Summary
We want to temporarily extend the redeem period to allow us to fix / implement a way to bump transaction fees.
In the meantime, we recommend all Vault operators manually enable Replace-By-Fee (RBF) on their bitcoin full-nodes by setting walletrbf=1.
Proposal
Increase the redeem period to approximately 7 days (assuming ~12s per block).
We currently have a Vault with redeem requests where the block inclusion fees are set too low. Unfortunately the RBF feature we enabled in the client doesn't seem to work.
Considering the above, we want to extend the redeem times so that we have enough time to either find what's not working with RBF or find an alternative way for Vaults to "bump" the chances of their transaction being included on mainnet.
NOTE: this is a temporary change and will revert in approximately 8 days which should give Vault operators enough time to adjust their configurations.
SubSquare is a company that wants to make changes to their system to fix a problem. They want to give people more time to fix their mistakes when using their system. They recommend a way for people to manually change their settings to help fix the problem. They want to make this change for about 7 days. They are doing this because they have a problem with their system that they need to fix. This change will only last for a short time and then things will go back to normal.