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Increase Issue, Redeem and Replace Periods to 48h (@ 12s p/b)
4mos ago
Executed

Many Bitcoin transactions are currently getting stuck due to low inclusion fees. Some have been open for 8+ hours and have estimated inclusion times of 24+ hours. Current inclusion estimates say that 19 sat/vB should be included in an hour. However anything below that (5 redeem requests at time of writing) might take a day or longer. It is not clear why Vaults are spending too little on fees but it is possible that the ongoing market volatility is playing a role.

In order to prevent honest Vaults from being slashed / banned we should fast-track this proposal to increase the timeouts from 24 to 48 hours (on the assumption of 12s block times - in reality this will be longer).

The team will continue to investigate future mitigations such as the replace-by-fee mechanism.

Edited
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Metadata
Proposer
Hash
Delay
02022-05-12 13:26:24
End
02022-05-12 13:25:42
Threshold
Call
Table
Json
callIndex0x0202
sectionutility
methodbatchAll
args
calls
0
callIndex0x1603
sectionissue
methodsetIssuePeriod
args
period14400
1
callIndex0x1704
sectionredeem
methodsetRedeemPeriod
args
period14400
2
callIndex0x1805
sectionreplace
methodsetReplacePeriod
args
period14400
TimelineLatest activity 4mos ago
2022-05-12 08:51:00
Proposed
Index
#34
2022-05-12 09:24:54
FastTracked
2022-05-12 09:24:54
Started
referendumIndex
32
voteThreshold
SuperMajorityAgainst
2022-05-12 13:25:42
Passed
referendumIndex
32
2022-05-12 13:26:24
Executed
result
ok
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