> ## Documentation Index
> Fetch the complete documentation index at: https://docs.star.fun/llms.txt
> Use this file to discover all available pages before exploring further.

# Decision markets

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Decision markets govern the project treasury on **every launch, in every ownership structure**. The treasury holds the raised funds, the trading fees, and the revenues. Day-to-day operations stay with the founding team; decision markets are scoped to high-impact choices, like treasury allocation and structural changes.

For founders, the markets work like a board: backers get a structured, market-mediated say over major decisions. For backers, the markets replace trust in founder discretion with a mechanism.

## How a proposal works

<Steps>
  <Step title="A holder opens a proposal">
    A token holder with at least **5% of supply** can create a proposal.
  </Step>

  <Step title="The market prices it">
    The proposal runs as a market on Star, on the project's own page. Markets are also available on
    [combinator.trade](https://www.combinator.trade/). Participants put capital behind outcomes. The
    prices are a real-time signal on which decision is expected to maximize long-term value.
  </Step>

  <Step title="The outcome executes">
    The market outcome decides whether the treasury action is carried out.
  </Step>
</Steps>

## What the markets govern

* **The treasury.** Raised funds are released to the team in monthly allowances. Larger expenditures require a proposal.
* **Allowance changes.** The monthly allowance can be increased or decreased through a proposal. A founder proposes an increase; holders can propose a decrease. Both go to the market like any other treasury decision.
* **Structural changes.** A shift to a different funding structure, or a follow-on fundraise, goes to the market.

## What this gives backers

* Founders cannot extract funds or force major decisions unilaterally.
* Treasury usage is visible and governed by predefined mechanisms.
* Backers can react when information changes, not only at governance windows.