The document discusses splay trees, a type of self-adjusting binary search tree invented by Daniel Sleator and Robert Tarjan in 1985. Splay trees perform efficiently by moving recently accessed nodes closer to the root, balancing the tree and optimizing access times, though they can have a worst-case height of O(n). They are advantageous for use in caching and garbage collection but can present challenges in multi-threaded environments due to their dynamic structure.