Title: Renegade · Vendor · EthSystems

URL Source: https://original.es-internal.pages.dev/vendors/renegade/

Markdown Content:
---
description: Renegade is a decentralized dark pool protocol for trading digital assets. It combines maliciously-secure MPC (for private order matching) with zkSNARK proofs (for verifiable settlement), ensuring balances, orders, and trade history remain confidential while still settling on-chain.
title: Renegade · Vendor · EthSystems
image: https://original.es-internal.pages.dev/og.png
---

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# Renegade – On-chain Dark Pool (Private DEX with MPC + ZK)

## Fits with patterns

* [Private Shared State (co-SNARK)](/patterns/pattern-private-shared-state-cosnark/)
* [co-SNARK](/patterns/pattern-co-snark/)
* [Private ISO 20022](/patterns/pattern-private-iso20022/)

## Not a substitute for

* Not a general L2 privacy rail (e.g. shielded stablecoin pools or confidential ERC-20).
* Not a compliance orchestration layer (no built-in regulator view keys).
* Not a settlement bridge (does not solve cross-chain atomicity directly).

## Architecture

* **Wallet model**: Each trader has a private wallet committed on-chain (`C(W) = H(B||O||F||K||r)`), with balances and orders hidden.
* **Key hierarchy**: Separate keys for root control, order matching, settlement, and viewing. Enables delegation without loss of custody.
* **Order matching**: Performed in MPC clusters (SPDZ-style protocols), ensuring neither relayers nor counterparties learn each other’s hidden state.
* **Settlement**: MPC outputs are wrapped in a collaborative zkSNARK that proves correct matching. Settlement notes are encrypted under counterparties’ keys and appended to the global commitment tree.
* **Relayers**: Traders typically delegate matching to relayer clusters; relayers coordinate MPC handshakes but never see balances or order flow.

## Privacy domains

* **Balances**: hidden in wallet commitments.
* **Orders**: private until matched; no public order book.
* **Trade history**: only counterparties know their own trades.
* **Settlement**: encrypted notes prevent leakage of transfer details.

## Enterprise demand and use cases

* **Institutions / funds**: dark pool execution without revealing trading strategies.
* **Exchanges / brokers**: MEV-resistant order flow routing.
* **Large block traders**: reduced slippage via midpoint pricing in hidden pools.
* Early focus is on **crypto spot markets**, but design extends to derivatives or tokenized RWAs.

## Technical details

* Proof system: zkSNARKs (Groth16-style collaborative proofs).
* MPC protocols: maliciously-secure SPDZ variants for order matching.
* Commitment scheme: Merkle trees for wallets and nullifiers.
* Encrypted settlement notes bound to on-chain commitments.
* Relayer clusters for scalability and redundancy.

## Strengths

* Eliminates MEV: no pre-trade or post-trade transparency.
* Fully private balances and orders, unlike lit AMMs.
* On-chain verifiability via zkSNARK proofs.
* Delegation model allows separation of custody, matching, and settlement.

## Risks and open questions

* **Performance**: MPC order matching may be latency-sensitive (seconds–minutes).
* **Coordination**: relayer clusters add complexity and trust assumptions for liveness.
* **Regulatory access**: no built-in view-key system; compliance may require extensions.
* **Ecosystem fit**: interoperability with DeFi protocols still limited.

## Links

* [Renegade Whitepaper (2022)](https://renegade.fi/whitepaper.pdf)
* [Renegade Website](https://renegade.fi/)
* [GitHub – Renegade Finance](https://github.com/renegade-fi)

Used in

[ Private Transaction Broadcasting OTC / Off-chain Matching ](/approaches/approach-private-broadcasting/#otc-off-chain-matching) 

#### Referenced by

approaches1
* [Private Transaction Broadcasting](/approaches/approach-private-broadcasting/)

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