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Republic Protocol (REN)

A decentralized dark pool protocol for trustless cross-chain atomic trading

KEY METRICS [as of 3 Dec 2018]
Latest Price ($)$0.01887
Latest Price (BTC)452 Satoshis
Current Market Cap$11.50MM
30 Day Avg Market Cap$17.72MM
Current Volume$31,715
30 Day Avg Volume$175,656
Circulating Supply810,338,922 (~81%)
Total Supply1,000,000,000
All Time High Price $0.1420 (17 May 2018)
No. of Addresses5,833
Project Website


  • Raised ~$34MM in public and private token sales in Jan 2018
  • Republic Protocol mainnet beta launched in Sep 2018
  • 1,229 transactions processed since mainnet beta launch (averaging 21 transactions per day)


  • Oct 2018: Founded the Wrapped BTC ("WBTC") Community Initiative alongside BitGo, Kyber Network, and many more ecosystem partners
  • Sep 2018: Partnered with TrueUSD as Republic Protocol’s stablecoin of choice and the first to be integrated with RenEx
  • Sep 2018: Launch of mainnet beta (RenEx beta) with 24 Darknodes run by the Republic Protocol team
  • Sep 2018: Partnered with Wyre, a blockchain international remittance company, to provide liquidity, KYC integration and onboarding services to RenEx
  • Jul 2018: Deployed Republic Protocol on the Kovan testnet


Republic Protocol ("Republic" or the “Project”) is a decentralized dark pool protocol for trading large volumes of digital assets.

Republic Protocol utilizes secure multi-party computation (“sMPC”) to match orders without exposing the price or volumes of the orders. The Project aims to have its dark pool exchanges support large volume trades, with minimal price slippage and market impact while adhering to the rules of the dark pool.

Key Features of Republic Protocol

The Republic Protocol has various features that contribute to its decentralized dark pool ecosystem as highlighted below:

  • RenEx Dark Pool: Decentralized dark pool exchange
  • Hidden Order Book: Private orders until execution for large amounts of tokens
  • Cross-chain Asset Trading: Trade digital assets cross-chain
  • Infrastructure for Large Orders: Place large trades with minimal market impact and price slippage
  • Darknodes: Nodes that match order fragments and collect trading fees as order matching and settling rewards

Republic Protocol launched its mainnet beta in Sep 2018, with the project team running all 24 Darknodes on the platform.

As of 23 Nov 2018, 1,229 transactions have been processed since the launch of the mainnet beta, averaging 21 transactions processed per day.

The Project’s mission is to build a fair means of exchange for the financial tools and digital assets of the future.


Token NameREN
Token TypeERC-20
Private Sale Allocation56.6% of tokens
Private Sale Token Price$0.0513
Private Sale Date (Completed)28 Jan 2018
Private Sale Amount Raised $28,950,000 (30,000 ETH)
Public Sale Allocation8.6% of Tokens
Public Sale Price$0.0561
Public Sale Date2 Feb 2018
Public Sale Amount Raised$4,825,000 [5,000 ETH]

REN Token Overview

The REN token is currently used as means of payment for trading fees on the RenEX mainnet beta. REN will also be used as a bond that traders and Darknodes have to stake in order to participate in the RenEx Dark Pool exchange.

REN Token Sale:

  • Private sale: Conducted on 28 Jan 2018 for 565,988,000 REN at a rate of 18,025 REN = 1 ETH and raised a total of 30,000 ETH (~$28,950,000) at ~$0.0513 per token, selling 56.6% of total token supply.
  • Public sale: Conducted on 2 Feb 2018 for 86,000,000 REN at a rate of 17,200 = 1 ETH and raised a total of 5,000 ETH (~$4,825,000) at ~$0.05610 per token, selling 8.6% of total token supply.

Token Supply Breakdown

  • Private Sale tokens all unlocked 17 Feb 2018 (565,988,000 REN)
  • Public Sale tokens all unlocked 17 Feb 2018 (86,000,000 REN)
  • Community Development & Partners tokens all unlocked 17 Feb 2018 (50,000,000 REN)
  • Team and Advisors tokens will begin unlocking in Feb 2019, vesting every 4 months until Feb 2020 (99,000,000 REN)
  • Company Reserve tokens all unlocked 17 Feb 2018 (199,012,000 REN)

Token Governance & Use of Funds

As of 23 Nov 2018, 90% of funds have been used for hiring developers and marketing staff. The remaining 10% has been for legal, administrative and compliance expenses. Republic Protocol did not reveal the total amount used out of their funds raised.

