Tracer is known for its Perpetual Pools products: tokenised non-liquidatable leverage positions that anyone can use; and that can represent any data feed, for example, a 1x long position on the BTC/USDC pair or a 5x short position on the hourly average temperature in Utah.

Token distribution mechanisms have adopted a lot of the structures from within the traditional financial world — including vesting schedules and vesting cliffs — which have resulted in some unintended consequences like adverse price action as tokens vest; and the inability of holders with large economic interests in a protocol to exercise governance control.