Tracer DAO has made tremendous progress this week and is excited to announce the raising of $4.5M of capital.
The round is supported by Framework Ventures, DACM, Maven 11, Apollo Capital, Distributed Global Ventures, Paperclip Fund and Supernova. GSR and Efficient Frontier have also joined the round as strategic market making partners. The raise was for 10% of the governance token supply, vested linearly over 2 years.
This is a landmark moment in the life of Tracer, and will assist in bringing Tracer’s Perpetual Swaps to Arbitrum mainnet in the coming months. The successful raising of capital also marks a seminal moment in DAO-centric capital raising.
Tracer will continue to innovate and create new financial markets, both for the digital and real world, that unlock financial access for individuals and firms alike. Tracer’s open-source and fully accessible perpetual swap framework will enable high-leverage transactions for any market that has an oracle price feed. An L2 native environment will position Tracer’s perpetual infrastructure to support composable-structured yield and insurance products that will benefit both system liquidity and security respectively.
Michael Anderson, Co-founder of Framework Ventures said “Tracer DAO offers exciting capital efficient derivative infrastructure that we're eager on supporting, given our shared community history with the Tracer team and our view that decentralised derivatives will characterise a lot of the growth in DeFi over the next few years. Tracer's core derivative infrastructure will support structured products that will provide meaningful ways to manage and take risk in the DeFi economy. This successful capital raise marks a landmark moment in DAO-centric capital raising”.
In light of the capital raise, we will be introducing new developers into the team to bring future financial contracts to the Tracer ecosystem. Additionally, innovative Service Providers will be engaged by Tracer DAO to deliver on the vision of peer-to-peer finance.
Mariano Conti, Maker Mafia, believes “Tracer is one of the most interesting projects I've seen, not just in the perpetuals space, but overall. Their approach to governance is purely decentralised and novel. They've been quietly building for a while, but now I expect the market to know Tracer very well in the coming 12 months”.
The Tracer community plans to hold a Gnosis Auction in the coming months, with the goal of raising additional capital to further grow Tracer. Gnosis Auction is a platform for conducting fair, transparent, and decentralised token price discovery. The auction will be open to all, and those interested in participating can stay updated via Tracer’s Twitter.
Alongside support from our new partners, Tracer is set to define the future of financial infrastructure. If you’re interested in what’s happening at Tracer, be sure to join the Discord. Along with this, if you’d like to govern Tracer DAO, apply to be a governor here.
A special thank you to all other participants of Tracer’s strategic round: The LAO, Baires DAO, Maker Mafia, Simon Cant (Reinventure), Danny Gilligan (Reinventure), Joyce Yang (GSR), Stani Kulechov (Aave), Ashwin Ramachandran (Dragonfly), Philippe Perzi (MD GS), 0xMaki (SushiSwap), TokenInsight, Henrik Anderson (Apollo/mStable/dHedge), Kevin De Patoul & Juan David Mendieta (Keyrock), Radek Ostrowski (dHedge), Emrin Nurovic (dHedge), Darren Smorgon (Sandbar Investments), Kevin O’Hara (Sentor Investments), Marc Woodward (Apollo), Sid Powell (Maple), Joe Flanagan (Maple), James Simpson (mStable) and Rohen Sood (Reinventure).
NOTE: This blog post was originally posted by Tracer DAO. The DAO voted to transition to Mycelium in August 2021. As a result, we have updated all of our documentation and content including this post to reflect the change to Mycelium.