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The proposer bond is a WOOD deposit the governor pulls into ProposerBondEscrow inside propose. It is released when the proposal reaches a terminal state and forfeited only on a challenge conviction. It is the second WOOD pull a vault creator makes; the first is the owner stake.

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Who needs WOOD

Depositors need no WOOD. Guardians stake separately (minGuardianStake 10,000 WOOD), see Guardian Review. The owner stake is slashed only when guardians block an owner emergency settle (finalizeEmergencySettle burns it in full). Proposing and executing require the stake to be live (OwnerBondNotLive): an owner who has requested an unstake cannot propose until cancelUnstakeOwner.

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Quote

  • proposerBondBps is 100 (1%), an ExposureLedger parameter (setter bound ≤ 10,000).
  • requiredCoverage is the sum over execute and settlement calls of cap_i × boundBps_i / 10_000. An uncertified (tier 2) call prices at full notional, so an uncertified Portfolio proposal books about twice its deployed capital.
  • woodPriceX8() is the haircut price: min(feed, cap) × woodHaircutBps / 10_000, with woodHaircutBps 5,000 (50%) at launch and the cap set at 4× spot. The haircut halves the dollar value of each WOOD, so the WOOD count is twice what the spot price implies.
  • A zero-coverage proposal quotes zero and needs no price. Any other proposal reverts NoWoodPrice while WOOD is unpriceable (feed older than its max delay, pool depth below the floors, or cap unset).
Put together, at launch: The number scales with the book and with the WOOD price. A WOOD price fall raises the WOOD count of every new bond. Never treat a fixed WOOD figure as the requirement: quote it live from ExposureLedger.proposerBondWood (sherwood strategy propose prints it) at the moment you propose.
Reserve rule for creators. Hold, in the creator wallet and outside the vault: 10,000 WOOD for the owner stake plus roughly 10% of the capital you plan to deploy, in WOOD, for uncertified strategies (about 2% once the Portfolio class is certified). That covers the bond with room for a WOOD drawdown or two overlapping proposals. Add 1,000,000 WOOD if your creation is not sponsored. Acquisition is a Uniswap swap on Robinhood Chain; the token and pool addresses are on Deployments.

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Pull and release

  • Pull. lockBond(proposalId, proposer, amount) runs inside propose as a safeTransferFrom from the proposer. The wallet must hold the WOOD and have approved the escrow; an allowance alone reverts in the token. The CLI quotes the bond, sets the allowance and refuses early if the balance is short (InsufficientProposerBondWood is a CLI-side name, not a contract error).
  • Release. reclaimProposerBond(proposalId) is permissionless and always pays the recorded proposer. The state must be Rejected, Expired, Cancelled or Settled (ProposalNotTerminal); a zero bond reverts NoBondToReclaim. The first three release immediately. A Settled proposal passes three gates, each reverting ChallengeWindowOpen while it fails:
    1. now ≥ executedAt + strategyDuration + ExposureLedger.challengeWindow() (14 days);
    2. the proposal’s coverage is not frozen by a live challenge;
    3. now is past both the game’s executedAt + strategyDuration + ChallengeGame.challengeWindow() and any re-armed challengeableUntil.
  • Forfeit. Only a challenge conviction (a guilty verdict, or silence for autoSlashDelay after a filing) forfeits the bond: forfeitBond pays prosecutorFeeBps (20%) to the challenger and burns the rest. A later reclaimProposerBond then emits ProposerBondForfeitureAcknowledged and clears the record. Challenge filings are paused through the private beta, so no bond can be forfeited until they are unpaused.
A guardian coverage shortfall at execute scales the proposal; it does not resize the bond.

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Where to look

ExposureLedger and ProposerBondEscrow are part of the launch’s second deployment run; their addresses are published on Deployments after the ceremony. The proposer bond is not a governor setter and does not appear in sherwood governor info.