REN Token Release Schedule

The chart below represents the number and breakdown of all REN tokens that are and will be released into circulation on a monthly basis from Feb 2018 (Private Sale) to Feb 2020, at which point 91% of all REN tokens will be in circulation.

(*) Of the 19.9% of tokens that were originally allocated as Reserve tokens, only a portion has been sold, with the rest to be released at a yet-to-be determined future date, hence the total of 91%

REN Token Holder Concentration

The following chart represents the top 20 wallets holding REN tokens, 7 of which have been identified as wallets held by the team and / or an exchange.


Republic Protocol has successfully completed the majority of their announced milestones within the communicated timeframes and has achieved some additional milestones not disclosed in the original roadmap, including the upgrade of their P2P network and the design and development of the RenVM. The Project has also released an updated roadmap on 15 Nov 2018, with key milestones through Q2 2019.

Original Roadmap & Achievements

Q1 2018P2P overlay network (for network-wide communication)Q1 2018On TimeMedium
Q1 2018REN ERC20 contractQ1 2018On Time
Q1 2018Atomic Swapping contracts and scripts (support for BTC, ETH, ERC20, ERC721)Q1 2018On Time
Q1 2018P2P pooling network (for intra-pool communication)Q1 2018On Time
Q1 2018Registrar contracts (for registering nodes and traders)Q1 2018On Time
Q2 2018Secret sharing and computationQ1 2018EarlyMedium
Q2 2018Order booking contracts (for opening and closing orders)Q2 2018On TimeMedium
Q2 2018Official nodes maintained by RepublicQ2 2018On Time
Q2 2018Trader terminals (software allowing traders to open / expire orders and perform P2P atomic swapping)Q2 2018On Time
Q2 2018Verifiable secret sharingQ2 2018On Time
Q2 2018Republic Protocol testnetQ2 2018On TimeMedium
Q3 2018Open-source reference implementationQ3 2018On Time Medium 1 | Medium 2 | Medium 3
Q3 2018Partner nodes maintained by Republic partnersQ3 2018On Time
Q3 2018Republic Protocol Mainnet BetaQ3 2018On Time
Q3 2018Package reference implementation for Ubuntu and DockerN/ACancelledRepublic Protocol has since relinquished Docker support due to performance impact of virtualisation.
Q3 2018REN powered DAON/ACancelledREN powered DAO delayed until more experimentation, community consensus, and best practices have been established for decentralized governance.
Q4 2018Swapperd atomic swapper tool to bring generic token support for atomic swaps on any blockchain Q4 2018N/AIn final stages and expected to be delivered on time.

Updated Roadmap

Q4 2018
  • Release of an SDK for programmatic interaction with RenEx
  • Beginning of the User Referral Program
  • Support for “good-until-canceled” orders
Q1 2019
  • Improved atomic swaps with new Swapperd app
  • Added new BTC - ERC-20 trading pairs
  • Support for WBTC
Q2 2019
  • Dynamic fee model, with rebates for market-makers
  • Support for “pegged-to-midpoint” orders
  • Support for third-party dark pools

Commercial Partnership and Business Development Progress

Wyre: Republic Protocol partnered with Wyre, a blockchain remittance company developing a regulated global payment infrastructure. This partnership brings Republic Protocol liquidity through Wyre’s trading desk and also enables a seamless KYC experience.

TrueUSD: Republic Protocol will partner with TrueUSD for its crypto-fiat on and off ramp. TrueUSD will also be the stablecoin of choice on the RenEx platform.


  • Taiyang Zhang

    Algorithmic trader and software engineer | Co-founder of Virgil Capital, a quant fund with over $45MM AUM

  • Loong Wang

    Seasoned developer specializing in distributed systems and high performance computing

  • Michael Burgess
    Chief Liquidity Officer

    Former Assistant Director of Policy and Compliance at International Coach Federation

  • Hugh Greethead
    Community Lead

  • Vinnie Ward
    Marketing / Graphics Lead

  • Noah Ingham
    Smart Contract & Backend Developer

  • Susruth Nadimpalli
    Backend Developer

  • Yunshi Sun
    Backend Developer

  • Divya Koshy
    Backend Developer

  • Jaz Gulati
    Backend & Frontend Developer

  • Ross Pure
    R & D Developer

  • Vincent Au
    Frontend Developer

Republic Protocol's key advisors can be found in the Appendix.



