diff --git a/benchmark/benchmarks/krausest/vite.config.mts b/benchmark/benchmarks/krausest/vite.config.mts
index ae34fe4b7b..8a1ffe006c 100644
--- a/benchmark/benchmarks/krausest/vite.config.mts
+++ b/benchmark/benchmarks/krausest/vite.config.mts
@@ -17,6 +17,7 @@ const packagePath = (name: string) => {
 export default defineConfig({
   plugins: [benchmark()],
   resolve: {
+    extensions: ['.mjs', '.js', '.mts', '.ts', '.jsx', '.tsx', '.json', '.d.ts'],
     alias: {
       '@glimmer-workspace/benchmark-env': '@glimmer-workspace/benchmark-env/index.ts',
       '@glimmer/debug': packagePath('@glimmer/debug'),
@@ -42,7 +43,7 @@ function benchmark(): Plugin {
       if (id === '\0@glimmer/env') {
         return `export const DEBUG = false;`;
       } else if (id === '\0@glimmer/local-debug-flags') {
-        return `export const LOCAL_SHOULD_LOG = false;`;
+        return `export const LOCAL_SHOULD_LOG = false;export const LOCAL_DEBUG=false`;
       }
       /** @type {string | undefined} */
       let result: string | undefined;
diff --git a/packages/@glimmer/interfaces/lib/references.d.ts b/packages/@glimmer/interfaces/lib/references.d.ts
index c25708f21c..bd1efb4f40 100644
--- a/packages/@glimmer/interfaces/lib/references.d.ts
+++ b/packages/@glimmer/interfaces/lib/references.d.ts
@@ -24,6 +24,7 @@ export type ReferenceSymbol = typeof REFERENCE;
 export interface Reference<T = unknown> {
   [REFERENCE]: ReferenceType;
   debugLabel?: string | undefined;
+  debugMeta?: object | undefined;
   compute: Nullable<() => T>;
   children: null | Map<string | Reference, Reference>;
 }
diff --git a/packages/@glimmer/reference/index.ts b/packages/@glimmer/reference/index.ts
index 176cf42353..111eb998be 100644
--- a/packages/@glimmer/reference/index.ts
+++ b/packages/@glimmer/reference/index.ts
@@ -29,4 +29,6 @@ export {
   UNDEFINED_REFERENCE,
   updateRef,
   valueForRef,
+  setEnableRefTrace,
+  getRefsTrace
 } from './lib/reference';
diff --git a/packages/@glimmer/reference/lib/reference.ts b/packages/@glimmer/reference/lib/reference.ts
index 42c56b269b..0edfcf82ea 100644
--- a/packages/@glimmer/reference/lib/reference.ts
+++ b/packages/@glimmer/reference/lib/reference.ts
@@ -49,6 +49,7 @@ class ReferenceImpl<T = unknown> implements Reference<T> {
   public update: Nullable<(val: T) => void> = null;
 
   public debugLabel?: string;
+  public debugMeta?: object;
 
   constructor(type: ReferenceType) {
     this[REFERENCE] = type;
@@ -75,20 +76,21 @@ export const NULL_REFERENCE = createPrimitiveRef(null);
 export const TRUE_REFERENCE = createPrimitiveRef(true as const);
 export const FALSE_REFERENCE = createPrimitiveRef(false as const);
 
-export function createConstRef<T>(value: T, debugLabel: false | string): Reference<T> {
+export function createConstRef<T>(value: T, debugLabel: false | string, meta?: object | undefined): Reference<T> {
   const ref = new ReferenceImpl<T>(CONSTANT);
 
   ref.lastValue = value;
   ref.tag = CONSTANT_TAG;
 
   if (import.meta.env.DEV) {
-    ref.debugLabel = debugLabel as string;
+    ref.debugLabel = String(debugLabel || value);
+    ref.debugMeta = meta;
   }
 
