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.

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!"

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."

Token

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.

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

• Built on: Arbitrum, Balancer

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."

Upgrades

• 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."

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. "

Oracle Method

• From Bankless (15-4-2022):

"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."

Roadmap

• Can be found [Insert link here].

Usage

• From Bankless (15-4-2022):

"Tracer currently holds more than $12.26 million in TVL."

Team, Funding and Partners

Team

• Full team can be found here.

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