A proposal is a ranked-choice ballot with two or more options that a caper's members vote on to decide what the treasury does. Each option is either legislative (signal-only) or executive (it carries an on-chain action the contract performs if that option wins).

Action kinds

A caper supports four action kinds:

• TEXT — legislative, no on-chain action. Pure signal: a sentiment check, a mandate, a statement of intent.
• PAYOUT — transfers a chosen currency and amount from the treasury to a recipient (another caper's treasury or a raw account).
• INVEST — withdraws XRD from this treasury, buys a target caper's governance token on its bonding curve, and deposits the tokens back into this treasury.
• VOTE — casts a pre-committed ranked ballot on another caper's proposal, using one governance token of that target the treasury holds — letting a caper act as a member of another caper.

The no-execution option

Every proposal carries a no-execution option that voters can rank above any executive option. If it finishes first, the proposal resolves without touching the chain — the deliberate "do nothing" outcome, always on the ballot so a proposal can be defeated rather than only redirected.

Passing the vote

Options are scored by ranked-choice weight, and the leading option only executes if it clears a supermajority — a 1.5 / N share of all weight cast, where N is the option count. Falling short leaves the proposal resolved with no action. For how this maps onto the wider DAO pattern of forum discussion → temperature check → formal proposal, see the DAO proposal lifecycle.

The proposal lifecycle

A proposal moves through three phases — propose, vote, execute — and can carry one of three on-chain actions. Winning takes more than a plurality: the top option must clear a supermajority of the vote.