Renegade is one of the first decentralized “crossing networks.” This is different from both traditional CLOBs (”order book” exchanges) and AMMs.
Rather than sourcing liquidity from market makers or liquidity providers, crossing networks match trades peer-to-peer. Each user acts as a counterparty to another trader trading the same assets in the opposite direction. For example, a user selling ETH and buying USDC will execute their trade by swapping liquidity peer-to-peer with another user selling USDC and buying ETH.
Crossing networks enable order matching at the optimal price, incurring no slippage, spread, MEV, or price impact.