# Token Holders Token Holders 🥮 collectively constitute the DAO (decentralized autonomous organization) that oversees the **Defi Options** protocol. Through a proposal voting process they can change the parameters that govern the options exchange operations, such as: * Credit / Debt interest rates * The exchange's payment processing fee * The stablecoins accepted by the exchange * Registered underlying price feeds (against which options are written) * Collateral model parameters (ex: volatility period, multipliers, etc) Besides that token holders can also submit proposals for using the exchange's excess capital, for instance for being used as additional collateral for covering loans from defaulting debtors, for being invested in the protocol's continuing development, or simply for being distributed among token holders themselves. --- # 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://docs.defioptions.org/protocol/roles/token-holders.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.