The governance security module is currently set to 12 hours. This is barely enough time to prevent a governance attack. We had the duration set at 24 hours before Black Thursday March 12-13. Is it time to go back to a 24 hour delay?
A shorter delay allows for governance votes to cast faster. However, it also allows a shorter timeframe to defend against governance attacks. The 4 hour delay was helpful during the market collapse when the ETH price was fluctuating wildly.
A longer delay helps protect the protocol against governance attacks. There is simply more time allotted to respond to adverse governance actions. During the market collapse, the 24 hour delay presented a risk as the mitigating changes we used to stabilize the protocol could not be applied with urgency.
The most recent change to the delay occurred in the thread, Signal Request: Calibrating GSM delay in light of recent market events
- Keep unchanged at 12 hours
- Increase to 24 hours
After two weeks, if there is support for a 24 hour delay then this matter can proceed to an on-chain poll.