Large language models have shown promise for automated Verilog RTL generation, yet state-of-the-art multi-agent systems plateau at ~95% accuracy on standard benchmarks. We trace this ceiling to an incomplete debugging action space: existing systems restrict which signals the agent can inspect, which time windows it can query, or both, reducing debugging to pattern matching on a narrow, predetermined view of circuit behavior rather than hypothesis-driven root-cause analysis. We present VeriTrace, a multi-agent system whose Inspector agent operates over a complete debugging action space, with independent control over signal selection, time-window bounds, and iteration depth. This capability, which we term Agentic Temporal Exploration, enables the agent to form hypotheses about failure causes, query the waveform for evidence, and refine its understanding iteratively, mirroring the exploratory process of human verification engineers. VeriTrace achieves 100\% Pass@1 on VerilogEval-V2, the first system to attain perfect functional correctness on this benchmark. On a shared Claude Sonnet 4.0 backbone, VeriTrace outperforms the strongest reproduced baseline by +5.1%, demonstrating that debugging agency closes the final accuracy gap.

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