# Phase I — SHYT Bootstrap

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).

**Phase I status:** SHYT is **live on PONS**; **initial Treasury accumulation is underway**. HOLI does not exist yet as a live share token.

**Treasury at Genesis start: about $200,000 market value of SHYT.** Opening inventory from after-tax buybacks — the Phase II trigger. Injected into the [green-channel](/launch/green-channel) SHYT/HOLI pool. SHYT is **fully circulating**; **market cap = FDV**. No extra USDG already in Treasury at Genesis start; the **$200,000 USDG** arrives with the main-channel subscription.

**NAV at Genesis full-quota close: $2 per HOLI** = ($200,000 SHYT + $200,000 USDG) / **200,000 outside HOLI**. Main channel **full**, SHYT/HOLI seeded — **before** the follow-on 50k HOLI/USDG mint. [Opening balance sheet](/launch/opening-balance-sheet).

## 5% tax, 80% buyback

Every SHYT trade takes **5%**, collected **in ETH on PONS**. **80%** to HOLI Treasury and buys SHYT; **20%** to development. Same before and after Genesis. (The 20% funds development; that is not this chapter.)

| Item | Info |
| --- | --- |
| Network | Robinhood Chain |
| Token contract | [`0x0105Bf7d7e7d883145806a1e5664470Ee2d1518e`](https://robinhoodchain.blockscout.com/token/0x0105Bf7d7e7d883145806a1e5664470Ee2d1518e) |
| Trading tax | **5%**, collected **in ETH on PONS** |
| Tax allocation | **80%** to HOLI Treasury and buys SHYT; **20%** to development. Same before and after Genesis |
| PONS page | [SHYT Launchpad](https://www.ponsfamily.com/launchpad/0x0105Bf7d7e7d883145806a1e5664470Ee2d1518e) |
| Explorer | [Blockscout](https://robinhoodchain.blockscout.com/token/0x0105Bf7d7e7d883145806a1e5664470Ee2d1518e) |

Community tape therefore accumulates as a Treasury SHYT position.

## Treasury SHYT to $200k

**Treasury at Genesis start: about $200,000 market value of SHYT.** Phase I runs until **after-tax buybacks** have accumulated that mark in the Treasury. 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 is how this trigger, NAV, and the green-channel SHYT leg are priced. [SHYT Tokenomics](/dual-token/shyt).

## Phase II trigger

**Phase II trigger:** after-tax buybacks have accumulated **about $200,000** market value of Treasury-held SHYT.

That is the trigger. Not community SHYT market cap hitting $200k. Not SHYT trading volume. Not a TVL target on rented LPs. Not a date. It is **Treasury-held, after-tax-buyback SHYT** marked at about **$200,000**. Fully circulating / **market cap = FDV** is the **mark**, not a second trigger.

At that trigger, open the **$200,000 USDG** main channel, the [SHYT green channel](/launch/green-channel), and HOLI together. Phase II is not live yet. **Per-address cap: $1,000.** Planned issue price **$1 / HOLI**; if oversubscribed a Dutch auction **may** set clearing. **Main-channel issuance at full quota: 200,000 HOLI to USDG subscribers** (not the SHYT/HOLI pool mint). **Genesis-stage full issuance total: 400,000 HOLI (of which 200,000 sit in Treasury LP).** **Green-channel issuance at full quota: another 200,000 HOLI, pooled with SHYT at $1 per HOLI.** **Main-channel eligibility:** first hour limited to the **NET / SHROOM / SHYT snapshot whitelist**; thereafter **open to all addresses**. The green channel trades in the SHYT/HOLI pool from Genesis onward — not that hour-1 whitelist.

**Treasury after the main channel closes: about 200,000 SHYT in the pool + 200,000 USDG.** That is <Md expr="A_0" /> when the main channel is full. The **about 200,000 SHYT** (~$200k market value; **market cap = FDV**) sits in the SHYT/HOLI pool; the **200,000 USDG** is undeployed cash from the raise — not in that pool. [Opening balance sheet](/launch/opening-balance-sheet).

The whitelist is a **fixed block snapshot before this trigger**. Details: [eligibility](/launch/eligibility).