   return ref;
 }
 
-export function createUnboundRef<T>(value: T, debugLabel: false | string): Reference<T> {
+export function createUnboundRef<T>(value: T, debugLabel: false | string, meta?: object | undefined): Reference<T> {
   const ref = new ReferenceImpl<T>(UNBOUND);
 
   ref.lastValue = value;
@@ -96,6 +98,7 @@ export function createUnboundRef<T>(value: T, debugLabel: false | string): Refer
 
   if (import.meta.env.DEV) {
     ref.debugLabel = debugLabel as string;
+    ref.debugMeta = meta;
   }
 
   return ref;
@@ -104,7 +107,8 @@ export function createUnboundRef<T>(value: T, debugLabel: false | string): Refer
 export function createComputeRef<T = unknown>(
   compute: () => T,
   update: Nullable<(value: T) => void> = null,
-  debugLabel: false | string = 'unknown'
+  debugLabel: false | string = 'unknown',
+  meta?: object | undefined
 ): Reference<T> {
   const ref = new ReferenceImpl<T>(COMPUTE);
 
@@ -113,6 +117,7 @@ export function createComputeRef<T = unknown>(
 
   if (import.meta.env.DEV) {
     ref.debugLabel = `(result of a \`${debugLabel}\` helper)`;
+    ref.debugMeta = meta;
   }
 
   return ref;
@@ -151,9 +156,31 @@ export function isUpdatableRef(_ref: Reference) {
   return ref.update !== null;
 }
 
+const trackedRefs = new WeakMap();
+const refStack = [];
+let isTraceEnabled = false;
+
+export function setEnableRefTrace(enable: boolean) {
+  isTraceEnabled = enable;
+}
+
+function getCurrentRef() {
+  return refStack.at(-1);
+}
+
+export function getRefsTrace() {
+  return trackedRefs;
+}
+
 export function valueForRef<T>(_ref: Reference<T>): T {
   const ref = _ref as ReferenceImpl<T>;
 
+  if (import.meta.env.DEV) {
+    if (refStack.length) {
+      trackedRefs.get(getCurrentRef()).push(ref);
+    }
+  }
+
   let { tag } = ref;
 
   if (tag === CONSTANT_TAG) {
@@ -164,6 +191,10 @@ export function valueForRef<T>(_ref: Reference<T>): T {
   let lastValue;
 
   if (tag === null || !validateTag(tag, lastRevision)) {
+    if (import.meta.env.DEV) {
+      refStack.push(ref);
+      trackedRefs.set(ref, []);
+    }
     const { compute } = ref;
 
     const newTag = track(
@@ -176,6 +207,10 @@ export function valueForRef<T>(_ref: Reference<T>): T {
     tag = ref.tag = newTag;
 
