A derivatives market isn't defined only by its matching engine. Decisions about margin requirements, funding parameters, fees, and which markets can launch also shape how that venue behaves. Injective's derivatives governance gives these decisions a place in the protocol's governance process. That matters because risk settings aren't just technical details; they influence who can participate and how a market responds under pressure. The tradeoff is that governance quality depends on participation, incentives, and the information voters have. Onchain governance makes decisions more transparent, but it doesn't automatically make every decision good. #Injective ethereum:0xe28b3b32b6c345a34ff64674606124dd5aceca30