$FBK holders vote on protocol parameters. Proposals pass with a quorum and are executed automatically on-chain — no intermediaries.
What the DAO can vote on
Approve or revoke KYC attestors
Adjust the protocol fee (currently 15% of yield)
Deploy yield to new Morpho Blue markets
Upgrade contracts via timelock
Allocate treasury funds
What the DAO can never do
Block withdrawals — hard-coded in contract
Confiscate user funds
Change a user's balance without deposit/withdraw