Tracer DAO, the decentralized derivatives platform has recently made an announcement regarding a $4.5 million fundraising round in order to expand its team and product suite. The recent fundraising round witnessed participation from crypto venture giants such as Maven 11, DACM, Apollo Capital, and Framework Ventures. Tracer DAO Raises $4.5M From Framework Ventures, DACM, And Other Giants Tracer DAO has intentions to launch derivatives for any market with an oracle price feed, with plans to enable ordinary consumers to hedge the cost of commuting and other household bills by making use of the tokenized derivatives. The Founder of DAO and Co-founder of the Australian development team working to build Tracer DAO Mycelium, Pat McNab laid an emphasis on the fact that the team is presently working to introduce v1 of its open-source perpetual swap contracts to the Arbitrum mainnet in the near future. In addition to this, Pat elaborated the swaps as standing out from the competition through their highly capital well organized, and distinct insurance pool that enables anyone to become an insurer for the protocol and gain interest. Pat addressed the collection of funding payments by the insurance pool and said: “For each perpetual swap market, there will be an underlying insurance pool […] that insurance pool collects funding payments in the form of an interest rate paid by traders. If a trader goes under margin and there is counterparty risk, this is when the insurers’ funds will have to be used.” Chainlink’s Integration For Aggregation of Fuel Pricing Data Further discussing the mission of the derivatives platform, Pat McNab mentioned the chance to utilize the cryptocurrency to unlock new markets linked to real-wold assets and said: “We’re working with Chainlink currently on trying to aggregate fuel pricing data or gas pricing data around different jurisdictions such that, say, in a neo-banking app, consumers can effectively budget for their fuel consumption by buying into derivatives position using a perpetual swap contract. Our vision for price feeds, especially in the real world […] will certainly tend down the path of having consumers able to hedge their consumption to local goods markets.”
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