# Protocol

#### Fees

* **Spot**: 0.09%
* **Perpetuals**: 0.018% maker / 0.045% taker
* BDX holders receive up to 20% discount
* Fees are allocated to buyback and the team fund

#### Margin

* Supports both **cross-margin** and **isolated margin**.
* All calculations are private but verifiable through zk-proofs.

#### Governance

* Governance is managed through a **Council**.
* BDX holders vote on protocol upgrades and new features.

#### Security

* Smart contracts are audited.
* Bug bounty program is in place.
* zk-proofs serve as a cryptographic guarantee of fairness.