- Demian Brener
- Jeremy Sklaroff
- Jonathan Alexander
- Juan Garre
- Mat Travizano
The Council meeting opened at approximately 8:00 pm (UTC) on October 4th, 2022. It was noted that proper notice had been provided to the Council in accordance with the Bylaws. 5 of the Council members were in attendance and the meeting had a quorum. The Council consented to certain third parties’ attendance at the meeting to present to the Council, as well as to the appointment of third-party notetakers.
Outcome of FP-4 FORT Token Holder Vote
The Council reviewed the results of the FP-4 FORT token holder vote regarding delegated staking which took place between September 27-30, 2022, and confirmed that FP-4 was overwhelmingly approved by FORT token holders.
The Council discussed the community engagement that ensued throughout the FP-3 vote, and the implementation of new community feedback into FP-4. A Council member noted that it appeared that the community’s feedback in the governance forum and on Discord that evolved FP-3 into FP-4 was the catalyst for its approval. Another Council member mentioned that the approval of FP-4 was a milestone for the Network as it validated the continued engagement of the community in the Network’s governance process. The Council agreed that they should remain diligent in fostering community engagement as the Network evolves.
Staking Increase for Scanner Nodes
A Council member noted that the increase to the minimum FORT token stake became effective on September 30, 2022 and is now being enforced on-chain. The Council discussed multisig signing practices and how such logistical issues could be solved going forward.
Slashing Policy Update
The Council was provided with an update on the slashing policy following the Forta community’s approval of FP-2. A consultant to the Foundation presented several key components of the policy for the Council’s feedback, and discussion ensued. One Council Member noted that they were happy to see that the Forta community was being consulted as the policy was taking shape, and encouraged the Foundation to continue to incorporate such feedback and the other Council members agreed. The Council determined that the final version of the slashing policy should be shared with the Council for final review in accordance with FP-2 so it could be reviewed async in detail prior to publishing.
Node Operators FORT Rewards
The Council discussed the ongoing rewards formula in place for node operators and noted that the current amount of FORT designated for rewards was still set at 400,000 FORT per week following the increase of minimum stake requirements for node operators. A consultant to the Foundation pointed out that due to the decrease in nodes in the Network following the increase in their stake requirement, maintaining the weekly amount of FORT designated for the rewards program results in node runners being compensated significantly more than they had been in the past. Another Council Member suggested that even if the aggregate amount of FORT rewards being distributed per week was reduced, node runners could still likely receive as much or more rewards than they had previously been receiving. The Council suggested that the consultant should compile updated data regarding current node runner rewards to determine if aggregate rewards distributed from the treasury could be reduced and following discussion it was agreed that regardless of the data, the community’s feedback should be incorporated into any adjustment of the rewards program structure going forward. The Council agreed to continue this discussion at the next meeting.