SCCP 40: Increase Fee Reclamation Waiting Period to 10 minutes Source

AuthorClinton Ennis, Jackson Chan, Justin J Moses, Kain Warwick
Discussions-Tohttps://discordapp.com/invite/AEdUHzt
StatusImplemented
Created2020-08-13

Simple Summary

Temporarily increase fee reclamation waiting period to 10 minutes (600 seconds).

Abstract

Increase fee reclamation waiting period to 10 minutes to accommodate high network congestion and consistent high gas costs.

Motivation

Network congestion is currently incredibly high - fast GWEI is around 250-280.

Increasing the waiting period will allow us to reduce the update frequency of the oracle to save sDAO treasury gas costs.

The Synthetix Oracle for crypto price feeds is burning too much ETH from the synthetixDAO treasury. It is intended to include the SNX community on voting on the use of these funds and in this congested period some evasive action is required to temporarily slow down the ETH burn rate until Chainlink Phase 2 in the Pollux release in a few weeks.

There is a chance there could be follow up SCCPs to be voted on to increase the waiting period further if the gwei keeps rising.

Copyright and related rights waived via CC0.