What is the Renegade peer-to-peer network?

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

Renegade Flow of an Order.png

  1. A user creates a Renegade wallet by depositing funds from an existing Arbitrum wallet.
  2. 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.
  3. Wallets are always connected to a relayer on the Renegade network, which can view their orders and balances in plaintext.
  4. 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.
  5. Once a liquidity match is found, the two relayers submit a zero-knowledge proof of the valid match to the blockchain.
  6. Orders execute at the midpoint of the Binance price.
  7. 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.