I just wanted to point out that the Mirror token outperformed 80% of all other tokens in Terra this week. The (Mirror Steering Committee (MSC) gets a raw deal, is doing Yoeman’s work but still delivered during max pain. The protocol is stronger than ever thanks to the reallocation of rewards to short farms and to the new voting-staker benefit.
And I got all of my liquidity out of Borrows and Short Farms which were actually profitable thanks to the protocol working. Yes, of course i had to re-enter transactions 5 times but that happens on Schwab and ETRADE during crashes so no big deal here.
Aperture (built on the back of Mirror) worked well too.
Therefore, MSC take a bow and get some sleep. On the other side of this there is an opportunity.
was the newest version of the short reallocation (40%-80%) done by the MSC?
In conjunction with OG devs/whales. The 80% was a compromise, yes.
Sorry dude, i think MIR goes very low. It has no utility and no one will use it on Terra again. The concept is great, but it needs to be rewritten given everything that has been learned.
Good news is that a new project could actually get funding etc.
I completely agree that Mirror actually did great. The ridiculous negative percentages are gone; we had a period of super high premiums where people that wanted to sell their UST at a loss, so they bought at super high premiums to close their shorts, and then proceeded to sell their UST on the market at 50 cents to the dollar. After all’s said and done, assuming the projects aren’t completely dead, I think we will have purged the entire ecosystem of people seeking insane returns without any fundamental belief or understanding in the projects.
Overall, I’m glad this all happened sooner rather than later.
We have big problem in the protocol now. The positions with the locked UST cannot be closed. Trying to claim unlocked UST would fail. This all happened after poll 273.
There is zero chance a new project about synth stocks gets funding.
Yeah i hear that… SEC is not a fan
It’d be dope to release a better thought out project as anons tho.
I thought about it myself a few times. I have read every single one of the mirror contracts 17 times. I have a strategy to fix the liquidation issue. In the works was a contract on top of mirror i was going to use myself to guard against liquidations. I will see what happens with all the broken pieces after the chaos clears.
Can you also get someone to fix the issue with the new contract? Mirror is unusable now.
This is not true. If you wanna create a new position, use the borrow/mint function to generate the mAsset. Then trade it for UST. You won’t get the short farming rewards, but you’ll get your UST back immediately and won’t get stuck in the contract. What’s in there already is screwed until they fix it though.
Yes, but it is handicapped if you cannot close a short position with locked UST and you would fail to claim unlocked UST.
You can close your short position by buying the mAsset and unlock your collateral. The only thing you can’t unlock now is the original proceeds from the sale if you used the “short farm” that locks it up for 2 weeks.
Bringing this thread back to top because the title is still relevant. The Gods of Mirror came through in the last 24 hours. Thank you for foiling the attempt to completely drain the mAsset pools. And @Mirroruser, @MirrorRescue and @Hank-O thanks for being on top of things and pulling the fire alarm before the whole place burned down. We were fortunate the launch of Terra v2 happened over a 3 day weekend.
Keep posting the good ideas for a rescue as its clear there are some devs/whales that still care and have the ability to act.