Renegade is a crossing network that settles orders by matching liquidity peer-to-peer.
Network nodes known as “relayers” propagate order information throughout the system and swap liquidity between users whenever a match is found. Prices are determined by a midpoint-peg, so all orders clear at the optimal market price every time. Since liquidity is matched peer-to-peer, there is no spread, price impact, or the possibility of arbitrage.
Renegade’s peer-to-peer network is also fully privacy-preserving thanks to its ZK-MPC architecture.
Flow of an order through Renegade
- A user creates a Renegade wallet by depositing funds from an existing Arbitrum wallet.
- The Renegade wallet stores funds for use within the Renegade system and can be retrieved at any time by singing a message with the user’s corresponding Arbitrum wallet.
- Wallets are always connected to a relayer on the Renegade network, which can view their orders and balances in plaintext.
- Any time the user creates an order, the relayer they are connected to begins performing pairwise MPC calculations with other relayers to look for counter-flow.
- Once a liquidity match is found, the two relayers submit a zero-knowledge proof of the valid match to the blockchain.
- Orders execute at the midpoint of the Binance price.
- The zero knowledge proof gets committed to the blockchain, transferring the funds without revealing anything about the trade.
The entire process is privacy-preserving, eliminating the possibility of MEV and arbitrage trading. A user reveals their wallet information only to their connected relayer. Trades are executed using zero-knowledge proofs, so order information is confidential even after settlement, eliminating wallet tracking and copy-trading.