Lifecycle and states

Draft. The Knicks deployment is not yet live, and everything on this page is subject to change before deployment.

The Knicks markets move through a set of states, each started and ended by a call to a market contract. Every call by ECONOMIC_ADMIN or DEFAULT_ADMIN_ROLE is scheduled on the market’s admin execution core and waits the core’s minimum delay (The admin execution core).

States

State	Market	Starts when	Who acts	What is possible	Ends when
Sealed	Both	The launch route seals the market’s admin role (`sealDefaultAdmin`)	Deploy signer, then the market’s admin execution core	Buying and selling are closed. Early access is `NotOpen`. `PUBLIC_ROLE` holds `sell`, credit `repay` and the staking entry points, and `sell` reverts while the sell switch is closed	`ECONOMIC_ADMIN` opens early access or a trading switch
Endowment setup	KNX	The KNX reserve manager is initialized with an endowment controller and an endowment admin	Endowment admin	`buy`, `sell`, credit draws and endowment draws revert. The endowment admin registers the controller, activates the endowment and finalizes setup, in that order. Registration reverts if any KNX supply exists	The endowment admin calls `finalizeEndowmentSetup`. Finalization cannot be undone
Early access, allowlist stage	NYK	`ECONOMIC_ADMIN` opens the NYK buy switch and calls `setPresaleState` with `Whitelist`. The call requires a non-zero Merkle root	`ECONOMIC_ADMIN`; buyers	Addresses in the allowlist register with a Merkle proof and buy NYK with KNX through the presale module. The fee is 10% of the deposit, the multiplier is 1×, and the global cap is 1,000,000 NYK. The presale module holds the bought NYK. `PUBLIC_ROLE` does not hold the curve’s `buy`	`ECONOMIC_ADMIN` moves to `Public` or `Closed`, or the end timestamp is reached
Early access, public stage	NYK	`ECONOMIC_ADMIN` calls `setPresaleState` with `Public`	`ECONOMIC_ADMIN`; buyers	Any address buys NYK with KNX through the presale module, on the same terms	`ECONOMIC_ADMIN` moves to `Closed`, or the end timestamp is reached
Early access closed	NYK	`ECONOMIC_ADMIN` calls `setPresaleState` with `Closed`, or the end timestamp is reached	Position owners; `DEFAULT_ADMIN_ROLE`	Each position owner claims NYK with `claimAll`. Under the configuration, the NYK reference segment is set from the filled supply and the reserve after fees, and the band and tail are rebuilt from the curve policy (Configuration)	`DEFAULT_ADMIN_ROLE` grants `PUBLIC_ROLE` the curve’s `buy` and the credit facility’s `buyAndBorrow` and `borrow`
Public trading	Both	`PUBLIC_ROLE` holds the curve’s `buy` and both trading switches are open	Any address; the rebalance keeper; `ECONOMIC_ADMIN`	Any address buys and sells on the curve. On NYK, any address can lock NYK it owns, borrow KNX against it, and loop up to 26 rounds per transaction. The keeper calls `rebalanceSegments` on the daily schedule. Fees go to each market’s fee treasury	`OPERATOR` closes a trading switch, or the market is frozen
Endowment draws	KNX	The endowment admin sets the delegate and arms the controller. `arm` requires setup closed and the endowment activated	Endowment admin	The endowment admin draws from the KNX reference reserve to the delegate, within the draw bound. KNX trading continues. A sell that takes KNX supply below the reference segment’s size reverts if outstanding draws are above the reference price times the new supply	The endowment admin calls `disarm`. Drawn amounts stay recorded as outstanding draws
Trading switch closed	Either	`OPERATOR` calls `disableBuy` or `disableSell`	`OPERATOR`; `ECONOMIC_ADMIN`	Calls in the closed direction revert. Calls in the open direction continue	`ECONOMIC_ADMIN` calls `enableBuy` or `enableSell` with the current disable epoch
Frozen	Either	The emergency Safe calls `freeze` on the market’s freeze guardian	Emergency Safe; approval Safe	Trading, claims, `arm`, `draw` and the other `permissioned` and `whenNotFrozen` functions revert. `disableBuy`, `disableSell`, `disarm`, `setBeneficiary` and the authorizer’s functions work	The approval Safe approves a reopen and executes it at least 24 hours later

The functions in each state are explained on these pages:

State	How it works
Sealed	State at the end of the launch route, After the launch route
Endowment setup	Setup
Early access	States, Allowlist, The fee, Caps
Early access closed	Claiming, After early access
Public trading	Markets and curves, Credit and looping, Keeper policy, Fees and routing
Endowment draws	Drawing, Draw bound, Sells into the reference segment with outstanding draws
Trading switch closed	Trading switches
Frozen	Freeze, Freeze and reopen

Order across the two markets

NYK early-access deposits and NYK purchases are in KNX. A buyer holds KNX before buying NYK, either from the KNX curve or from another address.

The NYK presale module buys through the NYK curve’s buy, so the NYK buy switch must be open during NYK early access.
KNX can be bought on the KNX curve when the KNX buy switch is open and PUBLIC_ROLE holds the KNX curve’s buy.
On KNX, endowment setup closes before any trade. Registration of the controller reverts if any KNX supply exists.
KNX trading continues while the controller is armed and drawing.

Ending the endowment

Draws stop when the endowment admin calls disarm. Drawn amounts stay recorded as outstanding draws (States). The NYK fee split can be changed, for example to direct the elevation and operations shares toward restoring the KNX reserve. The holder of DEFAULT_ADMIN_ROLE on the NYK fee treasury makes the change with setRecipients and setElevation (NYK fee split). In this version of the contracts:

restoreUnbackedReserves accepts at most the caller’s own recorded draw. The controller is the only address with a recorded endowment draw, and EndowmentController_v1 has no function that calls restoreUnbackedReserves (Restoration).
EndowmentController_v1 has no function that calls setReferenceSellsClosed. The KNX reference-sell switch stays open (Reference-sell switch).
The controller’s configuration fields for a secondary reserve and for returns are not active (_isFullModeEnabled returns false) (Configuration fields not active in this version).

No state after Endowment draws is implemented on chain in this version. Draws stay recorded as outstanding draws on the KNX reserve manager, and the draw bound applies to every later draw and to every sell into the KNX reference segment. _{Source: house-markets/contracts at 0ebbc89a (branch integration/v12-post-qa); house-markets/config-space at d2d3c7fc (main).}

Overview

How it works

Deployments

Reference

Lifecycle and states

States

Order across the two markets

Ending the endowment