     ref.lastRevision = valueForTag(newTag);
+
+    if (import.meta.env.DEV) {
+      refStack.pop();
+    }
   } else {
     lastValue = ref.lastValue;
   }
diff --git a/packages/@glimmer/reference/package.json b/packages/@glimmer/reference/package.json
index dbefda09db..67e9bd2d0d 100644
--- a/packages/@glimmer/reference/package.json
+++ b/packages/@glimmer/reference/package.json
@@ -9,25 +9,21 @@
     "directory": "packages/@glimmer/reference"
   },
   "type": "module",
-  "main": "index.ts",
-  "types": "index.ts",
-  "publishConfig": {
-    "access": "public",
-    "types": "dist/dev/index.d.ts",
-    "exports": {
-      ".": {
-        "types": "./dist/dev/index.d.ts",
-        "development": {
-          "require": "./dist/dev/index.cjs",
-          "import": "./dist/dev/index.js"
-        },
+  "access": "public",
+  "types": "dist/dev/index.d.ts",
+  "exports": {
+    ".": {
+      "types": "./dist/dev/index.d.ts",
+      "development": {
         "require": "./dist/dev/index.cjs",
-        "import": "./dist/prod/index.js"
-      }
-    },
-    "main": null,
-    "module": "dist/dev/index.js"
+        "import": "./dist/dev/index.js"
+      },
+      "require": "./dist/dev/index.cjs",
+      "import": "./dist/prod/index.js"
+    }
   },
+  "main": null,
+  "module": "dist/dev/index.js",
   "files": [
     "dist"
   ],
@@ -39,14 +35,14 @@
   },
   "dependencies": {
     "@glimmer/env": "^0.1.7",
-    "@glimmer/global-context": "workspace:*",
-    "@glimmer/interfaces": "workspace:*",
-    "@glimmer/util": "workspace:*",
-    "@glimmer/validator": "workspace:*"
+    "@glimmer/global-context": "*",
+    "@glimmer/interfaces": "*",
+    "@glimmer/util": "*",
+    "@glimmer/validator": "*"
   },
   "devDependencies": {
-    "@glimmer-workspace/build-support": "workspace:*",
-    "@glimmer/local-debug-flags": "workspace:*",
+    "@glimmer-workspace/build-support": "*",
+    "@glimmer/local-debug-flags": "*",
     "eslint": "^8.52.0",
     "publint": "^0.2.5",
     "rollup": "^4.5.1",
diff --git a/packages/@glimmer/runtime/lib/compiled/opcodes/expressions.ts b/packages/@glimmer/runtime/lib/compiled/opcodes/expressions.ts
index 2fa7af7475..bc5866dd08 100644
--- a/packages/@glimmer/runtime/lib/compiled/opcodes/expressions.ts
+++ b/packages/@glimmer/runtime/lib/compiled/opcodes/expressions.ts
@@ -7,7 +7,7 @@ import type {
   ScopeBlock,
   VM as PublicVM,
 } from '@glimmer/interfaces';
-import type { Reference } from '@glimmer/reference';
+import { createDebugAliasRef, type Reference } from "@glimmer/reference";
 import {
   check,
   CheckBlockSymbolTable,
@@ -28,7 +28,7 @@ import {
   valueForRef,
 } from '@glimmer/reference';
 import { assert, assign, debugToString, decodeHandle, isObject } from '@glimmer/util';
-import { $v0, CurriedTypes, Op } from '@glimmer/vm';
+import { $s0, $v0, CurriedTypes, Op } from "@glimmer/vm";
 
 import { isCurriedType, resolveCurriedValue } from '../../curried-value';
 import { APPEND_OPCODES } from '../../opcodes';
@@ -67,7 +67,10 @@ APPEND_OPCODES.add(Op.Curry, (vm, { op1: type, op2: _isStrict }) => {
 
   vm.loadValue(
     $v0,
-    createCurryRef(type as CurriedType, definition, owner, capturedArgs, resolver, isStrict)
+    addHelper(createCurryRef(type as CurriedType, definition, owner, capturedArgs, resolver, isStrict), {
+      type,
+      definition
+    })
   );
 });
 
@@ -170,6 +173,13 @@ APPEND_OPCODES.add(Op.GetVariable, (vm, { op1: symbol }) => {
 
 APPEND_OPCODES.add(Op.SetVariable, (vm, { op1: symbol }) => {
   let expr = check(vm.stack.pop(), CheckReference);
+  if (import.meta.env.DEV && symbol > 0) {
+    let state = vm.fetchValue($s0);
+    let symbols = state.table?.symbols;
+    if (symbols && symbols.length >= symbol) {
+      expr = createDebugAliasRef(`${symbols[symbol - 1]} from let`, expr);
+    }
+  }
   vm.scope().bindSymbol(symbol, expr);
 });
 
diff --git a/packages/@glimmer/runtime/lib/compiled/opcodes/vm.ts b/packages/@glimmer/runtime/lib/compiled/opcodes/vm.ts
index 6ac1d0585d..a0f28f0d9f 100644
--- a/packages/@glimmer/runtime/lib/compiled/opcodes/vm.ts
+++ b/packages/@glimmer/runtime/lib/compiled/opcodes/vm.ts
@@ -56,7 +56,7 @@ APPEND_OPCODES.add(Op.Constant, (vm, { op1: other }) => {
 });
 
