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

# Governance

> Progressive decentralization: human oversight, agent autonomy, and token-holder participation.

Strata's governance layer bridges human oversight, autonomous agents, and token-
holder participation. It is designed for **progressive decentralization**: start
centralized (founding team and agents), earn trust through track record, and
gradually delegate authority to on-chain governance.

## The Risk Committee

The Risk Committee is the central risk-governance body. Its authority scope:

<AccordionGroup>
  <Accordion title="Has authority over" icon="circle-check">
    * **Collateral eligibility** — which asset classes qualify for srUSD minting; which SPVs are approved
    * **LTV and CR parameters** — collateral ratios and loan-to-value limits per asset class
    * **Issuance limits** — system-wide, per-SPV, and per-engine caps
    * **Emergency actions** — system-wide pause, engine quarantine, oracle overrides
    * **Agent policy ceilings** — absolute maxima for all agent (Steward) policy parameters
    * **Valuation methodology** — valuation approaches, haircuts, oracle sources
    * **Concentration limits** — maximum borrower and asset-class exposure
  </Accordion>

  <Accordion title="Does NOT have authority over" icon="circle-xmark">
    * veSTRA token distribution (governed by token holders)
    * Revenue-split changes greater than 5% (requires a governance vote)
    * Entity-structure changes (a board / legal matter)
  </Accordion>
</AccordionGroup>

## Phased decentralization

<Steps>
  <Step title="Phase 1 — Founding team & agents">
    The founding team and autonomous agents operate the system under explicit
    policy ceilings, building a track record.
  </Step>

  <Step title="Phase 2 — Independent oversight">
    An third-party risk advisor joins for independent model validation and oversight.
  </Step>

  <Step title="Phase 3 — Token-holder representation">
    A community seat, elected by veSTRA holders, joins governance, expanding
    on-chain participation.
  </Step>
</Steps>

## Agents under policy

Autonomous agents execute operations within bounds the Risk Committee sets.
Agent policy ceilings define absolute maxima; state-changing on-chain actions are
proposed and gated through a policy layer (Steward) before signing. Agents
propose; policy and humans sign.

<Info>
  The model is layered: agents act inside policy ceilings, the Risk Committee sets
  those ceilings, and token holders progressively assume the authority the team
  delegates.
</Info>

<Card title="Security & trust assumptions" icon="shield" href="/protocol/security-and-trust">
  What you must trust, and what the protocol enforces.
</Card>