# POL Accounting

**HOLI pool type:** Uniswap V4 full-range hook.

**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**. That 1% belongs to **protocol-owned liquidity**. **Developers take no cut of LP fees.** Fill and slippage affect trade price, not official NAV. Official NAV is **1× the external leg**. **Fixed by the hook.** A <Md expr="w" /> vote picks **which pools to open**, not this 0 / 1%.

## Uniswap V4 LP valuation

Protocol LP positions use a Uniswap V4 **full-range hook**. Treasury assets and LP positions are **read and marked by the contracts automatically**. Every LP in NAV pairs an independently priced external asset <Md expr="X_j" /> with HOLI. <Md expr="X_j" /> can be USDG, SHYT, a Stock Token, or another eligible asset. The protocol holds **no StockA/StockB** direct LPs; it prices through **each external-asset/HOLI pool** and converts to **USDG**. RWA enters as these **LP external legs**, not idle inventory.

Formal NAV counts **only the external-asset leg** of each LP in <Md expr="A_t" />. **Green-channel pool ownership:** the SHYT/HOLI LP is a House of Liquidity Treasury asset — **part of project assets**. Official NAV is **1× the external (SHYT) leg** only. HOLI in that 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.

## External quantity

For LP <Md expr="j" />, let <Md expr="\alpha_{j,t}" /> be the protocol's LP share of that pool's total LP supply, and <Md expr="R_{j,t}^{X}" /> the pool reserve of <Md expr="X_j" />. The protocol's corresponding external-asset quantity is:

<Eq expr="q_{j,t}^{X} = \alpha_{j,t}\, R_{j,t}^{X}" />

<Md expr="p_{j,t}^{X}" /> is the USDG mark of <Md expr="X_j" /> from the **direct market quote** of the pool the protocol holds, converted to **USDG** via the HOLI route.

## External-leg mark

<Eq expr="V_{j,t}^{\mathrm{ext}} = q_{j,t}^{X}\, p_{j,t}^{X}" />

HOLI in that pool sits in <Md expr="S_t^{\mathrm{treas}}" />, so it is already out of <Md expr="N_t" />. Do not add that HOLI back into the numerator. <Md expr="A_t" /> does not count LP HOLI a second time.

SHYT, USDG, and admitted stocks enter <Md expr="A_t" /> as these external legs.

## Sum

Let <Md expr="A_t^{\mathrm{nonLP}}" /> be undeployed reserves, directly held eligible RWA, and other non-LP assets after removing double-counts.

<Eq expr="A_t = A_t^{\mathrm{nonLP}} + \sum_j V_{j,t}^{\mathrm{ext}}" />

The dashboard **reads on-chain** and **auto-updates NAV**. Dashboard NAV is this one identity: marked **external assets** over **external HOLI**.

<Eq expr="n_t = \frac{A_t}{N_t}" />

SHYT legs are marked at **market**. SHYT is **fully circulating**; **market cap = FDV** — that convention prices NAV, the Phase II trigger, and the green-channel SHYT leg. The 1% sell-HOLI fee and slippage affect the **fill**, not this print.