diff --git a/bin/node/runtime/src/constants.rs b/bin/node/runtime/src/constants.rs
index aa4dcd79be23d..f854b194e4e11 100644
--- a/bin/node/runtime/src/constants.rs
+++ b/bin/node/runtime/src/constants.rs
@@ -61,7 +61,7 @@ pub mod time {
 	// 1 in 4 blocks (on average, not counting collisions) will be primary BABE blocks.
 	pub const PRIMARY_PROBABILITY: (u64, u64) = (1, 4);
 
-	pub const EPOCH_DURATION_IN_BLOCKS: BlockNumber = 4 * HOURS;
+	pub const EPOCH_DURATION_IN_BLOCKS: BlockNumber = 5 * MINUTES;
 	pub const EPOCH_DURATION_IN_SLOTS: u64 = {
 		const SLOT_FILL_RATE: f64 = MILLISECS_PER_BLOCK as f64 / SLOT_DURATION as f64;
 
diff --git a/bin/node/runtime/src/lib.rs b/bin/node/runtime/src/lib.rs
index 2fad3353723a1..dc7cba343a6d3 100644
--- a/bin/node/runtime/src/lib.rs
+++ b/bin/node/runtime/src/lib.rs
@@ -29,7 +29,7 @@ use frame_support::{
 	traits::{
 		ConstU128, ConstU16, ConstU32, Currency, EnsureOneOf, EqualPrivilegeOnly, Everything,
 		Imbalance, InstanceFilter, KeyOwnerProofSystem, LockIdentifier, Nothing, OnUnbalanced,
-		U128CurrencyToVote,
+		U128CurrencyToVote, OnRuntimeUpgrade,
 	},
 	weights::{
 		constants::{BlockExecutionWeight, ExtrinsicBaseWeight, RocksDbWeight, WEIGHT_PER_SECOND},
@@ -677,12 +677,12 @@ impl pallet_bags_list::Config for Runtime {
 }
 
 parameter_types! {
-	pub const LaunchPeriod: BlockNumber = 1 * 24 * 60 * MINUTES;
-	pub const VotingPeriod: BlockNumber = 1 * 24 * 60 * MINUTES;
-	pub const FastTrackVotingPeriod: BlockNumber = 3 * 60 * MINUTES;
-	pub const MinimumDeposit: Balance = 5000 * DOLLARS;
-	pub const EnactmentPeriod: BlockNumber = 1 * 24 * 60 * MINUTES;
-	pub const CooloffPeriod: BlockNumber = 7 * 24 * 60 * MINUTES;
+	pub const LaunchPeriod: BlockNumber = 5 * MINUTES;
+	pub const VotingPeriod: BlockNumber = 5 * MINUTES;
+	pub const FastTrackVotingPeriod: BlockNumber = 5 * MINUTES;
+	pub const MinimumDeposit: Balance = 10 * DOLLARS;
+	pub const EnactmentPeriod: BlockNumber = 5 * MINUTES;
+	pub const CooloffPeriod: BlockNumber = 5 * MINUTES;
 	pub const MaxProposals: u32 = 100;
 }
 
@@ -738,7 +738,7 @@ impl pallet_democracy::Config for Runtime {
 }
 
 parameter_types! {
-	pub const CouncilMotionDuration: BlockNumber = 7 * DAYS;
+	pub const CouncilMotionDuration: BlockNumber = 5 * MINUTES;
 	pub const CouncilMaxProposals: u32 = 100;
 	pub const CouncilMaxMembers: u32 = 100;
 }
@@ -760,7 +760,7 @@ parameter_types! {
 	// 1 storage item created, key size is 32 bytes, value size is 16+16.
 	pub const VotingBondBase: Balance = deposit(1, 64);
 	pub const VotingBondFactor: Balance = 1 * DOLLARS;
-	pub const TermDuration: BlockNumber = 7 * DAYS;
+	pub const TermDuration: BlockNumber = 5 * MINUTES;
 	pub const DesiredMembers: u32 = 13;
 	pub const DesiredRunnersUp: u32 = 20;
 	pub const ElectionsPhragmenPalletId: LockIdentifier = *b"phrelect";
@@ -790,7 +790,7 @@ impl pallet_elections_phragmen::Config for Runtime {
 }
 
