# Genesis Mint

Genesis is the **one-time** start mint. It does not run again.

**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 issuance at full quota: 200,000 HOLI, to USDG subscribers.** **Full-quota NAV denominator: 200,000 HOLI** (total issuance minus Treasury-held, **including HOLI in pools**). Default mint is **400,000**: <Md expr="N_{\mathrm{USDG}} = 200{,}000" /> to USDG subscribers (external) plus <Md expr="N_{\mathrm{pool}} = 200{,}000" /> into Treasury SHYT/HOLI. That LP lot is Treasury-held — **not** subscriber HOLI — so <Md expr="N_0 = S_0 - N_{\mathrm{pool}} = 200{,}000" /> (**outside supply**). If a Dutch auction clears above $1, subscriber count follows clearing.

Two lots, one event:

1. **User mint** — HOLI sold through the [main channel](/launch/genesis) for USDG. Default: **$1 / HOLI**. If a Dutch auction clears above $1, booked raise and issued count follow the clearing result. That HOLI is **external**. The Treasury receives USDG.
2. **LP mint** — <Md expr="N_{\mathrm{pool}}" /> HOLI paired into the Treasury-owned [SHYT/HOLI pool](/launch/genesis-pool). Treasury-side. Does not enter <Md expr="N_t" />.

The fund pairs **$200,000** market-value SHYT with **another minted 200,000 HOLI** as the [green-channel](/launch/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. <Md expr="N_0" /> is **outside supply**. Official NAV marks the **1×** external legs. [Opening balance sheet](/launch/opening-balance-sheet).

**At Genesis close**, deploy [HOLI/USDG](/launch/usdg-pool) with **100,000 USDG** minting **50,000 HOLI at $2**. While those 50,000 sit in the **Treasury pool**, **outside supply is unchanged**, **NAV is $2**; **undeployed USDG remaining $100,000**. Main-channel subscribers bought at **$1**, against **200,000 outside HOLI** and **$2 NAV** — a **one-time discounted issuance**. That later [HOLI/USDG](/launch/usdg-pool) print is [LP-pairing mint](/supply/lp-pairing), not Genesis mint. The **LP is Treasury-owned**. The 50,000 stay in Treasury LP; <Md expr="N" /> unchanged; **NAV still $2**. <Md expr="S" /> and <Md expr="S^{\mathrm{treas}}" /> both rise 50k; the denominator does not become 250k.

**Main-channel eligibility:** first hour limited to the **NET / SHROOM / SHYT snapshot whitelist**; thereafter **open to all addresses**. [Eligibility](/launch/eligibility). This page only names the mint: once, at start, users and LP, not a standing printer.