Polyend Tracker got the ability to do Chord FX, but within a limited pre-defined range.
Chord FX cannot be registered/Triggered/recorded from external midi-in.
Without the Chord FX, we would occupy 2-4 tracks per chord.
What should this feature achieve?
The ability to record chords directly into the Chord FX parameter. Companies like Roland has released cheap [under 200 €] tools like Roland J-6, which embrace the usage of chords, which means that home-studio people can make a very professional chord progression without having any musical knowledge/Theory about chord structures.
Imagine this.
You connect the midi out from your Roland J-6 [or Island Instrument KordBot, just to mentioned another alternative product but with same philosophy] to the input of the Polyend Tracker.
You find the desired chord and record it directly into the chord FX.
The question which you are asking is tricky, because you can also dive into “Homophony vs Polyphony”, which is a question, some people have dedicated their life to on discussion forums.
Just to define the difference:
Homophony involves a primary melody accompanied by chords
Polyphony consists of two or more independent melodic lines occurring simultaneously. Each line has equal importance, and they interweave to create a complex texture.