Why Use Renegade?

Renegade is a crossing network for spot liquidity at the Binance midpoint price. At the time of writing, we settle >$100M a day from retail aggregators. Many types of traders can therefore see price improvement through Renegade:

• Liquid Token Funds. Instead of trading against an OTC desk's spread, takers can directly cross their orders against counter-flow at the midpoint price.
• Market Makers. If one market maker is long some asset and another is short the same asset, the desks can anonymously net out these two positions against each other, balancing inventory without needing to cross a public spread.
• AMM Takers. Traders who move $5k+ at once through on-chain DEXes often incur significant price impact, get sandwiched by MEV searchers, and lose money to cross-exchange arbitrage. With Renegade, trades are always guaranteed to execute at midpoint prices.

In addition to avoiding the counterparty risk that exists in centralized exchanges and OTC desks, Renegade solves many problems in current spot markets, ultimately giving traders optimal execution:

• Midpoint execution. All trades clear at the real-time Binance midpoint price. There is never any spread or price impact when using Renegade.
• Opt-in privacy. Traders have the choice of low-latency trade execution in the clear, or to hide all or some details about each trade using zero-knowledge proofs. The latter allows large trades that would normally move the market when rested on an order book or detected in the mempool to be filled privately, and also prevents third-parties from tracking and copying their trading strategies.
• Zero MEV. Since validators only ever see zero-knowledge proofs of valid trades, there is no ability for block producers to front-run, back-run, or sandwich your trades.