# Phase I — SHYT Bootstrap & Roadmap

This chapter is only the launch path: **Phase I → Genesis → Phase II**. Token model and POL design live elsewhere. Ongoing NAV identities live in [NAV & Accounting](/nav/definition).

**SHYT launched independently on PONS before HOLI; Phase I is live.** Initial Treasury accumulation is **underway**. HOLI does not exist yet as a live share token. Live contract: [SHYT](/shyt). Tax: [SHYT Tokenomics](/shyt). Addresses: [Official Links](/official-links).

## Pre-HOLI Treasury custody

Until HOLI is deployed, Treasury-side fees accrue in a **temporary safewallet**: [`0xED1caC8cC4e3591491aA38BfDB78A8439D0BeCdB`](https://robin.etherscan.io/address/0xED1caC8cC4e3591491aA38BfDB78A8439D0BeCdB).

**When accumulated fees reach about $200,000 USD, that balance is transferred into the contract to open Genesis.**

## Treasury SHYT to $200k

**Treasury at Genesis start: about $200,000 market value of SHYT.** Phase I runs until the **market value of SHYT already bought back in the Treasury** reaches that mark. At Genesis the fund **injects** that SHYT into the [green-channel](/launch/green-channel) pool. During Phase I that stock is still the bootstrap reserve — not yet a HOLI pool, and not yet USDG Genesis.

SHYT is **fully circulating**; **market cap = FDV**. That mark convention prices this trigger. No extra USDG already in Treasury at Genesis start; the matching USDG arrives with the [main-channel](/launch/opening-balance-sheet) subscription.

## Pre-Genesis Farm

While Phase I runs, `PreGenesisFarm` is the live deposit surface: pools, deposit and withdraw, Quotes, token-time weight, `updateLazyRanking`, and `end()`. It is not OptionHOLI. `OHOLI` is a second contract; the farm deploys it and holds the 200,000 supply until after `end()`.

The same **$200,000 Treasury SHYT mark** that opens Phase II is the farm's `end()` gate. It must pass three successful permissionless checks, each at least one hour apart, before the farm is finalized. After `end()`, miners call `claimOHOLIRewards()` on the farm: leftover deposits return in that transaction, then OHOLI. HOLIGenesis then takes those OHOLI balances for the protected 24 hours and writes `holiCredit`; HOLI tokens wait until the HOLI/USDG pool is live. Mechanics: [Pre-Genesis Farm](/launch/pre-genesis-farm). [HOLIGenesis](/launch/opening-balance-sheet#holigenesis).

## Phase II trigger

**After the market value of SHYT already bought back in the Treasury reaches about $200,000, the protocol enters Phase II.** The operational move: **when accumulated fees in the temporary Treasury safewallet reach about $200,000 USD, they are transferred into the contract to open Genesis.**

That is the trigger. Not SHYT **FDV**. Not community SHYT market cap. Not SHYT trading volume. Not a TVL target on rented LPs. Not a date. It is the **market value of SHYT already bought back in the Treasury**, and the **accumulated-fee** transfer into the contract.

At that trigger: **`PreGenesisFarm.end()` may be called; miners claim OHOLI from the farm; HOLIGenesis then opens its 200,000-OHOLI protected allocation as `holiCredit` (no HOLI until `deployGenesisHoliUsdgPool()`), followed by the USDG public path for any unfilled inventory; at the same time it opens the long-lived SHYT green channel.** Phase II is not live yet. Farm and OHOLI: [Pre-Genesis Farm](/launch/pre-genesis-farm). USDG/OHOLI door: [HOLIGenesis](/launch/opening-balance-sheet#holigenesis). SHYT door: [green channel](/launch/green-channel). Opening books: [opening balance sheet](/launch/opening-balance-sheet).

## Roadmap

1. **Phase I (live).** SHYT launched independently on PONS; initial Treasury accumulation is underway. `PreGenesisFarm` takes deposits while that mark is still filling.
2. **Genesis preparation.** Publish the Treasury dashboard, final subscription terms, NAV policy, HOLI contracts, and security-review results. Farm `end()` and OHOLI claims follow the $200,000 SHYT mark.
3. **Phase II.** After the trigger, open the [HOLIGenesis main channel](/launch/opening-balance-sheet#holigenesis): claimed OHOLI + USDG writes `holiCredit` for its first 24 hours, then USDG public credits for remaining inventory. HOLI is withdrawn after the HOLI/USDG pool. The standing [SHYT green channel](/launch/green-channel) opens at the same time.
4. **Treasury deployment.** Form the [SHYT/HOLI and HOLI/USDG pools](/launch/opening-balance-sheet), then consider approved Stock/HOLI pools through [asset admission](/treasury-mgmt/admission).
5. **Expansion and governance.** The [quiet week](/launch/quiet-period) ends, then sHOLI emission can operate under its premium gate and [seigniorage-tax](/supply/seigniorage-tax) rules. Other authorized printers remain in [Mint Paths](/supply/paths).