> For the complete documentation index, see [llms.txt](https://docs.belugas.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.belugas.io/governance.md).

# Governance

The Belugas protocol is governed and upgraded by BUL token-holders, using three distinct components; the BUL token, governance module (Governor Bravo), and Timelock. Together, these contracts allow the community to propose, vote, and implement changes through the administrative functions of a bToken or the Comptroller. Proposals can include changes like adjusting an interest rate model, to adding support for a new asset.

Any address with more than 10,000,000 BUL delegated to it may propose governance actions, which are executable code. When a proposal is created, the community can submit their votes during a 3 day voting period. If a majority, and at least 20,000,000 votes are cast for the proposal, it is queued in the Timelock, and can be implemented after 2 days.

## BUL

BUL is an [ERC-20](https://github.com/ethereum/EIPs/blob/master/EIPS/eip-20.md) token that allows the owner to delegate voting rights to any address, including their own address. Changes to the owner’s token balance automatically adjust the voting rights of the delegate.