They are weekly. They're supposed to be long and even take a week to compete
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They are supposed to be a pvp version of the nightfall so they shouldnt take much longer.
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Their rewards are supposed to be on the level of Nightfall rewards. They are known as weekly bounties though. Similar to the Iron Banner bounties that you could only do once for the week.
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They are supposed to be a pvp version of the nightfall so they shouldnt take much longer.