Treasury owns the LP; the **SHYT leg counts in NAV**. Another **200,000 HOLI** is minted into that pool at **$1**.

**HOLI pool fees:** buy HOLI **0**; sell HOLI **1% exit fee**, as **LP fee**. That 1% counts as protocol assets. Fees **automatically accrue in the LP** **or** are **auto-collected to the Treasury by the contract**. Fill and slippage affect trade price, not official NAV.

**Green-channel pool ownership:** the SHYT/HOLI LP is held by the **House of Liquidity Treasury**; it is **part of project assets**; the **SHYT in it counts in NAV**. Official NAV is **1× the external (SHYT) leg** only. HOLI in the pool is in <Md expr="S_t^{\mathrm{treas}}" />, out of <Md expr="N_t" />, not added to <Md expr="A_t" />. Do not 2× the LP.

**SHYT-side contribution:** the fund injects **about $200,000** market value of SHYT from **after-tax buybacks** into this pool.

**Treasury after the main channel closes: about 200,000 SHYT in the pool + 200,000 USDG.** This page is that **in the pool** SHYT (~$200k market value; **market cap = FDV**). The **200,000 USDG** is the [main-channel](/launch/genesis) raise, still **undeployed cash** — **not** in this SHYT/HOLI pool.

**SHYT mark:** SHYT is **fully circulating**; **market cap = FDV**. That convention prices the Phase II trigger, NAV, and this green-channel SHYT leg. [SHYT Tokenomics](/dual-token/shyt).

**Green-channel issuance at full quota: another 200,000 HOLI, pooled with SHYT at $1 per HOLI.** The fund pairs **$200,000** market-value SHYT with **another minted 200,000 HOLI** as the [SHYT/HOLI](/launch/genesis-pool) green-channel pool:

<Eq expr="N_{\mathrm{pool}} = 200{,}000" />

<Eq expr="S_0 = 400{,}000" />

<Eq expr="N_0 = S_0 - N_{\mathrm{pool}} = 200{,}000" />

<Eq expr="A_0 = 200{,}000^{\mathrm{SHYT}} + 200{,}000^{\mathrm{USDG}} = 400{,}000\ \mathrm{USD}" />

<Eq expr="\operatorname{NAV}_0 = 400{,}000 / 200{,}000 = 2\ \mathrm{USD}/\mathrm{HOLI}" />

This <Md expr="N_{\mathrm{pool}}" /> mint is Treasury-held SHYT/HOLI — **not** subscriber HOLI. <Md expr="N_0" /> is **outside supply**. Official NAV marks the **1×** external legs. **Genesis-stage full issuance total: 400,000 HOLI (of which 200,000 sit in Treasury LP)** — this page is that other **200,000**, not in <Md expr="N_0" />. The other lot is **main-channel issuance at full quota: 200,000 HOLI to USDG subscribers**. Thereafter the green channel **buys HOLI in the pool with SHYT at market**. It **opens at Genesis and stays**.

## Issuance (full quota)

| | |
| --- | --- |
| Green-channel issuance (full quota) | **another 200,000 HOLI** |
| Pairing | **$1 per HOLI vs SHYT** |
| Where it sits | **House of Liquidity Treasury** SHYT/HOLI LP |
| After open | **buy HOLI in the pool with SHYT at market** |

The **SHYT green channel** is the standing SHYT path into HOLI. It **opens when Genesis opens**, and it is **kept long-term**. It is not a one-hour window, and it is not a one-round fast track.

**Main-channel eligibility:** first hour limited to the **NET / SHROOM / SHYT snapshot whitelist**; thereafter **open to all addresses**. That hour-1 cut is the USDG [main channel](/launch/genesis) only. See [eligibility](/launch/eligibility).

## How it trades

It trades **at market** through the **SHYT/HOLI base pool**. Holders **buy HOLI in the pool with SHYT**: SHYT in, HOLI out of the pool.

The pool's initial quote is **$1 of SHYT vs 1 HOLI** — <Md expr="N_{\mathrm{pool}} = 200{,}000" /> against **about $200,000** of after-tax-buyback SHYT. Thereafter the price **rises along the curve with buy flow**. After open, that pair is the curve, not a peg. [SHYT/HOLI Pool](/launch/genesis-pool).

It is how SHYT holders can participate with SHYT instead of only USDG on the main channel.

The SHYT green channel and staking inflation are **two parallel paths**. The green channel fills at the **SHYT/HOLI pool price**, paid in **SHYT**. Inflation collects **USDG** at **69%** of the HOLI/USDG price. [Premium Issuance](/supply/premium).

It is **not** a fixed-ratio convert. It is **not** an unconditional right to HOLI. Size and any cap are Genesis / issuance parameters, not a 1:1 IOU from the tax.

During the [7-day quiet period](/launch/quiet-period) the green channel remains on — market buy via SHYT/HOLI, on its own rules. After the quiet period it remains on. That is the point of putting it last in this chapter: bootstrap, trigger, USDG Genesis, SHYT/HOLI pool, opening NAV, USDG pool, quiet period — and then a SHYT path that does not end when Genesis does.