Every ANT can become an Aragon incubator. Aragon incubators create milestones for projects and propose them with ANT collateral (determined by each projectDAO) to the project DAOs. Each milestone proposal has to comply to the “milestone standard” where every milestone is divided into milestone-steps. each milestone-step has an estimated working time and skill level attached to it. The price/value of one milestone-step is calculated based on the average international wage (working time and required skill level). Once a milestone proposal is accepted by the project-DAO the project-DAO is minting project-tokens based on a bonding curve (the more previous milestone-steps the higher the token price ). Those project tokens get locked into each milestone-step based on their value. Once someone does the step s/he will receive the reward locked in the milestone-step-contract. The milestone creator gets the 1ANT back + $ worth of project tokens (determined by the projectDAO).
If someone wants to exchange their project-token for DAI then s/he can send the tokens to a contract with the bonding curve price and users who want to buy project tokens can deposit DAI in the contract and receive project-tokens.
Another job of Aragon Incubators is to vote on the project Level. Based on different parameters (finished milestones, users, revenue etc.) ANTs vote on projects. The higher the level of the project, the higher the token price on the bonding curve.