# Governance of the BULL Protocol ### The use of BULL token in BULL governance BULL token — the governance token of the BULL protocol — allows its holders to vote to modify the BULL protocol. It should be noted that not just BULL token holders, anyone can submit a proposal to initiate a BULL token vote. Changes to BULL protocol governance variables are unlikely to take effect immediately after being voted on. If voters choose to activate the Governance Security Module (GSM), these changes will be deferred (up to 24 hours later). This time period gives BULL token holders an opportunity to act, and if necessary, they can trigger a shutdown mechanism against malicious governance proposals (e.g., proposals to modify collateral parameters to be contrary to current monetary policy, or Proposal to turn off the security mechanism). ### Proposal voting and execution voting The BULL governance process includes proposal voting and execution voting. The purpose of the proposal vote is to form a general consensus within the community before proceeding to the executive vote. This helps ensure that governance decisions are carefully considered and consensus reached before entering the voting process. The purpose of performing votes is to approve/reject changes to the state of the system, for example, to vote on risk parameters for newly introduced collateral. Technically, each type of voting is managed by a smart contract. Proposal contracts are smart contracts that programmatically write one or more valid governance actions. The proposed contract can only be executed once. Once executed, it immediately makes changes to the internal governance variables of the BULL protocol. After execution, the proposed contract cannot be used again. ### Responsibilities of BULL token holders #### BULL token holders can vote on the following matters: Introduce a new collateral type and set a set of risk parameters for it Modify, or even add, the risk parameters of one or more existing collateral asset types Select price feeder node group Select emergency information enterer group Trigger emergency shutdown Upgrading the system The design goal of the BULL protocol governance mechanism is to be as flexible and scalable as possible. If the BULL system matures under the guidance of the community, then theoretically, the form of the proposal contract will become more advanced, for example, a proposal contract can bind multiple proposals. For example, a proposed contract could include both an adjustment to the stability fee. However, these improvements are still to be jointly decided by BULL token holders. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://he-chao.gitbook.io/bull-whitepaper/governance-of-the-bull-protocol.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.