Governance, within rails - Denar Markets

The $DENAR token contract is live; distribution has not happened yet. The voting process itself — quorums, timelocks, delegation — will be published at token generation. This page documents what will and will not be governable, which is already fixed by the contracts.

$DENAR is the protocol’s steering wheel — with the honest caveat that Denar was built so there is deliberately little to steer. The lending core is immutable; no vote can change how a live market prices, liquidates, or holds collateral.

What holders steer

Everything the contracts expose as a bounded parameter:

Domain	Governable	The ceiling no vote can cross
Market policy	Which new markets and collaterals get listed; vault caps and their ordering	Existing markets are immutable once created
Fee dials	The protocol fee on borrower interest	25% hard cap in the core
dUSD reserve fee	The performance slice of reserve earnings	50% hard cap in the contract
The dollar’s limits	Buffer floors, rotation limits, per-market caps for dUSD’s direct lending	Solvency checks are not parameters
The burn	How each revenue line’s buyback share evolves	Above whatever floor is fixed at generation

What nobody can touch

The list that matters more than the one above:

How a live market prices, accrues interest, or liquidates — the Morpho Blue core is immutable.
The hard caps themselves: 25% on market fees, 50% on the reserve fee.
The 1:1 mint and redeem arithmetic of dUSD.
Burned $DENAR — there is no unburn.

Token holders steer the engine; nobody — holders included — can remove the guardrails.