When money entered, UST went from 10 million to 18 billion (18,000 million) and LUNA only went from 1 billion to 0.7 billion.
Then money exited and UST went from 18 billion to 12 billion and LUNA went from 0.7 billion to 6 trillion (6,000 billion).
That’s hyperinflation without hyperdeflation.
It can be argued that this was a contrast of slow-and-steady entry versus black-swan exit, and that fast repegging and restored confidence might have resulted in fast re-entry of money with hyperdeflation. However, if this re-entry were overall slower (more cautious) than the panicked exit, then similarly the effect of slow movements would not have balanced the effect of large movements, even if exactly the same money exited for a short while and then re-entered.
Thoughts would be welcome on what problems a constant-product Total Supplies approach might have.