# House

> House is a set of contracts for markets that issue a token against a collateral token on a curve where price is a function of supply.

## Overview

- [Overview](/overview): House markets issue a token against a collateral token at prices set by a curve over the token's supply.

## How it works

- [Markets and curves](/how-it-works/markets-and-curves): A House market is a ReferenceCurve_v1 contract that issues a token against a collateral token at prices set by a step curve over supply.
- [Curve shape](/how-it-works/curve-shape): The curve shape is the layout of premium segments that a ReferenceCurve_v1 market holds above its reference segment. Flat and bounded are the two configured options.
- [How the reference price increases](/how-it-works/reference-price-increases): Two ReferenceCurve_v1 functions increase the reference price: rebalanceSegments moves collateral the curve already holds into the reference segment, and elevate adds collateral to it.
- [Credit and looping](/how-it-works/credit-and-looping): CreditFacility_v1 lends a market's collateral token against locked issuance tokens, valued at the reference price, and can repeat buy-and-borrow rounds in one transaction.
- [Staking](/how-it-works/staking): StakingManager_v1 locks a staker's issuance tokens, draws collateral from the market's reserve against them at the reference price, deposits that collateral into an approved strategy, and pays out position value above the debt, less a performance fee.
- [Fees and routing](/how-it-works/fees-and-routing): A market sends every fee it charges to its fee treasury, a SplitterTreasury_v1 contract that divides each payment between elevation and a list of recipients.
- [Endowed reference segment](/how-it-works/endowed-reference-segment): On an endowed market, the endowment controller (EndowmentController_v1) draws collateral from the reference segment's reserve through ReserveManager_v1 and sends it to a delegate address.
- [Early access](/how-it-works/early-access): Early access is a phase before public buying, in which the presale module Presale_v1 buys a market's issuance token for buyers, holds it, and releases it after the phase closes.
- [Connected markets](/how-it-works/connected-markets): A connected market is a ReferenceCurve_v1 market whose collateral token is another House market's issuance token. Periphery routers trade across both markets in one transaction.
- [Authority](/how-it-works/authority): Each market has a role authorizer, AUT_Roles_v2, that lists which roles can call each permissioned function of the market's contracts. A freeze guardian, an admin execution core and the governance contracts set the delays and the upgrade path.
- [From configuration to live market](/how-it-works/configuration-to-live-market): ReferenceCurveFactory_v1 creates and initializes a market's contracts in one transaction. The launch route then grants roles, hands the admin role to the market's admin execution core, seals it and checks each result on chain.

## Deployments

- [Knicks: objectives and components](/deployments/knicks/objectives): The Knicks deployment is two connected House markets: KNX, an endowed market whose collateral token is USDG, and NYK, a market whose collateral token is KNX.
- [Knicks: configuration](/deployments/knicks/configuration): The settings of the KNX and NYK markets, each linked to the page that explains the parameter and to the configuration line that sets it.
- [Knicks: lifecycle and states](/deployments/knicks/lifecycle): The states of the KNX and NYK markets from launch to public trading and endowment draws, with what starts each state, who acts, what is possible and what ends it.
- [Knicks: contracts, roles and addresses](/deployments/knicks/contracts): The contracts each Knicks market deploys, the roles on each market's authorizer and who holds them, and the routers for the KNX and NYK pair.

## Reference

- [Glossary](/reference/glossary): Definitions of the terms used in the Overview and How it works pages, each with its code name and a link to the page that explains it.
- [Contract reference](/reference/contracts): Contracts at house-markets/contracts@0ebbc89.
- [Licence](/reference/licence): House contract code is licensed under the Business Source License 1.1. Components from the Inverter Network framework stay under the LGPL v3.
- [Audits and known limitations](/reference/security): Audit reports published with the House contracts, and the limitations that the contract NatSpec documents as residual or as bounded off chain, at commit 0ebbc89a.