# Mint Paths

HOLI is a Treasury token. It mints on five paths. If a printer is not in this table, it is not in the model.

| Mint path | Who receives HOLI | Treasury receives assets? | Increases external supply? |
| --- | --- | --- | --- |
| [Genesis](/supply/genesis) | Users / LP | Yes | Yes / No |
| [Premium issuance](/supply/premium) | Stakers (by [w](/staking/allocation)) | Yes | Yes |
| [LP pairing](/supply/lp-pairing) | Treasury LP | Yes / already-held assets | No |
| [Mint-to-swap](/supply/mint-to-swap) | Market | Yes | Temporarily yes |
| [Team management mint](/supply/management) | Dev address | No | Yes |

**Genesis-stage full issuance total: 400,000 HOLI (of which 200,000 sit in Treasury LP).** Genesis is **Yes / No** because subscriber HOLI is external (<Md expr="N_t" />) and the Genesis LP HOLI sits in <Md expr="S_t^{\mathrm{treas}}" />. LP pairing is **No** on external supply because that HOLI stays in the Treasury LP as inventory. **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. Mint-to-swap is **temporarily yes** because HOLI goes to the market as the Treasury takes the asset. Team management mint is the only path that adds external HOLI **without** adding Treasury assets — it is the dilutive row.

**First 7 days after open: no inflation.** That pause is **staking inflation / premium issuance** only — the [premium](/supply/premium) row. [LP pairing](/supply/lp-pairing) (forming [SHYT/HOLI](/launch/genesis-pool), [HOLI/USDG](/launch/usdg-pool), later stock if the gates pass), [mint-to-swap](/supply/mint-to-swap) (still needs **500%** premium), and the [team management mint](/supply/management) **still run on their own rules**. The [green channel](/launch/green-channel) is a market buy via SHYT/HOLI, not a sixth printer. [Quiet period](/launch/quiet-period).