Renegade is live on Arbitrum One mainnet as of September 3rd, 2024.
Midpoint prices sound too good to be true. What's the tradeoff?
The core tradeoff in Renegade (and dark pools in general) is quality-of-execution vs. time-to-execution. You are indeed always guaranteed to trade at the midpoint price, so long as there is counter-flow in the opposite direction to take the other side. During high-volatility environments, the market is often skewed and it may take some time to fill your trade. To trade off quality-of-execution for time-to-execution and increase counter-flow, see Indications of Interest.
There is an in-protocol fee of 2 basis points (0.02%). Relayers can charge addition fees on top of the protocol fee, and the frontend relayer at website charges an addition 2 basis points.
Peer discovery and order matching occurs on our independent p2p gossip network. Our smart contracts, including our ZKP verifier, are deployed on Arbitrum Stylus.
Does Renegade use Trusted Execution Environments?
No, trusted execution environments (including Intel SGX) have been broken many times. Renegade uses purely cryptographic techniques (MPC and zero-knowledge proofs), and has no hardware trust assumptions.
How fast is the protocol? Are gas fees expensive?
Order placement and cancellation is <1ms if you are running in super-relayer mode (see Super Relayers). We are constantly optimizing both latency and gas fees, but current estimates are ~1s to match an order (fully parallelizable over all outstanding counterparty orders). Gas costs are ~0.2 USD to create a new wallet, and ~0.3 USD for each deposit/withdraw or positive order match. Certain flags exist to maximize privacy, in exchange for higher gas fees.
Does Renegade custody assets? Does Renegade need KYC?
No, never. The protocol is open, permissionless, and non-custodial. Traders can voluntarily opt-in to match with a subset of counterparties that have passed KYC, but this is not required.