The REN token is listed on 5 exchanges including Cobinhood, HADAX, OKEx, Tidex and UEX.
Core trading pairs include REN/BTC and REN/ETH.

Volume & Market Cap

REN has a ~$175,656 30 day avg. trading volume and ~$17.72MM 30 day avg. market cap (data as of 19 Nov 2018).


Github Overview

Republic Protocol currently has a total of 144 Github repositories. Of these, 27 are public Repositories and 117 are private repositories that host the Republic Protocol code base. Overall, the Project has frequent commits to the collection of repositories. In addition, both key public and private repositories have documentation in their Github.

Top Public Github Repositories

Republic Protocol

An official reference implementation of Republic Protocol, written in Go

7 People   5194 Commits  

Swapperd service daemon for executing atomic swaps between different blockchains

6 People   857 Commits  

Software Development Kit for programmatic interaction with RenEx (built on Republic Protocol)

4 People   407 Commits  
RenEx Ingress API

An API server for RenEx (a dark pool built on Republic Protocol)

7 People   398 Commits  

zkSNARK generator/prover/verifier with a low-level circuit builder and built-in operators and hash functions

3 People   95 Commits  

Top Private Github Repositories


Ren virtual machine is a decentralized secure multiparty computation virtual machine, capable of general private computing

5 People   472 Commits  

RenEx front-end for opening orders against the RenEx Ingress API

5 People   1193 Commits  

A client and server for deploying and chaos testing Darknodes with different features and in different environments

2 People   138 Commits  


Decentralized Order Matching

  • Traders first breakup their order into a set of order fragments using the Shamir’s Secret Sharing Scheme — these fragments do not individually represent a fraction of the order’s value, only the separation of sensitive data regarding the underlying order. On its own an order fragment reveals nothing about the underlying order, but when at least half of the order fragments for an order are combined, the order can be reconstructed.
  • Each node performs an order matching computation using sMPC on order fragments from multiple different orders and combines the results with the results from nodes (who are using different fragments).
  • After the computations are applied, the resulting fragments can be combined to reveal not the underlying orders, but the result of the order matching computations for the underlying orders.

Order fragments are constructed in such a way that the order matching computations can use any function, applied over a polynomial, and can involve two or more underlying orders. This results in flexible order matching computations where nodes can match orders based on exact price points, partially matched orders, and match cross pairs (e.g. BTC/ETH then ETH/REN and then REN/BTC where direct REN/BTC pairs cannot be found) of orders to increase liquidity.

Trade Execution

Nodes race to discover order matches and any match that is found must be registered so that other nodes can see which orders have been closed. Associated traders are notified and none of the matched orders can be involved in future matches. This process is done on the Ethereum network and if two orders do not match, they will continue to be used in future matching games. Traders can specify an expiry of up to 24 hours or cancel their order unless it has already been matched. Any fees associated with an unmatched order will be refunded upon expiry or cancellation of the order.

The Republic Protocol also includes an atomic swapping protocol that is initiated between traders that have had their orders matched. Nodes facilitate passing messages (and where possible, setting up a direct P2P connection between traders) that execute the order. Traders cannot be bound to execute on the orders, due to the limited way in which blockchains can communicate. However, the Project believes that by making traders post bonds in the form of REN tokens, traders will be heavily incentivized to faithfully execute orders.

Fees & Rewards

Order Fees

Traders pay an order fee in REN when submitting an order. If the order expires before it is matched, the order fee is refunded to the trader. Any node that participates in the decentralized computation for an order that has been matched receives a share of the order fee (the shares are calculated by evenly splitting the order fee amongst all of the participating nodes). The order fee will be variable — orders with higher order fees will be favored by the order matching nodes. All order matches result in two payouts to each participating node, one from each side of the match. The only information available to the node is the amount of REN that they will receive upon successfully matching an order.

