# Treasury Rebalancing

## If undeployed is above 30%

Target is undeployed **\< 30%**. **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 sits above 30% — or the community separately approves using reserves — <Md expr="w" /> also votes to allocate idle funds into **already-approved** pools. The team may then execute that **passed** vote: swap undeployed single-asset for the admitted stock and mint pairing HOLI into the pool **at the then market price**. [POL Deployment](/treasury-mgmt/deployment).

This is not an automatic drain. The team cannot skip the name vote to form a new Stock/HOLI book. It cannot run this path while undeployed is at or under 30% unless a **separate approval** to use reserves says otherwise. **Undeployed reserves after the HOLI/USDG deploy (i.e. after Genesis): about $100,000 USDG remaining** (**25%** of opening <Md expr="A_0" />), so stock pools wait.

## LP rebalancing

Full-range V4 still drifts. Stock vs HOLI vs USDG weights move. Open questions:

* When is a pool "off" enough to touch?
* Do we add inventory, withdraw, or mint-to-swap?
* Caps from [admission](/treasury-mgmt/admission) still bind.

**Not fixed.**

## Who executes

The three layers — automatic, governance, team — and which actions sit in each are [Execution & Control](/risk). For undeployed **again > 30%** (or a **separate approval** to use reserves), the team may execute a **passed** HOLI/Stock deployment or a **passed** idle-fund allocation. That part is fixed. The team does not form a new Stock/HOLI book without the name vote.

What is still open on this page is **LP drift**: when a live pool is off enough to touch. A rebalance that is still a signer click is not "the protocol rebalanced." Until that trigger is written into contracts, assume human signers can still be in the path, and disclose that.