# Tessera

> The liquidation network for permissioned real-world assets.

## Docs

- [Tessera](https://docs.tessera.finance/index.md): The liquidation network for permissioned real-world assets.
- [Architecture](https://docs.tessera.finance/protocol/architecture.md): The four-layer protocol architecture and the contracts that compose it.
- [Auction Mechanism](https://docs.tessera.finance/protocol/auction-mechanism.md): Dutch decay math, per-asset-class parameters, and bidding strategy.
- [Compliance Model](https://docs.tessera.finance/protocol/compliance-model.md): Delegation to the issuer's identity registry, two-stage solver verification, and the compliance adapter library.
- [The Composability Problem](https://docs.tessera.finance/protocol/composability-problem.md): Why standard liquidation breaks for permissioned RWAs, and what the state of the art looks like at the top of the market.
- [Events](https://docs.tessera.finance/protocol/events.md): Every event the protocol emits, in the order it appears, with indexed fields and schemas.
- [Invariants](https://docs.tessera.finance/protocol/invariants.md): What the protocol guarantees, and how those guarantees are enforced on-chain.
- [Protocol Overview](https://docs.tessera.finance/protocol/overview.md): What Tessera is, what it isn't, and why the architecture looks the way it does.
- [Settlement Adapters](https://docs.tessera.finance/protocol/settlement-adapters.md): The pluggable settlement interface, the three planned adapters, and the Aqua dependency story.
- [What Tessera Does](https://docs.tessera.finance/what-is-tessera.md): The protocol in one paragraph, the three-actor structure, the four-layer architecture.

## OpenAPI Specs

- [openapi](https://docs.tessera.finance/api-reference/openapi.json)

## Optional

- [GitHub](https://github.com/tessera-finance)