What is Renegade? Renegade is a DEX that brings privacy to user transactions. It hides the order book so that no one knows what orders are being placed on the protocol. This goes against popular platforms like CEXs, but it also solves the problem of hiding large investor orders.
So what is Renegade? How does it solve the problem? Let’s find out in this article!
What is Renegade?
Overview of Renegade
Renegade is a Dex Orderbook exchange that uses ZKP technology and inherits security from Ethereum through StarkNet. The protocol also applies the zk-SNARK framework to solve some anonymity problems. With high scalability thanks to the StarkWare platform.
The protocol uses a hidden order book, also known as Dark Pool, which means users will not be able to see existing orders on the protocol. This is the highlight of Renegade and it is hitting the user privacy niche in the market.
When interacting with the protocol, traders need to create a wallet to store their balances and orders. This wallet can be created through Web3 wallets like Metamask, this issue is a bit complicated but because it is an order book, assets need to be detained.
On Renegade, there will be Relayers that perform the task of synthesizing and relaying user commands. Each Relay will be responsible for managing a group of wallets, they synthesize and send orders to find other Raleys to match orders. If not found, the order will continue to wait and wait until it is matched.
Renagade wants to bring privacy and good prices to users with a hidden order book model, but the time to execute transactions is still not optimal. Because it takes time for Relayers to synthesize and match orders together. On average, each order will be executed within a period of 100 to 500 milliseconds.
Benefits of using Renegade
- Privacy before trading: Before your trade is executed, no one can see any details about your order.
- Post-transaction privacy: Once an order is made, only the counterparty knows which assets have been swapped. This prevents third parties from tracking and copying your trading strategies.
- Minimum MEV: Since validators only see proofs with no knowledge of valid transactions, block producers do not have the ability to front-run, back-run, or sandwich your transactions.
Who can use Renegade:
- Market maker: If a market maker buys some asset and another sells the same asset it is still possible to anonymize these two positions.
- OTC Traders: Instead of trading against OTC desk spreads, takers can directly execute their orders.
- AMM Trader: Traders moving more than $5k at a time through on-chain DEXs are often subject to significant price impacts and can be tracked on Onchain.
- People who want privacy: Renegade maintains complete anonymity, meaning no third party can view any details of transaction or payment history.
Renagade offers privacy to all users, and large traders or funds or market makers prefer this environment over the inherent transparency of DeFi.
The protocol fee will be charged at 0.02% for matched orders and if the trader does not run a separate Relay then they will incur an additional 0.08% Relayer fee. There is also a $10 fee to create a new wallet and a $1 fee for each deposit, withdrawal, or transfer.
Mechanism of Action
The user’s commands will be synthesized by the Relayers. The parts that can be matched will be matched first, then other Realayers will be found to match the parts that cannot be matched. If there is still no match, the data will be recorded until it is matched or the order is canceled.
Development Roadmap
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Core Team
Chris Bender: Founder Renegade
- He graduated from the University of California with a major in mathematics.
- His first job after graduating was as a Researcher at Berkeley Artificial Intelligence Research. Research on synthesizer design for neural program synthesis” at ICLR 2019. Leveraging unmounted data to eliminate watermarking of deep neural networks at ICML 2019 SPML.
- At the end of 2019, he became president at Machine Learning at Berkeley, but after 6 months of working here he left and found another job.
- In 2020, he got an internship as a Machine Learning Engineer at Tesla. Is the largest electric vehicle company in the world at the present time.
- By early 2022, he and his colleagues founded Renegade, the first anonymous Dex Orderbook exchange.
Joey Kraut: Building Renegade
- He graduated with a bachelor’s degree in computer science from the University of California, Berkeley.
- He spent 6 months working at Launchpad (UC Berkeley), with the positions he held there being Head Of Education and President.
- In 2021, he worked as a Software Engineer at Verkada, but after more than a year he left Verkada and moved to work at Renegade.
Investors
February 20, 2023: The project Seed round successfully raised $3.4M led by DragonFly Capital, Naval Ravikant and investors such as Balaji Srinivasan, Lily Liu, Tarun Chitra, Marc Bhargava, Lev Livnev.
Tokenomics
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Exchanges
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Renegade Information Channel
- Website: https://renegade.fi/
- Twitter: https://twitter.com/renegade_fi
- Discord:
Summary
Renegade is entering a very potential niche, user privacy will be an issue that will be of great concern in the future. In particular, the project’s products are very suitable for large investors, funds and market makers. But the biggest weakness of the project as well as the Orderbook model on DeFi is that it does not provide enough liquidity to match orders.
So I have clarified what Renegade is? Renegade cryptocurrency overview. Hope this article brings you a lot of useful knowledge!