Forta Network Begins its Next Phase with the Introduction of Fees
Camana Bay, Cayman Islands
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August 08, 2023 10:05 AM Eastern Daylight Time
Decentralized Web3 threat monitoring network Forta Network has announced a major milestone that will provide a significant boost for the sustainability of its network and increase incentives for its critical detection bot developer community.
This month, Forta will introduce fees for the first time, requiring users to pay for the bots they consume and rewarding bot developers for their efforts. At the time of Forta Network’s 2021 launch, most detection bots were developed by DeFi protocols or third-party networks working under grants. As the network expanded, the Forta Foundation introduced its Threat Research Initiative (TRi), providing one-time bounties to incentivize developers to take part in threat-detection activities like bot development, exploit analysis, and threat hunting.
The early days bounty program helped bootstrap the initial developer community, but was unsustainable long term as it offered little upside to individual developers. By introducing fees, Forta Network will establish a native incentive mechanism to reward developers for building high-quality detection bots.
Once the fees go into effect, bot developers will have the opportunity for unlimited upside potential. High-quality bots which are well-maintained and promoted can attract thousands of paying subscribers. Forta’s monthly subscription model allows bot developers to generate a stream of recurring revenue from their bots. Over time, this could add up to exponentially more earnings compared to bounty and grant payouts.
Forta’s subscription plans for users looking to leverage Forta’s detection bots will be two-tiered: Premium and General. All subscription revenue will be distributed to bot developers.
Premium plans will include a handful of high-quality, high-value detection bots that meet the minimum requirements of FP-6, such as scam detectors. Access to each will require a separate subscription, with prices set by the bot’s owner. The owner can also decide whether the subscription is to be paid in FORT or USDC.
General plans grant users access to alerts and other intel generated by all bots on the network, other than premium bots. This effectively gives users access to more than 99% of the network’s bots, including all protocol-specific bots (Lido, MakerDAO, Compound, etc.).
About Forta Network
The Forta Network is a real-time, decentralized network providing detection data and security monitoring across seven blockchains. Forta detects threats and anomalies on DeFi, NFT, governance, bridges, and other Web3 systems in real time, enabling wallets, protocols and investors to react quickly and proactively neutralize threats to prevent or minimize the loss of funds. Launched in 2021 and backed by a16z, Forta protects the critical infrastructure of Web3 through a decentralized and community-run network, which serves as an early warning system across the ecosystem. To learn more, please visit https://forta.org.
Contact Details
Forta Network
Colin Landers
