Simulation is the main tool for computer architects and parallel application developers for developing new architectures and parallel algorithms on many-core machines. Simulating a many-core architecture represent a challenge to software simulators even with parallelization of these SW on multi-cores. Field Programmable Gate Arrays offer an excellent implementation platform due to inherent parallelism. Existing FPGA-based simulators however, are mostly execution-driven which consumes too many FPGA resources. Hence, they still trade-off accuracy with simulation speed as SW simulators do. In this work, an application-level trace-driven FPGA-based many-core simulator is presented. A parameterized Verilog template was developed that can generate any number of simulator tiles. The input trace has an architecturally agnostic format that is directly interpreted by the FPGA-based timing model to re-construct the execution events of the original application with accurate timing. This allows fitting a large number of simulation tiles on a single FPGA without sacrificing simulation speed or accuracy. Experimental results show that the simulator's average accuracy is ~14 percent with simulation speeds ranging from 100's of MIPs to over 2,200 MIPS for a 16-core target architecture. Hence, with accuracy similar to SW simulators, its speed is higher than all other FPGA-based simulators.