TLDR; there’s no tracking and it requires a piece of hardware in between the psvr2 and pc. But they got past one major technical hurdle.
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This has been a super exciting project to follow. iVRy has been documenting all the steps they have taken a long the way to get to this point. It seemed really hopeless at some points but has gotten quite far! I hope the tracking will work eventually, but I am impressed with the work done so far