> For the complete documentation index, see [llms.txt](https://templardao-finance.gitbook.io/templardao/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://templardao-finance.gitbook.io/templardao/protocol-internals/policy.md).

# Policy

## Bonds

The **BCV** allows us to scale the rate at which bond premiums increase. A higher BCV means a lower discount for bonders and more protocol profit. A lower BCV means a higher discount for bonders and less protocol profit.

The **vesting term** determines how long it takes for bonds to become fully redeemable. A longer term means lower inflation and lower bond demand.

## Treasury

Profit Allocations are the only treasury variable. This allows us to choose who receives profits from the protocol.