Fees and Governance
Gas fees are ~10 USD for a new wallet creation, and ~1 USD for each deposit, withdraw, and transfer operation. If you run your own relayer in super-relayer mode (see Super Relayers), order placements and cancellations are instant and incur no gas fee. If you are using someone else's relayer or not running in super-relayer mode, then gas fees for order placements or cancellations is ~1 USD.
In addition to the gas fee (paid to Ethereum validators), Renegade has a 2 basis points (0.02%) in-protocol fee taken upon each successful match. If you run your own relay, this is the only fee paid; if you are instead using someone else's relayer, the additional relay fee is set arbitrarily by the relay operator. The public relay charges an additional 8 basis points on each trade, on top of the 2 basis points in-protocol fee.
Renegade is a governance-minimized protocol. All contracts are immutable from deployment, except for a 2-of-3 multi-sig (the "developer key") that has the following authority:
- Flip a boolean flag to reject all VALID MATCH proofs, halting matches within the exchange. Although we do not expect it, this authority could be used in the event of a smart contract exploit or oracle manipulation attack.
- Flip a boolean flag to halt all deposits into the exchange. This authority would be used in the event of exploits or to migrate the exchange to a new deployment.
- Mutate the global in-protocol fee, capped to 2 basis points for each side of the trade. The fee may be changed anywhere in the [0, 2] basis point range, including turning off the fee entirely.
- Change the public key where the in-protocol fees are sent.
- Delegate the above authorities to a new address, or change the authority to a new address entirely.
Note that the developer key has no ability to censor withdrawals or transfers. In addition, 4 years from contract deployment date, the developer key loses all authority, freezing all governance parameters.