How proposals go live

Anyone can write a proposal on a funded raise. A proposal starts as a draft: the question and on-chain instruction are published, and trading does not begin until the activation requirements are met.

Two paths 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 measures support for opening the market. It does not transfer ownership of the staked tokens.

Then one transaction opens it. Eligibility does not open the market by itself. Anyone can submit the activation transaction from the draft page after either requirement is met.

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 decision market: 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 has not reached its activation threshold. Team sponsorship records the team's signature. Neither state predicts the market outcome.