Minutes of the Forta Governance Council (8/16/2022)

Council Members Present:

  • Hart Lambur
  • Jonathan Alexander
  • Juan Garre
  • Mat Travizano
  • Tomasz Stańczak

Opening

The Council meeting opened at approximately 8:00 pm (UTC) on August 16, 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. Two Council members were absent from the meeting due to planned absence for personal reasons. The Council consented to certain Foundation staff members’ attendance at the meeting to present to the Council, as well as to the appointment of third-party notetakers.

Smart Contract Role Assignments

The Council continued the discussion from previous Council meetings regarding the current smart contract role assignments within the Forta Network. A Council Member summarized the discussions the Council had had on the matter in the previous Council meetings, and asked the other members of Council whether they had any alterations to propose to the current role assignments. A question was asked in regard to the potential introduction of new role assignments moving forward as the Network evolves. A Council Member clarified that any material changes to the smart contract role assignments in the future would be brought to the Council for approval. All present Council Members agreed that after review and discussion, the current role assignments were acceptable, and no further action or changes were needed at this time.

Update Regarding Gitcoin Grant Matching Program

A Council Member presented an update to the Gitcoin Grant matching program that was approved pursuant to successful passing of FP-2. The Council Member explained that Gitcoin had formally approved the Foundation’s designation of 100,000 FORT as a grant under Gitcoin’s Grant program, and as result any Forta bot developer will be able to apply for a grant during Gitcoin Grant Round 15, which will run from September 7, 2022 to September 22, 2022 and Forta community members, as well as anyone in the Web3 community, will be able to review the grant proposals and selectively contribute to Forta bot developers as a result of their individual contributions. Another Council Member commented that this was a significant step for the Forta Network, and more grant opportunities should be explored as it could assist with further building and developing the Network. The Council agreed that future grant opportunities should be explored, and that the community should be involved in these efforts.

Closing of the Meeting and Async Action Items

The Council members agreed that the proposals on the agenda and introduced to the Council during the meeting should be decided upon by written proposal, so that they could review the details and related agreements and so that absent members could have an opportunity to review, comment and vote on each proposal.

The Council members agreed that the meeting notetakers should circulate meeting minutes encompassing both the council meeting matters and the matters to be presented and decided upon following the meeting as written proposals for Council review before such minutes are released to the Forta community.

Onboarding Grant

A proposal was put forward to provide a grant to a blockchain development firm for introducing and onboarding further DeFi protocols to the Forta Network. The Council discussed the activities the firm would engage in, the economics of the proposed grant, and the potential benefits that could be generated for the Forta Network.

Following the meeting, a further explanation of the grant was submitted as a written proposal, which included grant details and associated economics and the development firm’s obligations.

One member of the Council voluntarily abstained from the discussion and subsequent vote of the grant proposal due to a conflict of interest in accordance with the Bylaws. The written proposal to approve the grant was passed by the Council following the approval of more than half the active Council members eligible to vote in accordance with the Bylaws.

Forta Node Delegated Staking

A Council member highlighted that the delegation of FORT within the Forta Network is currently limited. The Council member explained that introducing smart contracts for delegators to assign delegated stake to node owners, and allowing node owners to distribute the delegated stakes to their nodes could increase the security and reliability of the Network. The Council member further explained that modifying scan node rewards in order to distribute rewards to node owners proportionally based on the number of bots assigned while still factoring in the SLA score of the nodes would allow scan nodes with higher stakes to receive new bot assignments before scan nodes with equal or lower SLA scores and allow the Network to better prioritize work assignments. The Council member also noted that the Forta app could be updated to allow node owners and delegators to manage and track their rewards, and allow node owners to manage the stakes delegated to them.

The Council agreed with the idea of delegated staking generally, and it was suggested that a more formal written proposal be submitted to the Council following the meeting containing further details and that could potentially be put to a vote of FORT token holders using the Forta Snapshot in accordance with the Forta Proposal Process.

Following the meeting, a Council member submitted a proposal to have FORT token holders vote in accordance with the Forta Proposal Process on whether to:

  • modify the FORT staking smart contracts to add support for delegators to delegate stakes to node owners, and give node owners the ability to assign delegated stakes to individual nodes;
  • modify the Forta assignment algorithm so that it will prioritize scan nodes that have higher stakes while still taking into account the scan nodes SLA score;
  • modify the scan node rewards distribution algorithm so that rewards will be distributed to node owners based on the number of bots they are assigned and execute, and allow node owners to designate a percentage of rewards to be shared with delegators; and
  • add support in the Forta App for scan node owners and delegators related to the new delegated staking options to allow node owners to set the percentage of rewards they share with delegators and track rewards, allow delegate to delegate and withdraw stakes and track rewards, and allow node owners to manage stakes delegated to them.

The written proposal to put the matters relating to node delegated staking to a vote of FORT token holders pursuant to the FPP was passed by the Council following approval of more than half of the active Council members in accordance with the Bylaws.

2 Likes

These modifications of node operations are really cool and useful for the development of the Forta system. But is it the right time to change some important rules regarding the market conditions? I dont think so.