Renegade
Renegade operates the first on-chain crypto dark pool, using MPC and zero-knowledge proofs to enable confidential Binance-midpoint trading on Arbitrum and Base. It serves institutional solvers, market makers, DEX aggregators, and basis traders, processing over $100M in daily order flow.
- Company typePrivate
- Founded2023
- HeadquartersSan Francisco, United States
- Headcount1–10
- GTM typeB2B
- OfferingSoftware
What Renegade does
Renegade (legally Otter Labs, Inc.) is a private, venture-backed company that operates what it positions as the first on-chain dark pool for crypto trading. Founded in 2023 and headquartered in San Francisco, the protocol enables confidential trading on decentralized finance (DeFi) infrastructure by combining Multi-Party Computation (MPC) for pairwise order matching on a permissionless peer-to-peer network with Zero-Knowledge Proofs (ZKP) for settlement. Orders are pegged to the real-time midpoint of the Binance bid-ask spread, with cross-checks against other centralized venues, so that matched trades do not cross spreads, incur slippage, or produce price impact. The protocol is live on Arbitrum One and Base Mainnet, having moved from public testnet in June 2024 to Arbitrum mainnet in September 2024.
The company serves institutional DeFi counterparties including solvers, DEX aggregators, market-neutral funds, basis traders, market makers, and vault managers, while remaining accessible to retail users via a self-serve trading interface with no sign-up required. It provides a complete developer ecosystem comprising Python, TypeScript, Golang, and Rust SDKs, a public Price Reporter API, and an External Match API with HMAC-SHA256 authentication. Disclosed scale metrics include more than $100M/day in order flow across the Arbitrum and Base deployments and integration by more than 50% of CowSwap solvers by volume as an RFQ venue. The codebase is source-available on GitHub and has been audited by zkSecurity.
Renegade monetizes through a dual-fee structure: a protocol fee of 1 basis point (0.01%) on direct matches in v2 contracts (0 bps on legacy v1) plus relayer fees of 1-2 bps, with variable per-token fees on solver RFQ matches. For most institutional integrators, total all-in fees are 1-2 basis points. The company raised a $3.4M seed round in February 2023 led by Dragonfly with participation from Balaji Srinivasan, Robot Ventures, Anagram, Tarun Chitra, Marc Bhargava, Lily Liu, and Lev Livnev. Founders Victor Diaz and Chris Bender lead the team, which numbers 1-10 employees.
Renegade firmographics
Firmographics- Name
- Renegade
- Legal name
- Otter Labs, Inc.
- Website
- https://renegade.fi
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Renegade operates the first on-chain crypto dark pool, using MPC and zero-knowledge proofs to enable confidential Binance-midpoint trading on Arbitrum and Base. It serves institutional solvers, market makers, DEX aggregators, and basis traders, processing over $100M in daily order flow.
- Ownership category
- akta.pro rank
Renegade industry classification
Industry- Product category
- Decentralized Crypto Exchange (On-chain Dark Pool)
- NAICS
- Commodity Contracts Intermediation (52316), Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Dark Pools & Block Trading Platforms (FSAFANAK)
- akta.pro secondary industries
- Digital Asset/Crypto Trade Execution Platforms (FSAFANAO), Liquidity Aggregation & Smart Order Routing (FSADAJAD)
Keywords
Where Renegade is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Renegade business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Infrastructure, Marketing or Sales, Operations
Revenue model
- Protocol Fees: Protocol fee charged on all direct matches: 1 basis point (0.01%) on v2 contracts for both Arbitrum One and Base Mainnet. v1 contracts charge 0bps.
