Tracer DAO has raised $4.5 million from the likes of Framework Ventures, Maven 11, and Apollo Capital.
Decentralized derivatives platform, Tracer DAO, has proclaimed a roaring $4.5 million fundraising spherical to expand its team and products suite.
They hope to introduce innovative derivatives for “any market with an oracle worth feed,” with plans to 1 day permit normal customers to hedge the value of travelling and different house bills victimisation tokenized derivatives.
This week’s raise saw participation from crypto venture heavyweights, together with Framework Ventures, Maven 11, DACM, and Apollo Capital. The investors can share 10% of the project’s governance token, which can be unconditional linearly over 2 years.
Speaking to Cointelegraph, Pat McNab, Tracer DAO founder and co-founder of Mycelium — the Australian development team operating to create Tracer DAO — emphasised that the team is presently operating to launch v1 of its open source perpetual swap contracts to Arbitrum mainnet within the coming back months.
McNab represented the swaps as standing out from the competition through its “highly capital efficient” style and distinctive insurance pool that permits anyone to “become an insurer for the protocol and earn interest.”
“For every perpetual swap market there’ll be an underlying insurance pool […] that insurance pool collects funding payments within the kind of a rate of interest paid by traders,” he said, adding:
“If a trader goes beneath margin and there’s counterparty risk, this is when the insurer’s funds will have to be used.”
Tracer is presently operating to launch leveraged tokens, predicting they’ll go live before the top of the year. Tracer DAO additionally plans to carry a public raise via Gnosis Auction within the coming back months.
Looking forward, Tracer articulates a daring mission of facultative derivatives for “any market that has an oracle feed,” with McNab action the chance to use cryptocurrency to unlock new markets tied to real-world assets.
“We’re operating with Chainlink presently on making an attempt to aggregate fuel price data or gas pricing data around completely different jurisdictions specified, say, in an exceedingly neo-banking app, customers will effectively allow their fuel consumption by shopping for into a derivatives position by using a perpetual swap contract,” he said.
“Our vision for price feeds, particularly in the real world […] will certainly tend down the path of having customers able to hedge their consumption to local good markets.”
McNab also said that Tracer is presently operating with the Royal Melbourne Institute of Technology to “unpack however the water markets work inside Australia, particularly to determine if we can create more ways for individuals to effectively manage their risk when it comes to consuming water on a daily basis.”