A Brief of 3 Models of Decentralized Leveraged Tokens: Set Protocol, Tracer and Phoenix — A preview: Leveraged tokens are derivatives giving holders stable leveraged exposure to crypto-assets. Token holders do not need to worry about actively managing a leveraged position, borrowing, or being liquidated. Since this model, once reproduced on-chain, makes the leveraged tokens decentralized, we can refer to the product as Decentralized Leveraged Tokens.