Leveraged trackers

A tracker is an ERC-20 whose value follows a real market at a fixed multiple. NVDAx5 moves five times as hard as Nvidia. TSLAx5S moves five times as hard, in the opposite direction.

They are what a bonded coin is paired to, and what turns its backing from idle stablecoin into a position.

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Reading the name

The symbol says everything about the terms:

The S suffix is the only difference between a long and a short tracker, and there is no other place the terms are recorded — the front reads them straight off the symbol rather than from a table it would have to keep in step.

What backs a tracker

A perpetual position on Lighter, held on the same Robinhood-Chain instance the market ids are routed to. The tracker's NAV is the position's equity divided by its supply, posted on chain by the keeper and readable by anyone.

Mint and redeem are open at NAV, which is what holds a tracker at its stated value: if the market price drifts from NAV, minting or redeeming at NAV is immediately profitable, and the drift closes.

The markets you can launch against

NVDA, TSLA, GOOGL, AAPL and META, long or short, at 5×. That is the whole set: ten shared trackers, a long and a short for each of the five, and no other multiple is deployed. These are the highest-volume equity perps on the venue whose marks actually track the underlying stock — a market with a wash-traded mark is not usable as backing however good its volume looks, and several were excluded for exactly that.

One tracker, many coins

Every coin bonded onto NVDAx5 puts its backing behind the same Nvidia exposure. They pool. A tracker carries one position, not one per coin, which is why the hedge book sums their backing before doing any arithmetic.

That is worth understanding as a holder: your coin's floor moves with Nvidia, and so does every other coin bonded onto the same tracker. The concentration of the whole book is public, on the hedge book page.