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What happened on the eleventh
A redemption spike, a slow oracle, and forty minutes of degraded quotes. The full sequence.
Halo Labs
For roughly forty minutes on the eleventh, quoted redemption values lagged the reserve by up to eleven basis points. No redemption settled at the wrong price, and no user lost money. Here is the whole sequence anyway.
Timeline
A large redemption arrived in the same block as a scheduled oracle update. The oracle’s retry logic backed off further than intended, so the quote endpoint served a stale value while the settlement path — which reads the reserve directly — stayed correct.
Why nobody was harmed
Settlement never trusted the quote. The two paths are deliberately separate, and this is the first time that separation has actually been load-bearing.
What changed
The backoff ceiling is now bounded, and the quote endpoint fails closed instead of serving stale data. Both changes are live and covered by the integration suite.