Mycelium (MYC)
Tracer DAO is a derivatives protocol built on Arbitrum. The “Uniswap of derivatives,” Tracer designs templates for different types of on-chain derivatives contracts, which anyone can permissionlessly utilize to create a derivative for any token with a price feed.
Basics
- Based in:
- Started in / Announced on:
- Testnet release:
- Mainnet release:
- Tracer is a derivatives protocol on Arbitrum that facilitates creating and trading leveraged tokens.
History
"Tracer was one of the first on-chain perps protocols on Arbitrum. The founders are $LINK OGs who’ve run $LINK nodes since close to inception."
Audits & Exploits
- Tracer's bug bounty is an active program with a highest payout of $1M (14-10-2021).
- Has been audited (5-12-2021).
- Scored 85% on DeFi Safety (14-10-2021):
"Tracer underwent an audit before deployment, and all suggestions were acted upon."
With the comment: "Tracer's commitment to strong documentation is commendable given the relatively young age of this protocol. This is a protocol that is starting out on the right foot!"
Bugs/Exploits
Governance
Admin Keys
- From DeFi Safety (14-10-2021):
"Governance controls the protocol.
a) All contracts are clearly labelled as upgradeable (or not) -- 30% -- the Factory contract/ market templates are labelled as upgradeable. b) The type of ownership is clearly indicated (OnlyOwner / MultiSig / Defined Roles) -- 30% -- the DAO is in full control c) The capabilities for change in the contracts are described -- 30% -- they are changed via a vote and have total control over the contract.
Pause controls are mentioned on page 24 in the audit, but there is no mention of them in the documentation."
DAO
Treasury
Token
Launch
Token Allocation
Utility
- Governance and the protocol plans (14-4-2022) to transition to a vote-escrowed model in which lockers can vote on emissions to different perpetual pools.
Other Details
Coin Distribution
Technology
- Whitepaper or docs can be found here.
- Code can be viewed here. 820 commits and 10 branches as protocol's development history (14-10-2021).
Implementations
How it works
- From Yield Farmer (5-12-2021):
"At the heart of the protocol are its “Factories.” These specialized DeFi mechanisms are financial contract generators that store templates. These templates can then be deployed as “Tracers,” i.e. market instances.
Notably, the project’s first Factory is its Perpetual Pools architecture. The system lets users easily create x3 long or x3 short tokens, and more leverage options coming in the future. These leverage tokens are unique, in that they don’t expire and can’t be liquidated. Accordingly, these assets are ideal for traders who want to access leverage albeit in passive, straightforward fashion."
Fees
Upgrades
- Moving into Mycelium and adding revenue sharing to MYC token holders (6-8-2022).
- From Bankless (15-4-2022):
"There are several key upgrades brought about by the launch of V2. First, it will help to minimize the volatility decay of perpetual pools, i.e. increase the length of time in which it is safe to hold a position in one. In addition, V2 will allow for the creation of custom oracles and pools that utilize any price feed, as currently the selection of tokens that are eligible to be used to create a perpetual pool are limited to those with a Chainlink price feed."
Staking
Validator Stats
Liquidity Mining
- From Yield Farmer (5-12-2021):
"Right now, the Tracer project is running a liquidity mining campaign for its TCR token. To join this program and start farming TCR, you have to mint leveraged tokens from the Perpetual Pools system and then stake these tokens through Tracer. "
Scaling
Interoperability
Other Details
Oracle Method
"V2 will allow for the creation of custom oracles and pools that utilize any price feed, as currently the selection of tokens that are eligible to be used to create a perpetual pool are limited to those with a Chainlink price feed."
Their Other Projects
Roadmap
- Can be found [Insert link here].
Usage
- From a Balancer Grants blog (25-4-2022):
"Tracer previously built on top of Balancer for their V1 release of Perpetual Pools, driving over $100m worth of volume through Balancer pools containing Tracer’s leveraged derivative tokens."
"Tracer currently holds more than $12.26 million in TVL."
Projects that use or built on it
Competition
Pros and Cons
Pros
Cons
Team, Funding and Partners
Team
- Full team can be found here.
"The founders are $LINK OGs who’ve run $LINK nodes since close to inception."
Funding
- From a Balancer Grants blog (25-4-2022):
"This overall grant will be split into two separate grants with important deliverables in each. The first grant will be for a total of $60K USD and will cover two tranches. 1) subsidising of developer resources for deploying V2 pools as highlighted above and 2) completion of the Aggregated Liquidity features (approximately mid / late May)."
Partners
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