For transparency, we would like to outline the amount of monthly remuneration that the Trustees and the Enforcer will receive in connection to the operations of the NDC Trust, which officially started in mid March.
The remuneration has been established in accordance with the NEAR Foundation (the “Settlor”) based on several elements; among others:
The responsibility connected to the role;
The preparatory work that has led to the design and set-up of the trust;
The weekly commitment for the evaluation of the assessment of the funding requests;
The organizational commitment for the disbursement of the grants, in the absence of a tokenized governance process;
The legal and accounting duties related to the roles of Trustee and Enforcer.
In the light of the above, each of the five Trustees will get a monthly remuneration of USD 2500 in NEAR tokens, whereas the Enforcer will get a remuneration of USD 3500 in NEAR tokens. The total monthly expenses for the roles of the Trustees and the Enforcer will therefore amount to USD 16000 in NEAR tokens.
The indicated amounts will apply for 6 months (from April 2023 to September 2023). After this initial 6 months period, the remunerations will be re-discussed between the Settlor and the Trustees/Enforcer, in taking into consideration feedback and proposals of the NEAR community.
With the official launch of the NDC governance framework, the roles of the Trustees and the Enforcer have expanded. Since the launch, we have met with Congress several times, read memos, answered questions from community members, and dealt with the establishment of the NDC Service Company and decisions about its scope. In addition, the number of transactions to be validated has increased significantly. Each transaction requires verification and off-chain coordination. The community requires to be fast.
In view of the increased level of activity and liabilities, we discussed with the NEAR Foundation to increase the monthly compensation of $1000 per contributor.
Therefore, starting in February, each of the five Trustees will receive a monthly compensation of $3500 in NEAR tokens, while the Enforcer will receive a compensation of $4500 in NEAR tokens.
As we navigate these changes, we remain committed to transparency and open dialogue with our community. Your feedback is important to us, and we encourage you to share your thoughts, concerns, and suggestions regarding these updates or any other aspects of our operations.
Hi @eaglelex i support the increase but then maybe I haven’t checked around maybe you can provide report from trustee on work done and the noticeable reason for increasing remuneration, so far what’s the feedback from validated transactions.
You said trustees respond to community but then again I’ve most times seeing your response how about others?
Fully understand and appreciate your work and effort as trustees but why 3500$? Has activities increase by 3x I would suggest you consider and reduce it to 2000$-2500$ then for enforcer 3500$
Thanks for your comment. The duties and the liabilities of the trustees are encompassed in the trust which is publicly available for the community. The increase will be of 1000 USD. Just a clarification Trustees will get 3500 USD instead of 2500 USD per month. 2500 USD was the pay for the first months, now the activities have increased together with the value of the assets. This justifies in our opinion a slight change in the remuneration.
I have noted the fact that you would like to have more active interventions by the Trustees. We will discuss about it.
Ok thanks for your benevolent response I really appreciate……
And thanks for clarity the mistake was you said “NF to increase of 1k” instead of “increase by 1k” lol thought the increase was from 1k to 3.5k not knowing it was 2.5k to be increased by 1k to yield 3.5k that’s fair enough by me, others can make their opinion as well and would be glad to get more info if there’s about trustees