Objectives and components

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

The Knicks deployment is two connected House markets: KNX, a bounded, endowed market whose collateral token is USDG, and NYK, a bounded market whose collateral token is KNX. KNX accumulates the reserve from which the endowment controller draws a long-term allocation. NYK is issued against KNX. The settings for both markets are on the Configuration page.

Roles of the two markets

Market	Role	Configuration for the role
KNX	Base market. Issues KNX against USDG and accumulates the reserve that funds the long-term allocation	Endowed reference segment. A wide band and a low target multiple, so the price changes less per token of supply (Curve shape). No public borrowing
NYK	Connected market. Issues NYK against KNX	A narrow band and a higher target multiple, so the price changes more per token of supply. Credit and looping against locked NYK

NYK is a connected market with KNX as its base market. Every NYK price, fee and loan is in KNX. A route from USDG to NYK is two buys: KNX with USDG on the KNX curve, then NYK with that KNX on the NYK curve.

The acquisition vehicle

The delegate for KNX endowment draws is the address of the acquisition vehicle, an entity off chain. Endowment draws go to that address (Drawing). The vehicle’s holdings and agreements are off chain and are not part of any contract in the deployment. The endowment admin can replace the delegate address: it disarms the controller, calls setBeneficiary with the new address, and arms the controller again (The controller).

Components

Component	Contract	In this deployment	How it works
KNX market	`ReferenceCurve_v1`, `ERC20IssuanceCurveBound_v1`	Issues KNX against USDG on a bounded curve	Markets and curves, Curve shape
KNX reserve manager	`ReserveManager_v1`	Endowed. Records the controller’s draws against the KNX reference reserve	Endowed reference segment
Endowment controller	`EndowmentController_v1`	Draws from the KNX reference reserve and sends each draw to the delegate	The controller
NYK market	`ReferenceCurve_v1`, `ERC20IssuanceCurveBound_v1`	Issues NYK against KNX on a bounded curve	Connected markets, Curve shape
NYK reserve manager	`ReserveManager_v1`	Records NYK loans as positions	Credit and looping
NYK credit facility	`CreditFacility_v1`	Lends KNX against locked NYK, valued at the NYK reference price	Credit and looping
KNX credit facility	`CreditFacility_v1`	Deployed with the market. No address is granted `borrow` on KNX	Who can call what at launch
Fee treasuries	`SplitterTreasury_v1`, one per market	KNX: all fees to the KNX treasury. NYK: 50% to the NYK elevation treasury, 25% to the NYK treasury for operations and 25% to the community treasury	Fees and routing
Elevation treasuries	`ElevationTreasury_v1`, one per market	Wired to each market’s fee treasury. The elevation share of fees is 0%	How the reference price increases
NYK early access	`Presale_v1`, with its own `SplitterTreasury_v1`	Sells NYK for KNX before public buying opens	Early access
Keeper	Off chain, holds `REBALANCER`	Calls `rebalanceSegments` on both curves on a daily schedule	Keeper policy
Routers	`AtomicBuyRouter_v1`, `AtomicSellRouter_v1`, `AtomicLoopRouter_v1`, `AtomicRepayRouter_v1`	Trade across KNX and NYK in one transaction	Routers
Authority	`AUT_Roles_v2`, `MarketFreezeGuardian_v1`, `AdminExecutionCore`, one set per market	Role checks, freeze and delayed admin calls for each market	Authority
Acquisition vehicle	Off chain	Receives KNX endowment draws as delegate	—

Contracts, roles and addresses lists every contract each market deploys and who holds each role. Lifecycle and states describes the deployment’s states from launch onward. _{Source: house-markets/contracts at 0ebbc89a (branch integration/v12-post-qa); house-markets/config-space at d2d3c7fc (main).}

Overview

How it works

Deployments

Reference

Objectives and components

Roles of the two markets

The acquisition vehicle

Components