Clarifications
1. Minting based on current token price vs requested price
A clarification was requested related to whether the entire ZK amount will be minted given the token price has increased compared to the value that the request was based on.
A total of $422,000 USD will be minted based the number of tokens required to each month. The amount of ZK distributed to SC members in a given month is based on he 30-day average of ZK for that month. As such, if the average price is 0.05c for June and 0.06c for July, then that is the rate at which tokens will be minted (not at 0.04c).
Only the amount of ZK tokens that meets the USD value of the request, based on the 30-day average of the months in question, will be minted from the capped minter.
2. The role of Security Council beyond governance proposals
A large component of the compensation paid to SC members, particularly those on the 15 min response contract, is related to those signers being available within 15 minutes 365 days a year, irrespective of governance proposals. In the past four months, the Security Council has responded to Emergencies on at least 3 occasions:
- May incident which resulted in an Emergency Upgrade;
- April incident which resulted in a safe harbour offer and successful recovery of 90% of exploited funds. The outstanding 10% happened to be made up by the increasing price of ETH after an approval for the SC to swap ETH back into ZK. The Token Assembly did not suffer any loss as a result of the incident.
- The ZKsync X account was compromised in May, an event to which the SC responded internally as an Emergency. After ensuring that there were no related events onchain, no action was required to be taken by the SC related to that event.