 parameter_types! {
-	pub const TechnicalMotionDuration: BlockNumber = 5 * DAYS;
+	pub const TechnicalMotionDuration: BlockNumber = 5 * MINUTES;
 	pub const TechnicalMaxProposals: u32 = 100;
 	pub const TechnicalMaxMembers: u32 = 100;
 }
@@ -827,14 +827,14 @@ impl pallet_membership::Config<pallet_membership::Instance1> for Runtime {
 parameter_types! {
 	pub const ProposalBond: Permill = Permill::from_percent(5);
 	pub const ProposalBondMinimum: Balance = 100 * DOLLARS;
-	pub const SpendPeriod: BlockNumber = 1 * DAYS;
+	pub const SpendPeriod: BlockNumber = 5 * MINUTES;
 	pub const Burn: Permill = Permill::from_percent(0);
-	pub const TipCountdown: BlockNumber = 1 * DAYS;
+	pub const TipCountdown: BlockNumber = 5 * MINUTES;
 	pub const TipFindersFee: Percent = Percent::from_percent(20);
 	pub const TipReportDepositBase: Balance = 1 * DOLLARS;
 	pub const DataDepositPerByte: Balance = 1 * CENTS;
 	pub const BountyDepositBase: Balance = 1 * DOLLARS;
-	pub const BountyDepositPayoutDelay: BlockNumber = 8 * DAYS;
+	pub const BountyDepositPayoutDelay: BlockNumber = 5 * MINUTES;
 	pub const TreasuryPalletId: PalletId = PalletId(*b"py/trsry");
 	pub const BountyUpdatePeriod: BlockNumber = 90 * DAYS;
 	pub const MaximumReasonLength: u32 = 16384;
@@ -1105,10 +1105,10 @@ parameter_types! {
 	pub const CandidateDeposit: Balance = 10 * DOLLARS;
 	pub const WrongSideDeduction: Balance = 2 * DOLLARS;
 	pub const MaxStrikes: u32 = 10;
-	pub const RotationPeriod: BlockNumber = 80 * HOURS;
+	pub const RotationPeriod: BlockNumber = 5 * MINUTES;
 	pub const PeriodSpend: Balance = 500 * DOLLARS;
 	pub const MaxLockDuration: BlockNumber = 36 * 30 * DAYS;
-	pub const ChallengePeriod: BlockNumber = 7 * DAYS;
+	pub const ChallengePeriod: BlockNumber = 15 * MINUTES;
 	pub const MaxCandidateIntake: u32 = 10;
 	pub const SocietyPalletId: PalletId = PalletId(*b"py/socie");
 }
@@ -1301,9 +1301,31 @@ pub type Executive = frame_executive::Executive<
 	frame_system::ChainContext<Runtime>,
 	Runtime,
 	AllPalletsWithSystem,
-	pallet_bags_list::migrations::CheckCounterPrefix<Runtime>,
+	(
+		pallet_bags_list::migrations::CheckCounterPrefix<Runtime>,
+		SchedulerMigrationV3,
+	),
 >;
 
+// Migration for scheduler pallet to move from a plain Call to a CallOrHash.
+pub struct SchedulerMigrationV3;
+
+impl OnRuntimeUpgrade for SchedulerMigrationV3 {
+	fn on_runtime_upgrade() -> frame_support::weights::Weight {
+		Scheduler::migrate_v2_to_v3()
+	}
+
+	#[cfg(feature = "try-runtime")]
+	fn pre_upgrade() -> Result<(), &'static str> {
+		Scheduler::pre_migrate_to_v3()
+	}
+
+	#[cfg(feature = "try-runtime")]
+	fn post_upgrade() -> Result<(), &'static str> {
+		Scheduler::post_migrate_to_v3()
+	}
+}
+
 #[cfg(feature = "runtime-benchmarks")]
 #[macro_use]
 extern crate frame_benchmarking;