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A few days before the depeg, Mirror Protocol (a decentralized stock exchange on Terra created by TFL) migrated short farm liquidity into a new contract. Coincidentally, this contract had a bug. Millions in user funds were locked while UST plummeted. Order of events below. (1/6)
Mirror had been driving extra premiums for a while, so to correct the short rewards to improve sustainability, a proposal was set in motion. This had been in development for several weeks before the depeg. (2/6)
The hastily-posted bug fix was almost instantly approved via governance (a large percentage of MIR came on and voted it into reality immediately). The fix incentivized people to open short positions and lock in more collateral into the contract as rewards were higher. (3/6)
Disaster strikes when people find out the contract is broken and they can't withdraw - newly opened shorts can't access their money and can't close positions because the funds are locked in. Mirror devs are silent and mods are left alone to fend off a flurry of panic. (4/6)
The Mirror bug left people unable to claim locked UST during much of the depeg and resulted in losses of millions - for the 3 days that UST fluctuated over $0.40, users were helpless, and only got liquidity back when UST was far lower. Aperture users were affected as well. (5/6)
This major bug has gone somewhat under the radar, so I thought I'd talk about it. I'd like to add more analysis, but I honestly don't know if this was a real bug or something more sinister, so I won't comment further. Make of the facts what you will. (6/6)
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