# Staking

Addresses that stake HOLI get **two rights**. Both use the same counting unit: staking effective weight <Md expr="w" />. There is no separate governance token.

1. **Buyback proposal right.** When market price is below NAV, <Md expr="w" /> votes whether to spend undeployed reserves buying HOLI, and the size and price cap.
2. **Discount purchase right.** After the quiet period, <Md expr="w" /> votes whether inflation is on, per-period size, and interval. Even if that passes, issuance opens only when premium vs NAV is above **45%**, to addresses that meet the staking rules, at **69%** of the HOLI/USDG pool's observable price. If premium is **not above 45%**, no new allocation is issued, and unused allocation cannot mint. USDG paid goes into Treasury **undeployed reserves**. **HOLI/Stock deployment:** only after **undeployed again > 30%** (or a **separate approval** to use reserves) **and** a <Md expr="w" /> vote passes the **specific name**, then swap into that stock and form the pool. When undeployed is **again > 30%**, <Md expr="w" /> also votes to allocate idle funds into **already-approved** pools.

The list, and the other <Md expr="w" /> parameters, are on [Staker Rights](/staking/rights).

Each address keeps two numbers:

* <Md expr="B" /> — current staked HOLI
* <Md expr="W" /> — accumulated weight, in HOLI-days

Between operations, if <Md expr="\Delta t" /> days have elapsed, settle first:

<Eq expr="W \leftarrow W + \Delta t\cdot B" />

<Md expr="W/B" /> is average age in days. [Eligibility](/staking/eligibility) and [effective weight](/staking/weight) are cuts of those two. Both rights use the same effective weight <Md expr="w" />.

The [7-day quiet period](/launch/quiet-period) pauses **staking inflation / premium issuance** only. Forming pools, mint-to-swap, the green channel, and the team management mint **still run on their own rules**. <Md expr="W" /> can still accrue. Deposits can still land.