 APPEND_OPCODES.add(Op.ConstantReference, (vm, { op1: other }) => {
-  vm.stack.push(createConstRef(vm[CONSTANTS].getValue(decodeHandle(other)), false));
+  vm.stack.push(createConstRef(vm[CONSTANTS].getValue(decodeHandle(other))));
 });
 
 APPEND_OPCODES.add(Op.Primitive, (vm, { op1: primitive }) => {
diff --git a/packages/@glimmer/runtime/lib/debug-render-tree.ts b/packages/@glimmer/runtime/lib/debug-render-tree.ts
index 8d110e8284..3506ca5ce3 100644
--- a/packages/@glimmer/runtime/lib/debug-render-tree.ts
+++ b/packages/@glimmer/runtime/lib/debug-render-tree.ts
@@ -7,7 +7,7 @@ import type {
 } from '@glimmer/interfaces';
 import { assign, expect, Stack } from '@glimmer/util';
 
-import { reifyArgsDebug } from './vm/arguments';
+import { getArgTags, reifyArgsDebug } from "./vm/arguments";
 
 interface InternalRenderNode<T extends object> extends RenderNode {
   bounds: Nullable<Bounds>;
diff --git a/packages/@glimmer/runtime/lib/vm/arguments.ts b/packages/@glimmer/runtime/lib/vm/arguments.ts
index ce94d4a494..026bd0286a 100644
--- a/packages/@glimmer/runtime/lib/vm/arguments.ts
+++ b/packages/@glimmer/runtime/lib/vm/arguments.ts
@@ -19,7 +19,7 @@ import type {
 import type { Reference } from '@glimmer/reference';
 import type { Tag } from '@glimmer/validator';
 import { check, CheckBlockSymbolTable, CheckHandle, CheckOption, CheckOr } from '@glimmer/debug';
-import { createDebugAliasRef, UNDEFINED_REFERENCE, valueForRef } from '@glimmer/reference';
+import { createDebugAliasRef, UNDEFINED_REFERENCE, valueForRef, setEnableRefTrace, getRefsTrace } from '@glimmer/reference';
 import { dict, EMPTY_STRING_ARRAY, emptyArray, enumerate, unwrap } from '@glimmer/util';
 import { CONSTANT_TAG } from '@glimmer/validator';
 import { $sp } from '@glimmer/vm';
@@ -503,6 +503,7 @@ export function reifyArgs(args: CapturedArguments) {
 }
 
 const ARGUMENT_ERROR = Symbol('ARGUMENT_ERROR');
+const ARGUMENT_TAG = Symbol('ARGUMENT_TAG');
 
 export function isArgumentError(arg: unknown): arg is ArgumentError {
   return (
@@ -519,6 +520,42 @@ function ArgumentErrorImpl(error: any) {
   };
 }
 
+export function getArgTags(args: CapturedArguments) {
+  let named = dict();
+  for (const [key, value] of Object.entries(args.named)) {
+    named[key] = value.tag;
+  }
+  let positional = args.positional.map(p => p.tag);
+  return {
+    named,
+    positional,
+  };
+}
+
+function buildRefTree(tracedRefs: Map<Reference, Reference[]>, ref: Reference) {
+  return {
+    ref: {
+      label: ref.debugLabel,
+      value: ref.lastValue,
+      meta: ref.debugMeta
+    },
+    children: tracedRefs.get(ref)?.map(r => buildRefTree(tracedRefs, r)) || []
+  }
+}
+
+export function getArgRefsTree(args: CapturedArguments) {
+  const tracedRefs = getRefsTrace();
+  let named = dict();
+  for (const [key, value] of Object.entries(args.named)) {
+    named[key] = buildRefTree(tracedRefs, value);
+  }
+  let positional = args.positional.map(p => buildRefTree(tracedRefs, p));
+  return {
+    named,
+    positional,
+  };
+}
+
 export function reifyNamedDebug(named: CapturedNamedArguments) {
   let reified = dict();
   for (const [key, value] of Object.entries(named)) {
@@ -543,11 +580,15 @@ export function reifyPositionalDebug(positional: CapturedPositionalArguments) {
 }
 
