# Mint-to-Swap

**Mint-to-swap:** when premium **exceeds 500%**, the protocol may mint HOLI and **buy approved assets at market**; **at most once per hour**; **≤ 2%** price impact per time.

Premium **exceeds 500%** means market price **> 6× NAV** — <Md expr="P_m > 6\, n_t" />. The Treasury receives the asset. External supply rises for that moment — hence **temporarily yes** in the [path table](/supply/paths).

## Gate

<Eq expr="\pi_t > 500\%" />

That is <Md expr="P_m > 6\, n_t" />.

## Cadence and size

* **At most once per hour**
* **≤ 2%** price impact per time

## Into what

Only **approved** assets — the same list as [asset admission](/treasury-mgmt/admission). **Unapproved assets cannot be mint-to-swap targets.** Bought assets enter the Treasury: undeployed, or immediately into pools.

This mint can run in the [quiet period](/launch/quiet-period). It still needs premium **exceeds 500%**, **at most once per hour**, **≤ 2%** impact — its own rules. It is not staking inflation.