- Relayer Fees: Relayer fee charged on direct matches: 1bps for v2, 2bps for v1. Solver RFQ matches charge variable per-token fees ranging from 0-1% depending on the token (e.g., WETH 0.01%, USDT 0%, COMP 1%).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Protocol Fee - Direct Matches v2 |
| Transaction based/ take rate | Pay-as-you-go | Protocol Fee - Direct Matches v1 |
| Transaction based/ take rate | Pay-as-you-go | Relayer Fee - Direct Matches v2 |
| Transaction based/ take rate | Pay-as-you-go | Relayer Fee - Direct Matches v1 |
| Transaction based/ take rate | Pay-as-you-go | Relayer Fee - Solver RFQ (Arbitrum) |
| Transaction based/ take rate | Pay-as-you-go | Relayer Fee - Solver RFQ (Base) |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels6 records
Renegade product offering
Product offeringCore offering
Renegade operates an on-chain dark pool (crossing network) for decentralized crypto trading. Orders are matched peer-to-peer via Multi-Party Computation (MPC) and settled on Arbitrum or Base inside zero-knowledge proofs, with execution prices pegged to the real-time midpoint of the Binance bid-ask spread. The platform offers SDKs, APIs, and a self-serve trading interface for institutional solvers, aggregators, market makers, and individual traders.
Product overview
Renegade is a unified platform built around its core on-chain dark pool product—a decentralized exchange leveraging multi-party computation (MPC) and zero-knowledge proofs to enable confidential trading at Binance midpoint prices with zero MEV and price impact. The platform provides a complete developer ecosystem including Python, TypeScript, Golang, and Rust SDKs alongside a public Price Reporter API and External Match API, enabling programmatic access for solvers, routers, aggregators, and market-neutral funds. Operating on Arbitrum and Base networks, Renegade targets institutional-grade execution for sophisticated DeFi participants.
Differentiator
Problem solved
Functional benefit
Products and services
- Renegade Dark Pool An on-chain dark pool (crossing network) that enables private trading on DeFi by matching complementary order flow at the midpoint of the Binance bid-ask spread. Uses MPC and zero-knowledge proofs to provide pre-trade and post-trade confidentiality while eliminating MEV, front-running, and price impact.
- External Match API API enabling programmatic access to Renegade's dark pool matching engine for solvers, aggregators, and market makers to request quotes, assemble matches, and execute trades. Authenticated via API key with HMAC-SHA256 request signing and rate limits of 500 requests per minute.
- Price Reporter API Public API providing real-time execution prices sourced from Binance, available via HTTP and WebSocket for all Renegade-whitelisted tokens without authentication.
- TypeScript SDK TypeScript/JavaScript software development kit (@renegade-fi/renegade-sdk) for interacting with the Renegade External Match API, installable via npm, yarn, or bun.
- Golang SDK Golang software development kit providing packages for API client, cryptographic primitives, wallet management, and example implementations for external matching.
- Python SDK Python software development kit for interacting with the Renegade darkpool's External Match API, supporting quote requests, match assembly, and trade execution with async and sync methods.
Quantifiable outcome
- >50% of CowSwap solvers by volume already integrate Renegade
- +2 more outcomes
Companies that use Renegade
Customer profileNamed customers4 records
Segments5 records
Ideal customer profiles3 records
Renegade technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature6 records
Renegade partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core.
- ArbitrumcorePrimary settlement layer for Renegade's on-chain dark pool. Renegade went live on Arbitrum One mainnet as the first on-chain dark pool deployment.
- BasecoreSecondary settlement layer. Renegade is deployed on Base Mainnet alongside Arbitrum, with >$100M/day of order flow on both deployments.
- CowSwapcoreOver 50% of CowSwap solvers by volume integrate Renegade as an additional RFQ venue for accessing midpoint liquidity.
- zkSecuritycoreRenegade is fully audited by zkSecurity, a specialized ZK cryptography audit firm.
- BinancecoreRenegade's price feed is pegged to the Binance bid-ask spread midpoint for execution pricing. Binance serves as the primary price discovery venue.
Scale indicators6 records
Recent moves6 records
Expansion highlights6 records
Renegade competitors and assessment
Company assessmentDirect peers
- UniswapX: UniswapX is the largest intent-based DEX with a competing solver/filler network that emphasizes MEV protection and best execution. It targets the same institutional and professional trader segments as Renegade via Dutch auction mechanics.
- 1inch Fusion: 1inch Fusion is an intent-based swap mode using resolvers to settle trades with MEV protection. It directly competes with Renegade for resolver/aggregator integrations and for institutional DeFi execution flow.
- CowSwap (CoW Protocol): CoW Protocol operates CowSwap, an intent-based DEX whose solver network is Renegade's largest integration partner. Both protocols target best-execution DeFi trading with MEV protection, and over 50% of CoW Swap solvers already route to Renegade as an RFQ venue.
