How proposals go live
Anyone can propose. A team signature or a backer stake is what opens the market.
Anyone can write a proposal on a funded raise — there is no committee to convince and no form to be approved. But a proposal is not a market yet. It starts as a draft: the question and the on-chain instruction are published, and nothing trades until the DAO's own people put something behind it.
Two doors from draft to live
The team sponsors it. A wallet on the raise's team can sponsor any draft, and it is eligible to open immediately. This is the fast path for spends the team itself is asking for — sponsorship is a signature, not a payment.
Backers stake behind it. If the team doesn't sponsor — or the proposal challenges the team — anyone can stake the DAO's token toward a threshold the DAO sets. Reach the threshold and the draft is eligible without anyone's permission. Stake is never locked — you can unstake while the draft waits and just as freely after the market opens. The threshold is coordination, not custody: it exists to be reached, not to hold your tokens hostage.
Then one transaction opens it. Eligibility doesn't open the market by itself — a single launch transaction does, and anyone can send it from the draft's page once either door is through. Sponsorship and staking are the permission; the launch is just the key turning.
What happens when it opens
Activation splits the market into its pass-world and fail-world pools, seeded at the same price by the futarchy AMM — no one has to provide liquidity by hand. From there it is a normal : trade either world during the window, and the time-weighted average prices decide. If the pass TWAP clears the fail TWAP by the DAO's threshold, the proposal's instruction executes exactly as decoded on its page.
Reading a draft as a backer
A draft's page shows the stake bar — how much is behind it against the threshold. A draft that sits unstaked for days is itself information: nobody with skin thought it deserved a market. A draft the team sponsors instantly tells you the team wants this spend. Both are disclosures, and neither is a verdict — the market that follows is the verdict.