Summary: This proposal aims to reduce the impact of Ethereum gas costs on the DAO fund. The proposal brings forward a change in the duration of each pNetwork DAO epoch, so that the Ethereum gas costs involved in managing ordinary DAO-related operations is reduced. Specifically, the duration of an epoch would be extended from a current length of approximately 2 weeks to an updated length of approximately 4 weeks.
Should the proposal be approved, the 4-weeks-long epochs would be introduced with the beginning of Epoch #25.
Abstract: This is a proposal to adjust pNetwork’s expenses that is relevant to the project’s path forward as well as the overall status of the Ethereum ecosystem. Specifically, the proposal brings forward an extension of the duration of an epoch changing the current length of approximately 2 weeks to an updated length of approximately 4 weeks. Such a change would enable the DAO to reduce its operating costs therefore reducing the impact of Ethereum gas costs on the pNetwork DAO fund.
Motivation: As Ethereum gas costs for transacting on the blockchain have been on the rise during the past months, the expenses of the pNetwork DAO for operating its ordinary activities have increased accordingly. The goal of this proposal is to reduce the impact of Ethereum gas costs on the pNetwork DAO fund by extending the time span of each epoch. Longer epochs would result in a decrease of Ethereum gas costs needed to operate DAO-related tasks and activities, therefore creating a benefit for the long-term growth of the project and community.
Specification: The growth and increasing popularity of the blockchain ecosystem have determined a rise in Ethereum gas costs, that translates into higher expenses of the pNetwork DAO for operating its ordinary activities and tasks. The proposal brings forward a change in the duration of each pNetwork DAO epoch, extending the current length of approximately 2 weeks to an updated length of approximately 4 weeks.
The proposal is expected to reduce expenses for the pNetwork DAO - longer epochs would result in a decrease of Ethereum gas costs needed to operate DAO-related activities.
Should the proposal be approved, this would not impact the frequency of distribution of the fees accrued on pNetwork-powered cross-chain transfers and distributed to nodes as such an operation follows ad-hoc rules. However, should the proposal be approved, this would make the distribution of voting rewards less frequent as such an operation is strictly dependent on the duration of each epoch.
Should the proposal be approved, the 4-weeks-long epochs would be introduced starting from Epoch #25.