- Hashflow: Hashflow is a RFQ-based DEX where professional market makers quote prices off-chain and settle on-chain. It targets the same institutional-grade execution and MEV-resistant trading use cases as Renegade's dark pool.
- AirSwap: AirSwap is a peer-to-peer DEX originally built on off-chain order books with on-chain settlement. It targets similar OTC and large-block execution use cases as Renegade, though with a less cryptographically sophisticated matching model.
Emerging players
- Oasis Protocol: Oasis Protocol is a privacy-enabled L1 with confidential EVM execution. While broader than Renegade, it competes for the institutional privacy-preserving DeFi narrative and could host dark-pool-style applications.
- MEV-Blocker: MEV-Blocker is a CoW Protocol product offering MEV-protected RPC routing for retail swaps. It overlaps with Renegade's zero-MEV value proposition at the retail end of the market, providing a free alternative to integrator routing.
- Tokka Labs: Tokka Labs is a professional crypto market maker building solver/aggregator infrastructure. As a CoW Swap-style solver ecosystem participant, it both competes with and is a potential customer/integrator of Renegade's dark pool RFQ venue.
Broad incumbents
- Wintermute (OTC Desk): Wintermute is one of the largest crypto market makers with a substantial OTC desk providing large-block, low-impact execution. It competes with Renegade for institutional flow but operates as a centralized principal rather than an on-chain venue.
- Cumberland (DRW OTC): Cumberland is the institutional crypto OTC trading arm of DRW, serving large-block execution needs for funds and market makers. It competes with Renegade for institutional flow targeting zero market impact and midpoint pricing.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Renegade social profiles
Digital presenceRenegade compliance and trust
Trust signalCompliance1 record
Renegade financial estimates
Financial estimateRevenue estimate
Valuation estimate
Renegade leadership team
Management profileNumber of profiles
Profiles2 records
Renegade funding detail
Funding detailFunding overview
Funding rounds1 record
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Renegade M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Renegade
What does Renegade do?
Renegade operates an on-chain dark pool (crossing network) for decentralized crypto trading. Orders are matched peer-to-peer via Multi-Party Computation (MPC) and settled on Arbitrum or Base inside zero-knowledge proofs, with execution prices pegged to the real-time midpoint of the Binance bid-ask spread. The platform offers SDKs, APIs, and a self-serve trading interface for institutional solvers, aggregators, market makers, and individual traders.
Is Renegade a public or private company?
Renegade is a private company. It is classified as venture growth investor backed and is currently operating.
When was Renegade founded?
Renegade was founded in 2023. It employs 1 to 10 people.
Where is Renegade based?
Renegade is headquartered in San Francisco, United States, in the North America region.
How does Renegade make money?
Two revenue lines are on record. Protocol Fees are the primary driver. The others are relayer Fees.
Who are Renegade's main competitors?
Direct peers on record are UniswapX, 1inch Fusion, CowSwap (CoW Protocol), Hashflow and AirSwap. Emerging players are Oasis Protocol, MEV-Blocker and Tokka Labs. Broad incumbents are Wintermute (OTC Desk) and Cumberland (DRW OTC).
Does Renegade have an API?
Yes. Renegade offers a public External Match API that enables programmatic trading on its dark pool. The API supports requesting quotes, assembling matches, and executing trades with authentication via API key and HMAC-SHA256 request signing. Rate limits include 500 requests per minute for quotes and 500 unsettled bundles per minute for assembly, with a default daily gas sponsorship cap of $25 USD per API key. The Price Reporter API provides real-time prices sourced from Binance for all Renegade-whitelisted tokens, available via HTTP and WebSocket without authentication. SDKs are provided in Python, TypeScript, Golang, and Rust. Developer documentation is at docs.renegade.fi.
What industry is Renegade in?
Renegade's product category is Decentralized Crypto Exchange (On-chain Dark Pool). Its primary akta.pro industry code is FSAFANAK, Dark Pools & Block Trading Platforms, with a secondary code of FSAFANAO, Digital Asset/Crypto Trade Execution Platforms. Its NAICS code is 52316 and its SIC code is 6200.