> ## Documentation Index
> Fetch the complete documentation index at: https://docs.denar.markets/llms.txt
> Use this file to discover all available pages before exploring further.

# Governance, within rails

> $DENAR holders steer everything the contracts expose as a bounded parameter — and nothing else. The lending core is immutable, and no vote can remove a guardrail.

<Info>
  The [\$DENAR token contract is live](/token/denar); 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.
</Info>

\$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](/dusd/mint-and-redeem).
* Burned \$DENAR — there is no unburn.

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