Currently, the fee structure on the RenEx mainnet beta is a flat fee of 0.2% per trade on both sides (maker and taker). 80% of the cumulative 0.4% fee will go to Darknodes while the remaining will be kept by RenEx and used for its Liquidity incentive program (20% of the fees collected are used to incentivize liquidity in the platform in the form of rebates to market makers and liquidity providers). The RenEx fees are currently determined by the Republic Protocol team in order to maintain the competitiveness of the RenEx.


Orders are secured by breaking them down into several order fragments that are distributed throughout the network. In order to prevent Sybil attacks and provide a simple identity mechanism, traders and nodes must submit a bond in REN before they are allowed to access the network. This bond is associated with a single identity in the registrar smart contract of the protocol and the registration status can be queried by anyone. The bond is refunded in full when the trader or node leaves the network. The bond is slashed if the network detects malicious behavior, ensuring the security of the network through incentive mechanisms.

Traders are free to submit a flexible bond amount, with higher amounts allowing a higher number of parallel open orders. The threshold of the bond will be set dynamically and high enough such that it requires a sufficiently large financial commitment from participants. Both traders and nodes will not be allowed to participate unless their bond posted is above the threshold.

The mechanics of setting the bond threshold is currently under development. The Project has plans to set a 100,000 REN bond required to run a Darknode, which will allow a maximum of 10,000 nodes due to the fact that there is a total supply of 1,000,000,000 REN. The bond can be updated by the owner of the contracts (which would also update the maximum number of nodes). Republic Protocol has mentioned that the bond threshold will eventually be a Decentralized Autonomous Organization (“DAO”) controlled by voting, giving the token a governance use case as well.

At present, no bonds are required to be posted in the mainnet beta. All 24 Darknodes are currently operated by the Republic Protocol team in the mainnet beta. This serves two purposes:

  • Final opportunity for the software to be battle-tested for security and stability on mainnet.
  • Chance for RenEx to approve the first KYC applications for traders.


Republic Protocol has a global community with a concentration in China and Europe.

Republic Protocol is taking a community-first approach driven by core supporters. The Project has established a REN Ambassadors program to engage with the community and produce content. With the introduction of RenVM, Republic Protocol will also engage the wider blockchain developer community.

Republic Protocol’s core strategy is to grow the core user base through online channels, specifically Twitter, where they frequently receive hundreds of thousands of impressions on their posts.

  • Reddit | 696 Subscribers
  • Twitter | 53,200 followers
  • Telegram | 9,500 members
  • Medium | 1,300 Followers
  • Facebook | 200 Likes

Metrics and information about the network will become available to the community through a public netstats website. This will show how the network is growing: number of transactions, percentage of tokens bonded into Darknodes, and revenue earned. Real-time volume-based fee metrics will not be possible due to the nature of the private computations, but delayed volume-based fee metrics will be available.

Introduction of advancements to the dark pools, as well as the introduction of block trading capabilities, will help drive liquidity to the dark pool and increase Darknode profitability. Furthermore, the introduction of private settlement layers, private transactions (including cross-chain) will drive create more revenue sources for the Darknodes by created use-cases beyond just dark pools.


Key Comparables

Republic Protocol is competing within the cryptocurrency dark pools space and will be directly comparable to projects specifically offering cryptocurrency dark pools services. Centralized and decentralized exchanges will not be directly comparable with the Project.

Republic ProtocolDecentralized dark pool protocol for trading large volumes of digital assets.Launched mainnet beta in September 2018
Kraken Dark PoolSan Francisco-based cryptocurrency exchange that provides crypto-to-crypto and crypto-to-fiat trading.Launched Kraken Dark Pool in June 2015
LXDXCryptocurrency trading platform for institutional block trading, with a focus on investment banks, hedge funds, and other conventional markets.XRoadmap in whitepaper states that first dark pool to be launched in Singapore in Q1 2019
Omega OneTrade execution platform that provides a cheap, safe way to trade crypto assets.XToken offering pushed back until further notice. Currently refining product for Early Access Program users
OTCXNProvides institutional trading services for spot foreign exchange, OTC block trading and cross exchange clearing & settlement of cryptocurrencies, and other digital assets.XOTCXN's dark pool platform, LiquiMatch, planned to be launched later this year


Additional Product Detail - Demo & Screenshots

  • RenEx Mainnet Beta


Testnet Statistics

Source: Republic Management | Data as of 28 Aug 2018

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