Why External Matches?

The External Match API provides an interface to the Darkpool which allows users to trade atomically. This is best illustrated in contrast to the traditional darkpool user's flow; which is typically the following:

1. Deposit funds into Renegade.
2. Place an order.
3. Wait for the order to cross within the pool.
4. Withdraw funds from Renegade.

Each of these steps requires a separate transaction. Many traders need atomicity (CoW Swap solvers, Smart Wallets, etc.) and cannot afford to wait for settlement.

To solve this, the external match API exposes an RFQ-like interface on top of the Renegade darkpool; allowing users to request a trade and receive a ready-to-execute transaction in response. This transaction effectively bundles together each of the steps listed above, so that the user can execute and settle a trade in a single transaction.

In this way, the trader is "external" to the darkpool.

The High Level Flow

The high level flow for external match users breaks down into two steps:

1. Request a quote, using the /v0/matching-engine/quote endpoint. This endpoint will return a quote object representing the price, fill information, etc.
2. Assemble the quote into a transaction bundle using the /v0/matching-engine/assemble-external-match endpoint. This endpoint will return an EVM transaction which the user may sign and submit in order to settle the trade.

info

The price is firm between quote and assemble, so the quoted price will be the exact same as in the assembled bundle.

For more information on the request & response types see the Examples or the API Spec.