Decentralized Derivatives Protocol Tracer DAO Closes $4.5 Million Funding Round to Fund New Growth

Tracer DAO announced that it has raised $4.5 million in funding.

According to official sources, Tracer DAO announced a $4.5 million funding round with participation from Framework Ventures, DACM, Maven 11, Apollo Capital, Distributed Global Ventures, Paperclip Fund and Supernova. GSR and Efficient Frontier joined the round as strategic market maker partners, and Tracer DAO will distribute 10% of its governance tokens to investors in the round, to be unlocked linearly over two years.

Decentralized Derivatives Protocol Tracer DAO Closes .5 Million Funding Round to Fund New Growth

The funding will help the team to go live with Tracer perpetual swap functionality on the Arbitrum main site in the coming months. tracer will provide financial services to individuals and companies. tracer offers an open source, fully accessible perpetual swap framework that will provide highly leveraged trading for all markets with predictive machine price feeds. the L2 native environment will position tracer perpetual infrastructure to support combinable structures of income and insurance products that facilitate system liquidity and security.

Michael Anderson, co-founder of Framework Ventures, said

We have a shared community history with the Tracer team. We both believe that decentralized derivatives will be a growth period for the DeFi space in the coming years. tracer DAO offers an exciting capital efficient derivatives infrastructure that we want to support. tracer’s core derivatives infrastructure will support structured products that manage and bear risk in the DeFi economy. This financing marks a milestone in DAO-centric funding.
The new funds will be used to hire new developers to build financial contracts for the Tracer ecosystem. In addition, Tracer DAO will hire innovative service providers to realize the vision of P2P finance.

According to Mariano Conti of Maker Mafia

Tracer is one of the most interesting projects I’ve seen, not only in the perpetual space, but in the overall market. Its approach to governance is completely decentralized and novel. tracer has been building on a low profile for some time and I expect the market to get to know tracer very well in the next 12 months.
In the coming months, the Tracer community plans to hold a Gnosis auction with the goal of raising additional funds to further develop Tracer, a fair, transparent and decentralized token price discovery platform. The auction will be open to all.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/decentralized-derivatives-protocol-tracer-dao-closes-4-5-million-funding-round-to-fund-new-growth/
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