Renegade supports matching orders between two types of users:
- Internal Users: Traders who have Renegade wallets to store their balances and orders.
- External Users: Traders who do not have Renegade wallets and instead interact with the protocol directly through ERC-20 transfers.
External matches are those between an internal user and an external user, which currently are whitelisted solvers.
Why Consider External Matches?
As a reminder, Renegade operates as a crossing network, meaning that orders are filled whenever there is another trader willing to take the opposite side of your trade. This guarantees optimal prices at the midpoint but might require longer waiting times for your orders to be filled.
By opening your orders to external users, you increase the likelihood of your orders being filled more quickly due to a larger pool of potential counterparties.
What Are the Trade-Offs?
When you enable external matches, the match itself becomes publicly visible on-chain. This means the following match-specific details are visible:
- Side: Whether you are buying or selling.
- Trading Pair: The assets involved in the trade (e.g., WETH/USDC).
- Match Size: The size of the matched trade, which could allow others to infer a lower bound of your total order size.
It’s important to note that only the specifics of the executed match are visible, not the full details of your order. Despite some trade details being exposed, your identity—namely your wallet ID and address—remains anonymous. No one can link the on-chain match details back to you personally.
What Remains Unchanged?
Even when you enable external matches, several key aspects of the order stay the same:
- Internal Matching: You can still match with other Renegade users internally. In these cases, your trade details remain private within the dark pool, and no additional information is exposed on-chain.
- Anonymity: Your personal identity and wallet information are not revealed, even when matches are executed externally. Your anonymity is maintained throughout.
Note that this is a completely optional, per-order feature that is disabled by default. The core Renegade protocol remains fully pre-trade and post-trade private by default. By opting into external order matching, you gain additional flexibility to balance execution speed and privacy according to your preferences on a trade-by-trade basis.
To enable external matching for an order, simply toggle the switch labelled "Allow external matches" when placing an order.