 export function reifyArgsDebug(args: CapturedArguments) {
+  setEnableRefTrace(true);
   let named = reifyNamedDebug(args.named);
   let positional = reifyPositionalDebug(args.positional);
+  setEnableRefTrace(false);
   return {
     named,
     positional,
+    tags: getArgTags(args),
+    refs: getArgRefsTree(args)
   };
 }
 
diff --git a/packages/@glimmer/runtime/package.json b/packages/@glimmer/runtime/package.json
index 29e1356e00..6ef81d872f 100644
--- a/packages/@glimmer/runtime/package.json
+++ b/packages/@glimmer/runtime/package.json
@@ -1,27 +1,23 @@
 {
   "name": "@glimmer/runtime",
-  "version": "0.92.4",
+  "version": "0.92.5-beta",
   "license": "MIT",
   "description": "Minimal runtime needed to render Glimmer templates",
   "repository": "https://github.com/glimmerjs/glimmer-vm/tree/main/packages/@glimmer/runtime",
   "type": "module",
-  "main": "index.ts",
-  "types": "index.ts",
-  "publishConfig": {
-    "access": "public",
-    "types": "dist/dev/index.d.ts",
-    "exports": {
-      ".": {
-        "types": "./dist/dev/index.d.ts",
-        "development": {
-          "import": "./dist/dev/index.js"
-        },
-        "import": "./dist/prod/index.js"
-      }
-    },
-    "main": null,
-    "module": "dist/dev/index.js"
+  "access": "public",
+  "types": "dist/dev/index.d.ts",
+  "exports": {
+    ".": {
+      "types": "./dist/dev/index.d.ts",
+      "development": {
+        "import": "./dist/dev/index.js"
+      },
+      "import": "./dist/prod/index.js"
+    }
   },
+  "main": null,
+  "module": "dist/dev/index.js",
   "files": [
     "dist"
   ],
@@ -32,24 +28,24 @@
     "test:types": "tsc --noEmit -p ../tsconfig.json"
   },
   "dependencies": {
-    "@glimmer/destroyable": "workspace:*",
+    "@glimmer/destroyable": "*",
     "@glimmer/env": "0.1.7",
-    "@glimmer/global-context": "workspace:*",
-    "@glimmer/interfaces": "workspace:*",
-    "@glimmer/manager": "workspace:*",
-    "@glimmer/owner": "workspace:*",
-    "@glimmer/program": "workspace:*",
-    "@glimmer/reference": "workspace:*",
-    "@glimmer/util": "workspace:*",
-    "@glimmer/validator": "workspace:*",
-    "@glimmer/vm": "workspace:*",
-    "@glimmer/wire-format": "workspace:*"
+    "@glimmer/global-context": "*",
+    "@glimmer/interfaces": "*",
+    "@glimmer/manager": "*",
+    "@glimmer/owner": "*",
+    "@glimmer/program": "*",
+    "@glimmer/reference": "*",
+    "@glimmer/util": "*",
+    "@glimmer/validator": "*",
+    "@glimmer/vm": "*",
+    "@glimmer/wire-format": "*"
   },
   "devDependencies": {
-    "@glimmer-workspace/build-support": "workspace:*",
-    "@glimmer/debug": "workspace:*",
-    "@glimmer/local-debug-flags": "workspace:*",
-    "@glimmer/opcode-compiler": "workspace:*",
+    "@glimmer-workspace/build-support": "*",
+    "@glimmer/debug": "*",
+    "@glimmer/local-debug-flags": "*",
+    "@glimmer/opcode-compiler": "*",
     "@types/qunit": "^2.19.9",
     "eslint": "^8.52.0",
     "publint": "^0.2.5",