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.