Minutes of the Forta Governance Council (10/4/2022)

Council Members

  • Demian Brener
  • Jeremy Sklaroff
  • Jonathan Alexander
  • Juan Garre
  • Mat Travizano

Opening

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.

Hello, I’m Ergun. I read the meeting texts. I am a node runner from testing phase to every network. Forta is doing something that is needed and it is running fine. however, we runners did not cover the server costs in the last months. We believed and continued. Currently, there has been a recovery for the minimum stake amount, but we are still experiencing problems due to price fluctuation. my criticisms : the number of nodes will not increase as fast as the previous one . however, when a balance is established, the number of nodes will increase again in 1-2 months, and the rewards will decrease. These changes will cause us runners to withdraw. safety will decrease and other runners will be overloaded. Suggestion: by setting the date again (example: January 1, 2023) to choose a new stake amount (like 10,000 fort minimum)

In the meantime, the increased number of nodes in the 2 months returns to normal again and works more stable and stable. yes, now you can reduce the number of 400 k fort tokens per week and ensure that the runners continue to be healthy. I apologize and make a warning. If the network does not survive, we will encounter a forta that we will regret in the future. I trust and believe in forta I wish you success

Hi eozdemirok, thanks for your thoughtful feedback and for being proactive since Fortification phase.

Regarding rewards, let me share what was discussed in the latest council meeting where gradually reducing rewards to reach 300k per week by the end of November was passed.

The minutes of the Forta Governance Council meeting that took place on October 18, 2022 have been amended to reflect the Council’s formal approval of the slashing policy. The slashing policy was shared, reviewed, and approved asynchronously by the Council following the Council meeting that took place on October 4, 2022.

Hello . I follow the meeting reports, suggestions and speeches. I saw that the last decisions taken were correct. I have a high belief in the forta that I have been in since the empowerment phase. I am happy to continue with you. I wish you safe days

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Thanks for the answer . I wish safe days to all the team and people