The following proposal makes a rough outline for the change of a Governance Parameter.
Modify Governance Parameters
- Parameter to be changed:
- Current parameter value: 100800 blocks (roughly 1 week)
- New parameter value: 13000 blocks (roughly 1 day)
As shortly described here, the
Effective Delay parameter is the length of the delay on the protocol before any changes are full implemented in the protocol after a proposal has passed. We propose these changes in order to shorten the time required for a change to be completely rolled out due to the time sensitive nature of many proposals (ex. whitelisting). The original parameter of around 1 week was set conservatively at the launch of the protocol as a safety measure as well as a buffer to give time to liaise with necessary external partners (such as Band for whitelisting). However, the process has in reality gone much quicker than expected, so we propose a reduction in the delay period.
Taking the whitelisting process as an example, a new mAsset whitelisting currently requires two polls to be passed (
Whitelist a new mAsset and
Register whitelist parameters polls), each which currently require roughly 7 days time (varies depending on block speed). In addition to this, the current
Effective Delay period is also roughly 7 days. Then in total, whitelisting a new asset would take roughly 21 days, which is (extremely) slow. Given that this proposal passes, the total time would be shortened to around 15 days, effectively shortening this process by ~30%.
Let me know your thoughts
P.S. I will put a proposal up in the next day or so.
P.P.S Proposal is now live here