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The UMA DAO accepts proposals for on-chain actions that require tokenholders approval. An example would be a request for funding from the UMA treasury. The steps to complete a proposal:
Step 1: Post to Discourse
The first step is making a post in the UMA discourse under non-technical UMIPs. The post should outline the key components of a proposal and give the community a chance to submit feedback and recommend changes.
Step 2: Snapshot Vote
When the proposal appears ready, a Snapshot vote can be created by the proposer with a 5 day close. Should it receive majority support at the end of 5 days, it will then pass to snapshot for an indicative vote prior to being put to an on-chain vote.
Proposals that require movement of treasury funds require a 4,000 UMA bond to be posted which is returned if the proposal is successful in an on-chain vote of tokenholders.
RiskLabs, the foundation which established UMA, has indicated its willingness to handle the on-chain proposal and cover the bond payment for proposals which attract majority support on a snapshot poll of tokenholders.
Step 3: On-chain Vote
After a Snapshot vote has successfully passed, an on-chain vote is held to transfer the funds. If the vote is successful, the funds are transferred to the recipient wallet address.