Council Members Present:
- Hart Lambur
- Jeremy Sklaroff
- Jonathan Alexander
- Juan Garre
- Mat Travizano
- Tomasz Stańczak
Opening
The Council meeting opened at approximately 8:00 pm (UTC) on January 31, 2023. It was noted that proper notice had been provided to the Council in accordance with the Bylaws. Six of the Council Members were in attendance and the meeting had a quorum. The Council consented to the appointment of third-party notetakers.
Forta Fee Discussion
The Council opened the meeting by discussing ongoing conversations taking place in the Forta community regarding the necessity of implementing a more comprehensive incentive model to support all of the valuable activity taking place in the Network, especially the work of bot developers that is currently only compensated for by grant programs, which were being funded by other Web3 protocols or by the Foundation itself from the community treasury.
A Foundation consultant mentioned that, after following up on feedback in the Forum regarding the potential implementation of a fee model for the Network, a basic framework for potential fees had emerged through contributions of various constituents in the community. The framework was circulated to the Council for review and discussion ensued.
A Council Member questioned whether a fee model was necessary at this stage of the protocol’s life. Discussion ensued regarding short-term versus long-term balanced economic incentives for all participants in the Forta Network. It was highlighted that several protocols that function similarly to the Forta Network have already implemented fee structures. The Council discussed several variations of Web3 protocol economics that have been used in the Web3 space compared to the fee framework that had been circulated. One Council Member raised several regulatory considerations that should be considered as any fee model takes shape. Another Council Member talked through several technical aspects of implementing a fee model, including the importance of users having access to sufficient decentralized payment rails. It was noted that the FORT token could provide significant utility in implementing any payment model.
A Council Member noted that, while it is ultimately up to the community to decide, it would be beneficial for the Council to commission a larger community conversation on the topic using the presented fee framework as a way to solicit further feedback. Following discussion, it was agreed that the initial fee model framework that was shared should be used to facilitate further discussion in the community and be published to the forum to ensure all community feedback was gathered and all questions were answered.
Closing of the Meeting
There being no further matters, the meeting was closed.